The global concentrated solar power market is the focus of analysis of a recent market research report published by Transparency Market Research. The study states that the market will exhibit a momentous 19.4% CAGR over 2014 through 2020 in terms of value, while in terms of volume, the market is projected to exhibit 20.3% CAGR over the same duration. The report is titled “Concentrated Solar Power Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2020,” and is available on the company website for sale.
The report states that the market is majorly driven by rising efficiencies of concentrated solar PVs, the rising adoption of solar power as a reliable and sustainable green energy source, and the rapid pace of technological and product innovations in the sector. Some of the major benefits of concentrated solar power cells include cost-effectiveness, durability, and capability of cutting down on greenhouse gas emissions.
Rising efficiencies and the reducing cost factor are playing major role in helping concentrated solar power technologies realize greater gains in the global market. Europe was the leading regional market for concentrated solar power in 2013, accounting for a dominant share of over 43% in the global market. However, the recent economic downturn in the region had a noticeable negative impact on the overall solar power market and also severely impacted the market for concentrated solar power.
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Nevertheless, the Europe market for concentrated solar power will continue to lead the market on account of new projects, number of installations, and terms of usage over the report’s forecast period as well. The market is also expected to gain momentum in Asia Pacific and North America owing to the rising concerns about the declining stores of conventional resources.
The market has been analyzed on the basis of two criteria: Product type and geography. On the basis of product type, the market has been segmented into solar tower, parabolic trough, linear Fresnel, and dish stirling. From a geographical standpoint, the market has been segmented into Europe, Asia Pacific, North America, and Rest of the World.
Of the key product types in the market, the segment of parabolic trough dominated the global concentrated solar power market in 2013, owing to its extensive usage in commercial power plants. The segment is also expected to expand at the fastest pace over the report’s forecast period. The segments of linear fresnel and solar tower are expected to gain immense traction over the forecast period as well.
The report also gives a detailed overview of the competitive landscape of the global concentrated solar power market. Companies are increasingly focusing on innovations and technological developments to gain competitive edge. Some of the major vendors in the market are NextEra Energy Resources, LLC, Abengoa Solar S.A, BrightSource Energy, Inc., GDF SUEZ, and Ibereolica Group.
The market has been segmented as follows:
Global Concentrated Solar Power Market: Product Segment
- Parabolic Trough
- Solar Tower
- Linear Fresnel
- Dish Stirling
Global Concentrated Solar Power Market: Regional Segment
- North America
- Asia Pacific
- Rest of the World (RoW)