The production of clean green energy with the help of solar concentrating power is a key factor driving the global concentrating solar power market, says Fortune Business Insights in a report, titled “Concentrating Solar Power Market Size, Share and Global Trend By Type (Parabolic Trough, Fresnel Reflector, Solar Tower, Solar Dish), By Application (Water Desalination, Enhanced Oil Recovery (EOR), Utilities, Others) and Geography Forecast till 2026.” The integration of concentrating solar power with a thermal energy storage system to generate electricity is a factor expected to contribute to the global concentrating solar power market.
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Key Market Driver – Intense demand for clean energy
Key Market Restraint – High initial investment and intermittent solar power
Top Players Overview:
- BrightSource Energy
- Abengoa Solar
- Torresol Energy
- Trivelli Energia
- Abors green GmbH
- Parvolen CSP Technologies
- Dow Heat Transfer Fluids
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Increasing Demand For Clean Energy Will Accelerate Concentrating Solar Power Growth Rate
The global solar concentrating power on the basis of application is segmented into water desalination, enhanced oil recovery, utility, and others. solar concentrating power plants are designed for electricity generation and are used for industrial heating, water desalination, production of synthetic fuels, enhanced oil recovery and refineries depending on their heat generation capacity. Concentrating solar power not only provide clean and green energy without any carbon emission but also harnesses an infinite amount of energy to meet the ever-increasing demand. The increasing demand for renewable energy to reduce carbon emissions, which causes environmental damage is a key factor expected to boost the global concentrating solar power market revenue. Furthermore, the contact for building build Dubai’s MBR Concentrated Solar Power Park will contribute significantly to the global concentrating solar power market growth. for instance, Dow has won a contract to build Dubai’s MBR Concentrated Solar Power Park in phase 4. It will work in association with Chinese firm Shanghai Electric on hybrid Concentrated Solar Power and Solar PV Project that will power 270,000 homes in Dubai. MBR Solar Park is aimed to produce 5,000MW of clean energy by 2030 with an estimated investment of about $13.6 billion. Moreover, the integration of concentrating solar power with thermal energy storage system as well as cycle power plants in order to generate electricity during cloudy periods and to provide high-value, dispatchable power are factors likely to encourage the growth of the concentrating solar power market. however, the high installation and operational cost of the concentrating solar power is likely to hinder the concentrating solar power market shares.
Government Support Schemes Will Boost The Growth In North America
Geographically, the global concentrating solar power market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America is likely to dominate the global concentrating solar power market during the forecast period owing to the government support schemes, tax incentives and renewable portfolio standards. Europe is likely to grow significantly during the forecast period owing to the promotion of green and clean energy to mitigate carbon emissions. Further, the largest installed plants in Spain and ongoing projects under development will enable growth in Europe. Countries in Europe such as Germany, Austria, Sweden are concentrating on increasing their solar power generating capacity and offering various tax benefits to promote it. Asia Pacific weather is quite suitable for solar power generation. The increasing demand for renewable energy and extreme heat of solar is expected to stimulate growth in Asia Pacific. The MEA countries are also showing interest in developing sustainable energy. Several projects and government policies are encouraging the installation of a solar power station which in turn will boost concentrating solar power market growth in the forthcoming year.
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Key Segmental Overview:
1. By Type
- Parabolic Trough
- Fresnel Reflector
- Solar Tower
- Solar Dish
2. By Application
- Water Desalination
- Enhanced Oil Recovery (EOR)
3. By Geography
- North America (USA and Canada)
- Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
Key Industry Developments
- In April 2019, Dow has won a contract to build Dubai’s MBR Concentrated Solar Power Park in phase 4. It will work in association with Chinese firm Shanghai Electric on hybrid Concentrated Solar Power and Solar PV Project that will power 270,000 homes in Dubai. MBR Solar Park is aimed to produce 5,000MW of clean energy by 2030 with an estimated investment of about $13.6 billion.
- In March 2019, A contract has been signed between Rioglass Solar, Abengoa Energia, and Shanghai Electric for the world’s largest concentrated solar power plant.
- In April 2019, The US Department of Energy is promoting the development of low-cost storage technologies for CSP that make solar thermal energy on demand. To support this program, the department has allotted $33million for developing advanced manufacturing and autonomous technologies.
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Major Table of Content for Concentrating Solar Power Market:
- Executive Summary
- Market Dynamics
- Key Insights
- Global Concentrating Solar Power Market Analysis, Insights and Forecast, 2026
- North America Concentrating Solar Power Market Analysis, Insights and Forecast, 2026
- Europe Concentrating Solar Power Market Analysis, Insights and Forecast, 2026
- Asia Pacific Concentrating Solar Power Market Analysis, Insights and Forecast, 2026
- The Middle East and Africa Concentrating Solar Power Market Analysis, Insights and Forecast, 2026
- Latin America Concentrating Solar Power Market Analysis, Insights and Forecast, 2026
- Competitive Landscape
- Company Profile
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