The global concentrated solar power market is expected to reach 8,674.7 million in 2020, growing at a CAGR of 19.4percent from 2014 to 2020, according to a report published by Transparency Market Research.
The value of global concentrated solar power (CSP) market was USD 2,507.4 million in 2013.
In 2013, Europe dominated global CSP market accounting for more than 43.00 percent of the overall market and is expected to grow with a CAGR of 20.2percent from 2014 to 2020.
Whereas, North America accounted for nearly 31.21percent market share in 2013 and is expected to grow at a CAGR of 22 percent from 2014 to 2020. Rising demand for clean energy in North America attributed to overall market growth
Asia Pacific accounted for nearly 15.08 percent of the market share in 2013 and is expected to grow at a CAGR of 19.5percent from 2014 to 2020.
China and India are expected to witness a flow in CSP demand due to regulatory interventions rise.
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 expected to grow at a CAGR 20.3 percent from 2014 to 2020.
Concerns of diminishing fossil fuel and rising power demand is expected to be key driving factors of CSP market growth.
Besides, rising awareness to reduce carbon emissions and the urge to find an alternate solution also encourage the overall demand.
Furthermore, overall market growth is enhanced by rising greenhouse gas emission concerns, growing popularity of CSP technology in power generation and increasing prices of power generation.
Key challenges faced by the market include immature technology and high cost of power generation. The research and development is hopeful to overcome the challenge.
Key participants in the market include Abengoa Solar, Acciona, BrightSource Energy, Ibereolica, NextEra Energy, SolarReserve and GDF SUEZ.