Concentrating Solar Power Market

1. Analysis of Concentrating Solar Power Market Size by Research Nester Reveals the Market to Grow with a CAGR of ~29.9% During 2023-2035 and Attain ~USD 162.74 Billion by 2035 Research Nester assesses the growth and market size of the global concentrating solar power market which is anticipated to be on account of the growing need for renewable energy and rapid depletion of fossil fuels. New York – April 9, 2023- Research Nester’s recent market research analysis on “Concentrating Solar Power Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitors analysis and a detailed overview of the global concentrating solar power market in terms of market segmentation by type, component, application, technology and by region.

2. Growing Production of Renewable Energy to Promote Global Market Share of Concentrating Solar Power The global concentrating solar power market is estimated to grow majorly on account of the increasing demand for renewable energy followed by greater efforts put by the government to boost its usage and production. When solar panels generate electricity, no greenhouse gas emissions are released into the atmosphere. As a result, in today's polluted world, the demand for concentrated solar power is growing critical. According to the International Renewable Energy Agency, new solar PV capacity expanded by about 125 GW in 2020, the greatest of any renewable energy source. Moreover, to help India increase its power generation capacity through cleaner, renewable energy sources, the Government of India, Solar Energy Corporation of India Limited (SECI), and the World Bank signed agreements in December 2022 for a USD 150 million International Bank for Reconstruction and Development (IBRD) loan, a USD 28 million Clean Technology Fund (CTF) loan, and a USD 22 million CTF grant. On the other hand, the market growth is also attributed to the rising production of electricity by renewable energy sources. The sun supplies more energy than mankind will ever require; electricity generated by solar panels is a critical energy source in the transition to sustainable energy production. Both China and India plan to increase installed renewable energy capacity to more than 50% by 2025 and 2030, respectively. India is the world's third-largest producer of renewable energy, accounting for 40% of installed electrical capacity. In 2016, solar PV accounted for 3.6% of global electricity output, making it the third largest renewable energy technology after hydropower and wind. In addition to this, according to the

3. International Energy Agency, global solar PV power generation reached 179 TWh in 2021, a 22% increase over 2020. Some of the major growth factors and challenges that are associated with the growth of the global concentrating solar power market are: Growth Drivers: Surging Need for the Production of Renewable Energy · Rising Need to Save Fossil Fuels · Challenges: There are various alternate procedures that can be used to extract power, such as fission—based nuclear power and hydrocarbons. Moreover, it requires a huge amount of water to move the turbines to produce electricity from concentrated solar power plants. These are some of the major factors anticipated to hamper the global market size of concentrating solar power. On the other hand, the high cost of setting up concentrated solar power panels is also one of the prime factors to impede market growth. concentrated solar panels are more expensive in densely inhabited areas. Furthermore, water is extensively used in concentrated solar power to generate steam turbines and cool thermochemical reactors. CSP plants, like solar PV and wind power, require a lot of space to operate. Therefore, CSP plants, such as solar PV and wind power, require a lot of space to operate. CSP facilities are only economically viable in locations with direct normal irradiation of more than 1800 kWh/m2/year, such as large open fields and desert places.

4. By component, the global concentrating solar power market is segmented into solar fields, power blocks, and thermal energy storage systems. The thermal energy storage systems segment is anticipated to garner the highest revenue by the end of 2035 by growing at a significant CAGR over the forecast period. The increased demand for energy during emergencies and power outages can contribute to the segment's growth. Thermal energy storage has the potential to increase global potential long-duration storage capacity from about 1 TW to 3 TW to between 2 TW and 8 TW by 2040. Furthermore, increased investment in energy conversion is likely to enhance segment growth. Global investment in energy transition technologies, including energy efficiency, is expected to hit an all-time high of around USD 1 trillion in 2022. The annual investment must be increased to stay on pace. Thermal energy storage is a solution for reducing energy use in buildings by increasing the solar percentage. By region, the North American concentrating solar power market is expected to generate the highest revenue by the end of 2035. The market's expansion in the region can be attributed mostly to increased energy demand from the commercial and industrial sectors. Solar energy can be used to generate heat for a variety of industrial purposes, including water desalination, improved oil recovery, food processing, and others. In 2019, the industrial sector accounted for over 35% of total US end-use energy consumption and nearly 32% of total US energy consumption. Developing solar technology for industrial processes helps the US Department of Energy Solar Energy Technology Office achieve its goal of developing a carbon-free energy industry by 2050. Furthermore, the government's increasing efforts to enhance renewable energy generation are likely to

5. support market expansion in the region. Green Power Partnership (GPP) is a volunteer program established by the United States government to support organizations in their green energy procurement by providing professional advice, technical support, tools, and resources. Consult our expert analysts at: info@researchnester.com or contact us at: https://www.researchnester.com/contact for any customized report. This report also provides the existing competitive scenario of some of the key players of the global concentrating solar power market which includes company profiling of Abengoa, New BrightSource, Ltd., Siemens Energy, ACCIONA, Aalborg CSP A/S, Shouhang Hightech Energy Technology Co., Ltd., ACWA Power International, Enel Spa, Trivelli Energia s.r.l., and Grün leben GmbH Request Report Sample@ https://www.researchnester.com/sample-request-4830 Research Nester is a leading service provider for strategic market research and consulting. We aim to provide unbiased, unparalleled market insights and industry analysis to help industries, conglomerates, and executives make wise decisions for their future marketing strategy, expansion investment, etc. We believe every business can expand to its new horizon, provided the right guidance at the right time is available through strategic minds. Our out-of-the-box thinking helps our clients to make wise decisions in order to avoid future uncertainties. Contact for more Info:

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