Northbrook, IL 60062 -- (SBWIRE) -- 08/29/2023 -- According to a new market research report, the global concentrating solar power market size is estimated to be USD 6.0 billion in 2022 and is projected to reach USD 19.9 billion by 2027; it is projected to grow at a CAGR of 26.9% during the forecast period.. The key drivers for the concentrating solar power market include support from governments to enable the adoption of renewable technologies, and the integrability of CSP systems with thermal storage systems.

Key Market Players:

The concentrating solar power market is served by a mix of large international players with operational presence across the globe and local players commanding a strong supply network in the domestic market. The leading players in the global concentrating solar power market include Abengoa (Spain), BrightSource Energy (US), ACWA Power (Saudi Arabia), SolarReserve (US), and Aalborg CSP (Denmark). Strategies such as product launches, contracts, agreements, partnerships, collaborations, alliances, acquisitions, and expansions are followed by these companies to increase their market share.

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The 50 MW to 99 MW by capacity, is expected to be the second largest concentrating solar power market during the forecast period

By capacity, the concentrating solar power market has been segmented into less than 50 MW, 50 MW to 99 MW, and 100 MW and Above. 50 MW to 99 MW is expected to be the second largest segment during the forecast period. Growing demand for mid-range power from applications such as desalination and process heating is driving the 50 MW to 99 MW segment.

Enhanced Oil Recovery (EOR) segment, by end user, is expected to be the second largest concentrating solar power market during the forecast period

By end user, the concentrating solar power market has been segmented into utilities, enhanced oil recovery (EOR), and others. Enhanced Oil Recovery (EOR) is expected to be the second largest segment during the forecast period. The Enhanced Oil Recovery (EOR) segment is driven by the constant volatility in crude oil prices and the generation of cheap steam power from CSP compared to other technologies.

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Asia Pacific is expected to dominate the global concentrating solar power market during the forecast period

In this report, the concentrating solar power market has been analyzed for 5 regions, namely Asia Pacific, North America, Europe, Middle East & Africa, South America. Asia Pacific is expected to lead the market during the forecast period. The growing of renewable thermal energy schemes in the region are among the reasons for the region's significant market size.

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