The global concentrated solar power market is expected to witness a phenomenal growth in the coming years, thanks to technological advancements in the renewable sources sector.
The increasing adoption of concentrated solar power to produce hybrid energy is likely to expand the growth opportunities for the concentrated solar power market in the coming years.
Further, the rapid industrialization and commercialization across the globe, predominantly in developing countries is foreseen as the driving force for the growth opportunities in the market in the next few years.
High Demand for Renewable Energy Bolster the Market
As mentioned earlier, due to the increasing industrialization, there is a high demand for energy, thus the governments are taking initiatives to produce energy through renewable sources, leading to the expansion of the global concentrated solar power market.
Further, the prominent manufacturers in the sector are innovating and exploring with concentrated solar power to cater to the increasing needs from consumers.
The increasing awareness about the renewable sources and the technology involved in the same is expected to drive the growth potential for the global concentrated solar power market in the upcoming years.
Cost effectiveness to Strengthen the Demand for Concentrated Solar Power Market
The concentrated solar is one of the efficient and cost-efficient alternatives to conventional energy, thus it is high on demand driving growth opportunities in the global concentrated solar power market in the next few years.
Rising research and development and stringent initiatives by the government to switch to alternate energy source is likely to boost the growth in the market. The high cost of conventional source of energy may further strengthen the future concentrated solar power market.
Regionally, Europe and North America are respectively ahead in holding the market share, however in the coming years Asia Pacific is also expected to witness a remarkable growth owing to rapid industrialization and commercialization.
Parabolic trough is considered to be the most apt and suitable technology used for solar power generation, thus boosting the expansion of the concentrated solar power market.
The low cost of low photovoltaics due to the subsidy schemes initiated by government in the Western countries, aiding in the mass manufacturing and expansion of the market.
Currently, there is ongoing research to reduce the cost for technologies used in the making of concentrated solar is likely to drive the growth of the global concentrated solar power market.
The climatic conditions, expensive energy storage, and high cost of production are some of the constraints that the market may witness in the future and growth is likely to be affected
Despite the constraints, the rising demand for tower technology which integrates with traditional power plants to produce the concentrated solar power is expected to boost the demand in the future.
Therefore, the market experts’ projects, the USA is expected to have 4 million solar power units installed by the end of 2023, pushing the global market to an astounding growth in next few years.