Concentrated Solar Power Market to hit $7 billion by 2027, Says Global Market Insights, Inc.

The concentrated solar power market value is set to cross USD 7 Billion by 2027, as reported in the latest study by Global Market Insights, Inc. Rising renewable integration across the decentralized grid network along with favorable government policies & reforms to enhance sustainable energy mix will drive the business landscape. Shifting trends in project sites toward the developing regions coupled with integration of thermal energy storage technology will further drive the business growth.
Rising energy demand along with large and medium scale investments toward the adoption of solar generation farms have introduced a favourable business scenario. Effective energy utilization has drifted regulatory policies and consumer tendencies toward deployment of solar technologies complementing the industry potential. In addition, the restructuring of trade policies and investment flows across developing regions will positively sway the business headway.
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Parabolic troughs CSP is anticipated to surge on account of growing investors and utility inclination toward the technology. Ongoing advancement toward thermal storage option followed by the development of new solar receivers to enhance the collector field thermal performance, which will further sway the business scenario. Moreover, ongoing research and development activities by major industry players to deploy higher absorption rate storage technology and a longer receiver life span will augment the technology adoption.
Some prime findings of the concentrated solar power market report include:
Browse key industry insights spread across 265 pages with 314 market data tables & 35 figures & charts from the report, “Concentrated Solar Power Market Analysis By Technology (Parabolic Trough, Linear Fresnel Reflector, Power Tower), Capacity (≤ 50 MW, > 50 MW to ≤ 100 MW, > 100 MW), Storage (With Storage {Molten Salt}, Without Storage), Industry Analysis Report, Regional Outlook, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
≤ 50 MW concentrated solar power market will grow on account of the ability of CSP units to complement rising energy demand across the commercial establishments along with increasing applicability across small scale industrial process heat systems to reduce fossil fuel consumption. Increasing number of solar thermal power plants across regions with space constraint areas will further fuel the industry scenario.
The CSP technology without storage will remain competitive in the industry on account of its lower installation cost and reduced complexity. Minimal capital expenditure followed by reduced operational and maintenance cost will positively influence the business landscape. In addition, paradigm shift toward installation of without storage CSP plants owing to improved capacity utilization and high-power reliability will augment the concentrated solar power market statistics.
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Source: Global Market Insights Inc.