Introduction
The term “concentrated solar power” refers to the production of electricity using mirrors to focus sunlight at temperatures between 400 and 1,000 °C. The energy is then put to use in a variety of ways, such as heating fluid, generally water or oil to generate steam or hot air. The steam that is created is linked to a generator to produce energy and is used to power turbines. There are several different kinds of mirror designs and sun-tracking techniques that aid in producing usable energy.
Definition
Increasing effective integration of CSP systems with thermal storage systems, rising demand for clean energy. The rising growth in demand for renewable energy, rising boost in demand for solar energy from emerging economies, rising demand for renewable energy. The increasing favourable government initiatives, and continuing decline in LCOE are also among the key factors among those accelerating market growth. Moreover, over the projection period of 2021–2028. The growing CSP integration in hybrid power plants and growing CSP application in desalination. And increased oil recovery processes will further generate new possibilities for the concentrated solar power market.
Market Driving Factor:
- Through the use of mirrors that are strategically placed, concentrated solar energy enables the attention of photovoltaic energy. The idea’s ability to use solar energy as efficiently as possible, prevent waste, and have long-lasting effectiveness will increase demand for the product globally. Increased demand for photovoltaic energy consumption has resulted from growing awareness of the harmful effects of excessive carbon emissions.
- Focused photovoltaic energy will become more widely employed in many international areas throughout the world as a result of rising environmental air pollution and initiatives to reduce the production of harmful gases. The existence of several massive enterprises in this industry, propelled by the widespread acceptance of the product, will have a significant impact on the market in the near future.
COVID-19 Impact:
- Numerous business sectors throughout the world are experiencing a sense of terror due to the most recent coronavirus epidemic. Governments throughout the world were compelled to enact rigorous measures to slow the spread of the sickness due to the disease’s rapid spread.
- Even if such actions were primarily taken for a greater good, a few factors have had a dramatic impact on the sector’s economy. The production of devices across several business sectors has been put on hold due to the rigorous lockdowns and social segregation policies.
- As a result, manufacturers have recently suffered significant losses. In contrast to some other sectors in this sector, the full-size programmes of the concept will help the market recover quickly from the coronavirus features, despite the fact that the pandemic may initially have a negative impact on CSP market share.
Key Insights & Findings from the Report:
- The concentrated solar power market is expected to reach an estimated value of USD 15.76 billion and expand at a CAGR of 12.90% from 2021 to 2028. The market for concentrated solar power is expanding due in large part to rising environmental concerns around carbon emissions and initiatives to minimise air pollution.
- According to geography, the market for concentrated solar power is expected to be dominated by Asia Pacific.
Concentrated Solar Power Market Country Level Analysis
- The market for concentrated solar power is analysed, and data on market size and volume is given by nation, technology, component, end-user, and heat transfer fluid.
- The concentrated solar power market report includes information on the United States, Canada, and Mexico in North America; Germany, France. The United Kingdom; the Netherlands; Switzerland; Belgium; Russia; Italy; Spain; and Turkey; the rest of Europe. China; Japan; India; South Korea; Singapore; Malaysia; Australia; Thailand; Indonesia. And the Philippines; the rest of Asia-Pacific (APAC). Saudi Arabia; the United Arab Emirates; Israel; Egypt; South Africa; and the rest of the Middle East and Africa (MEA).
- The market for concentrated solar power is dominated by Asia-Pacific because of increased investments in the technology for grid-relief. Rising demand for renewable energy production to support rising economic activity. And rising favourable government regulations in several of the region’s nations. Due to the growing trend in significant investments in development. And the shifting attention of investors toward green energy options in this area. North America is the region with the highest expectations for growth in the concentrated solar power market.
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