According to the U.S. Department of Energy (DOE), CSP is a technology that generates solar power by using mirrors to reflect and concentrate sunlight onto receivers. The technology is gaining traction in the global concentrating solar power market. CSP technologies could collect solar energy, convert it into thermal energy for power generation and stored to produce electricity as and when required. This would in turn, enable CSP systems to be used as a flexible electricity provider or as a baseload source of electricity. Additionally, CSP technologies could be deployed as a fossil-fuel back-up or hybridization allowing non-renewable projects to run cleaner by reducing the greenhouse gas emissions, while operating at same or lower costs.
To Browse Full Report Visit Here: https://www.psmarketresearch.com/market-analysis/concentrating-solar-power-market
The global concentrating solar power market is expected to witness significant growth during the forecast period (2017-2023) on account of rising concerns about the harmful effects of fossil fuels coupled with increasing government norms for reducing greenhouse gas emissions. Based on technology, the parabolic trough is expected to be the largest segment of the global concentrating solar power market during the forecast period. The utilities segment is estimated to dominate the end-user market for concentrating solar power during the forecast period. Based on component, solar field is projected to generate the highest revenue in global concentrating solar power market during the forecast period.
The key trend observed in the CSP market is the rising R&D activities in the CSP market. In July 2016, the Office of Energy Efficiency and Renewable Energy invested approximately $9.0 million for 6 R&D projects in the CSP market. This is likely to result in technological advancements and cost reductions in the field of CSP market, creating ample opportunities in the global CSP market during the forecast period.
Browse For Related Research Visit Here: https://www.psmarketresearch.com/industry-report/power-and-energy
The factors driving the growth of concentrating solar power market are increasing government focus on enabling the adoption of renewable technologies and growing demand for electricity due to rapid industrialization and urbanization. Government of various nations including the U.S., Spain, Morocco, India and China have taken certain measures to curb the carbon footprints and greenhouse gas emissions, which is expected to contribute to the growth of global CSP market during the forecast period. Additionally, CSP technologies use solar energy to generate power that are eco-friendly and less expensive as compared to other available fossil fuels. This would further propel the growth of CSP technologies during the forecast period.
CSP technologies are being widely adopted across the globe as these technologies can be easily integrated into the grid making them the most cost-effective alternative for power generation. This is expected to foster the growth of global CSP market during the forecast period.
The lack of technology awareness in the market is one of the major restraints that is likely to hinder the growth of global CSP market during the forecast period. Additionally, high capital costs associated with the installation of CSP technologies as compared to other available sustainable energy technologies is expected to hinder the growth of the global CSP market; however, increasing government and private fund availability is expected to provide significant opportunities in the global CSP market during the forecast period.
Some of the key players in the global market include Abengoa Solar, S.A., Aalborg CSP A/S, ACWA Power, BrightSource Energy, Inc., eSolar, Inc., SolarReserve, LLC., ALSOLEN, Archimede Solar Energy, Frenell Gmbh and Siemens AG.
About P&S Market Research
P&S Market Research is a market research company, which offers market research and consulting services for various geographies around the globe. We provide market research reports, industry forecasting reports, business intelligence, and research based consulting services across different industry/business verticals.
As one of the top growing market research agency, we’re keen upon providing market landscape and accurate forecasting. Our analysts and consultants are proficient with business intelligence and market analysis, through their interaction with leading companies of the concerned domain. We help our clients with B2B market research and assist them in identifying various windows of opportunity, and framing informed and customized business expansion strategies in different regions.
Manager – Client Partner
347, 5th Ave. #1402
New York City, NY – 10016
Toll-free: +1-888-778-7886 (USA/Canada)