The
global concentrated solar power (CSP) market will register phenomenal
growth at a 19.4% CAGR between 2014 and 2020. In 2013, the global
concentrated solar power market was worth US$2,507.4 million,
however, driven by multiple factors, the market is projected to reach
US$8,674.7 million by the end of 2020. The report is titled
“Concentrated Solar Power Market - Global Industry Analysis, Size,
Share, Growth, Trends and Forecast, 2012 - 2020”. It provides
exhaustive details about the present market dynamics and how
incumbent trends are likely to impact future course of action in the
market.
Browse
Concentrated Solar Power Market Report with Full TOC at
http://www.transparencymarketresearch.com/concentrated-solar-power-market.html
The
report identifies rapidly escalating demand for power from the
industrial, residential, and commercial sectors as the primary growth
driver of the concentrated solar power market. Rapidly exhausting
fossil fuel reserves are raising alarm globally. Moreover, the
dependence on fossil fuel for all these years has exacerbated
environmental concerns and greenhouse gas emission. Such factors,
together with the escalating price of generating power from fossil
fuels, are anticipated to boost the demand for concentrated solar
power globally. According to the report, the rising environmental
consciousness across economies around the world compelling them to
reduce carbon emission and the urge to explore alternative clean and
sustainable sources of energy will boost demand from the global
concentrated solar power market. However, reliance on indigenous
technologies to harness solar power will emerge as a major challenge
for the industry. In addition, high cost of harnessing solar power
will curb market growth to an extent. Nevertheless, industry experts
are hopeful that with increased investment in research and
development, the challenge pertaining to immature technology and high
cost can be significantly addressed.
The
CSP market is segmented into tower, parabolic power, dish sterling,
and fresnel, on the basis of technology. The report projects growth
at a 20.3% CAGR for the market on the basis of volume over the
forecast period. Geography-wise, the market for concentrated solar
power is segmented into Europe, Asia Pacific, North America, and Rest
of the World. Europe accounted for 43% of the total CSP market in
2013. The region, therefore, dominated the market and is expected to
register a whopping 20.2% CAGR during the forecast period. In the
same year North America was noted as the second largest market for
CSP, accounting for a 31.21% share of the total market. According to
the report, the CSP market in North America will register a 22% CAGR
between 2014 and 2020. Asia Pacific, meanwhile, accounted for 15.08%
of the global CSP market in 2013. The region will exhibit growth at a
19.5% CAGR during the forecast period. Emerging economies in Asia
Pacific such as India and China are expected to witness a surge in
demand for CSP in the next couple of years.
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Key
participants of the market identified by the report include NextEra
Energy, LLC., Abengoa Solar, S.A., SolarReserve LLC., GDF SUEZ,
BrightSource Energy, Inc., Acciona, S.A., and Ibereolica Group.
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