Concentrated Solar Power Market to Reach $12.01 Billion by 2030 Owing to Rise in Demand for Clean Energy Sources | Says Coherent Market Insights

Global Concentrated Solar Power Market Report

Introduction

Burlingame, March 08, 2024 (GLOBE NEWSWIRE) — Coherent Market Insights published a report titled “Global Concentrated Solar Power Market, By Technology (Parabolic Trough, Solar Power Trough, Fresnel Reflectors, Dish Stirling), By End User Industry (Residential, Commercial, Industrial), and By Geography: Size, Share, Outlook, and Opportunity Analysis, 2023-2030”. According to the report, the global concentrated solar power market was valued at US$ 5.29 Bn in 2023 and is expected to reach US$ 12.01 Bn by 2030, growing at a compound annual growth rate (CAGR) of 10.8% from 2023 to 2030.

Market Dynamics

The Concentrated Solar Power Market is driven by the rising global demand for sustainable energy sources as countries strive to reduce carbon emissions and mitigate the impact of climate change. Additionally, technological advancements in solar power technology, such as improved energy storage solutions and increased efficiency of solar panels, are further fueling the market growth.

Concentrated Solar Power Market Report Coverage

• Report Coverage: Details
• Market Revenue in 2023: $5.29 billion
• Estimated Value by 2030: $12.01 billion
• Growth Rate: Poised to grow at a CAGR of 10.8%
• Historical Data: 2018-2021
• Forecast Period: 2023-2030
• Forecast Units: Value (USD Million/Billion)
• Report Coverage: Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
• Segments Covered: By Technology, By End User Industry
• Geographies Covered: North America, Europe, Asia Pacific, and Rest of World
• Restraints & Challenges:
  • Increase in the number of government projects and programs
  • Huge Investments
• Growth Drivers:
  • Demand for renewable energy is rising
  • Increasing demand for solar energy from developing nations

Market Trends

One key trend in the Concentrated Solar Power Market is the increasing adoption of hybrid solar power plants, which combine concentrated solar power with other renewable energy sources such as photovoltaic panels or wind turbines. This approach allows for a more reliable and stable power supply, as it leverages the strengths of each technology to offset their individual weaknesses.

Another trend shaping the market is the growing investment in large-scale concentrated solar power projects in emerging economies, where the demand for energy is rapidly increasing. Governments and private sector players are increasingly recognizing the potential of concentrated solar power as a cost-effective and sustainable energy solution, driving substantial investment in new projects and infrastructure.

Key Market Takeaways

The Concentrated Solar Power Market is anticipated to witness a CAGR of 10.8% during the forecast period 2023-2030, owing to the increasing demand for renewable energy sources and investments in solar power projects globally.

On the basis of technology, the Parabolic Trough segment is expected to hold a dominant position, driven by its efficiency and cost-effectiveness.

In terms of end-user industry, the Residential segment is dominating the market, while Commercial and Industrial segments are witnessing growth.

North America is expected to hold a dominant position in the market, driven by favorable government policies and investments in solar power projects.

Key players in the market include Siemens AG, General Electric, Abengoa, and others, who are focusing on innovation and strategic collaborations to strengthen their market presence and meet the growing demand for concentrated solar power technologies.

Recent Developments

• In June 2021, with the help of an offtake agreement with Eskom Holdings SOC Ltd., ACWA was able to secure funds totaling over US$ 800 Million for the development of South Africa’s largest concentrated solar power facility.
• In April 2019, with General Electric, Bright Source Energy collaborated on the 121 MW ASHALIM solar Field, which commenced operation in 2019.

Conclusion

The global Concentrated Solar Power Market is projected to experience significant growth in the coming years, driven by the increasing demand for sustainable energy sources and investments in solar power projects. The market is expected to witness advancements in technology and the adoption of hybrid solar power plants. North America is anticipated to be a key market for concentrated solar power, supported by favorable government policies. Key players in the market are focusing on innovation and strategic collaborations to strengthen their market presence.

SDGs, Targets, and Indicators Analysis

1. Which SDGs are addressed or connected to the issues highlighted in the article?

• SDG 7: Affordable and Clean Energy
• SDG 9: Industry, Innovation, and Infrastructure
• SDG 13: Climate Action

The article discusses the global concentrated solar power market, which is directly related to SDG 7 (Affordable and Clean Energy). It also mentions the technological advancements in solar power technology, which aligns with SDG 9 (Industry, Innovation, and Infrastructure). Additionally, the article highlights the role of concentrated solar power in reducing carbon emissions and mitigating climate change, linking it to SDG 13 (Climate Action).

2. What specific targets under those SDGs can be identified based on the article’s content?

• Target 7.2: Increase substantially the share of renewable energy in the global energy mix.
• Target 9.1: Develop quality, reliable, sustainable, and resilient infrastructure.
• Target 13.2: Integrate climate change measures into national policies, strategies, and planning.

The article emphasizes the growth of the concentrated solar power market, indicating progress towards Target 7.2 of increasing the share of renewable energy. It also mentions technological advancements in solar power technology, which contribute to achieving Target 9.1 of developing sustainable infrastructure. Furthermore, the article highlights the role of concentrated solar power in reducing carbon emissions and addressing climate change, aligning with Target 13.2.

3. Are there any indicators mentioned or implied in the article that can be used to measure progress towards the identified targets?

• Indicator: Share of renewable energy in the global energy mix
• Indicator: Investments in sustainable infrastructure
• Indicator: Integration of climate change measures into national policies and planning

The article mentions the increasing demand for renewable energy sources and the growth of the concentrated solar power market, which can be used as indicators to measure progress towards the share of renewable energy in the global energy mix. The investments in technological advancements and infrastructure development in the solar power sector can serve as indicators for measuring progress towards sustainable infrastructure. Additionally, the integration of concentrated solar power into national policies and planning reflects the implementation of climate change measures.

Table: SDGs, Targets, and Indicators

Behold! This splendid article springs forth from the wellspring of knowledge, shaped by a wondrous proprietary AI technology that delved into a vast ocean of data, illuminating the path towards the Sustainable Development Goals. Remember that all rights are reserved by SDG Investors LLC, empowering us to champion progress together.

Source: finance.yahoo.com

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