A recent report published by Allied Market Research, has estimated that global concentrated solar power market will appreciate to $8.04 billion by 2026.
The market was pegged at $3.79 billion in 2018 and is projected to garner $8.04 billion by 2026, growing at a Compound Annual Growth Rate CAGR of 10.3 per cent from 2019 to 2026.
Increased demand for renewable energy and the discovery of innovative ways to utilize solar energy in emerging countries have boosted the growth of the global concentrated solar power market.
While high initial investment hampers market growth, supportive government initiatives and the emergence of awareness programs are expected to create lucrative opportunities in the near future, the report states.
The global concentrated solar power market is divided on the basis of technology, end-user industry, and geography. Based on technology, the market is segmented into the parabolic trough, solar power tower, Fresnel reflectors, and dish Stirling.
The report says the parabolic trough segment dominated the market in 2018, contributing more than three-fifths of the market and is expected to maintain its dominance throughout the forecast period.
However, the solar power tower segment is expected to register the fastest CAGR of 12.5 per cent during the study period.
On the basis of the end-user industry, the market is bifurcated into residential, commercial, and industrial.
The industrial sector held the largest share in 2018, accounting for more than two-fifths of the market. Moreover, the segment is anticipated to manifest the fastest CAGR of 10.6 per cent from 2019 to 2026.
The global concentrated solar power market is analyzed across various regions such as North America, Europe, Asia-Pacific, and MEA.
The market across Europe held the largest share in 2018, contributing more than two-fifths of the market share. However, the market across MEA is estimated to register the fastest CAGR of 11.7 per cent during the study period.