Solar Concentrator Market Is Expected to Generate $24.6 Billion by 2031: Allied Market Research
The surge in integration of low-carbon power generation technologies coupled with rise in measures by national and international organizations & administrations drive the global solar concentrator market. Based on region, Asia-Pacific held the largest share in 2021, contributing to more than half of the global solar concentrator market share.
Portland, OR, Feb. 15, 2023 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global solar concentrator market garnered $5.2 billion in 2021, and is estimated to generate $24.6 billion by 2031, manifesting a CAGR of 16.8% from 2022 to 2031. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers a valuable guidance to leading players, investors, shareholders, and startups in devising strategies for the sustainable growth and gaining competitive edge in the market.
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Report coverage & details:
|Market Size in 2021||$5.2 billion|
|Market Size in 2031||$24.6 billion|
|No. of Pages in Report||272|
|Segments covered||type, technology, application, end use, and region|
|Drivers|| The surge in integration of low-carbon power generation technologies
Rise in measures by national and international organizations & administrations
|Opportunities||The rise in demand and need for power all over the world|
|Restraints||Solar energy photovoltaic generators are more suitable for generating electricity|
- The outbreak of the COVID-19 pandemic had a negative impact on the growth of the global solar concentrator market, as the pandemic created awareness among the people regarding the advantages of the utilization of solar concentrators for power generation.
- The market is likely to experience growth in the post-pandemic.
The research provides detailed segmentation of the global solar concentrator market based on type, technology, application, end use, and region. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report.
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Based on type, the paraboloid revolution (3D Hubs) segment held the highest share in 2021, accounting for more than half of the global solar concentrator market, and is expected to continue its leadership status during the forecast period. However, the others segment is expected to register the highest CAGR of 17.7% from 2022 to 2031.
Based on technology, the solar power towers segment accounted for the highest share in 2021, contributing to more than three-fifths of the global solar concentrator market, and is expected to maintain its lead in terms of revenue during the forecast period. However, the dish sterling technology segment is expected to manifest the highest CAGR of 17.5% from 2022 to 2031.
Based on end use, the industrial segment accounted for the highest share in 2021, holding around half of the global solar concentrator market, and is expected to continue its leadership status during the forecast period. However, the residential segment is estimated to grow at the highest CAGR of 17.3% during the forecast period.
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Based on region, Asia-Pacific held the largest share in 2021, contributing to more than half of the global solar concentrator market share, and is projected to maintain its dominant share in terms of revenue in 2031. In addition, the same region is expected to manifest the fastest CAGR of 17.2% during the forecast period.
Leading market players of the global solar concentrator market analyzed in the research include Brightsource, Siemens AG, Solar Reserve, Abors Green GmbH, Trivelli Energia, Acciona SA, Torresol Energy, Clique Solar, Abengoa Solar GmbH, ACWA Power.
The report provides a detailed analysis of these key players of the global solar concentrator market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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