According to a new market report published by Transparency Market Research "Concentrated Solar Power Market for product segment (Parabolic Trough, Tower, Fresnel and Dish Sterling) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 - 2020", global concentrated solar power market was valued at USD 2,507.4 million in 2013 and is expected to reach 8,674.7 million in 2020, growing at a CAGR of 19.4% from 2014 to 2020.
Growing concerns towards declining fossil fuel reserves, rising demand of power in industrial, commercial and residential sectors is expected to bolster CSP market growth. Furthermore, rising concerns over greenhouse gases emissions and increasing prices of power generation from fossil fuels are expected to enhance the overall market growth. Rising awareness in several countries to reduce carbon emissions and the urge to find an alternate solution of clean and sustainable source is likely to bolster the overall demand. Key challenges faced by the market participants include immature technology and high cost of power generation which are expected to curb market growth. However, research and development is hopeful to overcome the challenge.
Growing popularity of CSP technology in power generation is likely to bolster the overall demand over the forecast period. CSP market is segmented on the basis of technologies such as Parabolic Trough, Tower, Fresnel and Dish Sterling. In terms of volume (MW), the Parabolic trough technology segment is likely to grow at a CAGR 20.3% from 2014 to 2020.
Europe dominated global CSP market in 2013, accounting for more than 43.00% of the overall market in 2013 and is expected to grow with a CAGR of 20.2% from 2014 to 2020. North America accounted for nearly 31.21% market share in 2013 and is expected to grow at a CAGR of 22% from 2014 to 2020. Rising demand for clean energy in North America attributed to overall market growth. Asia Pacific accounted for nearly 15.08% of the market share in 2013 and is expected to grow at a CAGR of 19.5% from 2014 to 2020. China and India are some of the countries that are expected to witness a surge in CSP demand owing to rise in regulatory interventions. Key participants in the market include Abengoa Solar, S.A., Acciona, S.A., BrightSource Energy, Inc., Ibereolica Group, NextEra Energy, LLC., SolarReserve LLC., and GDF SUEZ. The report provides an overview of these companies followed by their product portfolio, business strategies, and recent developments.
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