Concentrating Solar Power Market to Eyewitness Massive Growth by 2027

According to a research report "Concentrating Solar Power Market by Technology (Solar Power Tower, Linear Concentrating System, Dish Stirling), Operation Type (Stand-alone, Storage), Capacity (<50 MW, 50-99 MW, 100 MW & Above), End User (Utilities, EOR), Region - Global Forecast to 2027" published by MarketsandMarkets, the global concentrating solar power market size is estimated to be USD 6.0 billion in 2022 and is projected to reach USD 19.9 billion by 2027; it is projected to grow at a CAGR of 26.9% during the forecast period. The key drivers for the concentrating solar power market include environmental concerns over carbon emissions and efforts to reduce air pollution, and the integrability of CSP systems with thermal storage systems.

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By capacity, the concentrating solar power market has been segmented into less than 50 MW, 50 MW to 99 MW, and 100 MW and Above. 50 MW to 99 MW is expected to be the second largest segment during the forecast period. Growing demand for mid-range power from applications such as desalination and process heating is driving the 50 MW to 99 MW segment.

By end user, the concentrating solar power market has been segmented into utilities, enhanced oil recovery (EOR), and others. Enhanced Oil Recovery (EOR) is expected to be the second largest segment during the forecast period. The Enhanced Oil Recovery (EOR) segment is driven by the constant volatility in crude oil prices and the generation of cheap steam power from CSP compared to other technologies.

In this report, the concentrating solar power market has been analyzed for 5 regions, namely Asia Pacific, North America, Europe, Middle East & Africa, South America. Asia Pacific is expected to lead the market during the forecast period. The growing of renewable thermal energy schemes in the region are among the reasons for the region’s significant market size.

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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the concentrating solar power market. These include Abengoa (Spain), BrightSource Energy (US), ACWA Power (Saudi Arabia), SolarReserve (US), and Aalborg CSP (Denmark). The leading players are trying to establish themselves in the markets of developed countries and are adopting various strategies such as product launches, contracts, agreements, partnerships, collaborations, alliances, acquisitions, and expansions to increase their respective market shares.

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