Concentrating Solar Power Market
A recent study conducted by the strategic consulting and market research
firm, BlueWeave Consulting, revealed that the global concentrating solar
power market was worth USD 3.25 in the year 2020. The market is
estimated to grow at the CAGR of 14.6%, earning revenue of around USD
8.40 Billion by the end of 2027. The growing demand for renewable
energy sources to power various economic and non-economic operations
as well as the government support and initiatives towards adoption &
generation of renewable energy resources are contributing to the growth
of the global concentrating solar power market.
Growing Concerns Towards Carbon Emission will Help the Concentrating
Solar Power Market Growth
The rising temperature of the earth’s atmosphere and growing concerns
about carbon emissions are heating the discussion surrounding
sustainability. We need to transition to renewable energies and resources
at a much faster rate for sustainability and to reduce our carbon footprints.
Governments from various countries are encouraging the use of advanced
technologies to achieve this. Concentrating solar power is a big name here
because it provides energy generation options that don't emit CO2. This
factor is playing a crucial role in the market growth.
With growing acceptance and adaptability towards heat storage systems,
opportunities for solar power are becoming more viable across the globe.
Growing Investments in Large-Capacity Plant Construction Driving the
The construction of solar power plants is attracting more and more private
investments. Therefore, the demand for concentrating solar power is
spiraling up. The expenses incurred during the installation of these are also
going down, which is working in favor of the market growth. With the
expansion of renewable energy sources, various industrial sectors are
becoming more receptive to adopting clean energy options. This factor is
contributing greatly towards attracting more private investments for the