Solar Concentrator Market Projected To Thrive USD 23.0 Billion with CAGR Of 17.20% By 2032 – Report by Market Research Future (MRFR)
Solar Concentrator Market Growth Boost by Developing economies across the world
New York, US, July 14, 2023 (GLOBE NEWSWIRE) — According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “Solar Concentrator Market Research Report Information by Type, Region, End-Use Industry, Application, and Technology – Forecast Till 2032”, the Solar Concentrator market is predicted to grow substantially over the assessment timeframe from 2023 to 2032 at a healthy CAGR of around 17.20%. The reports even share predictions regarding the market’s growing revenue share, which will likely reach USD 23.0 Billion by the end of 2032. As per the reports, the market was worth nearly USD 5.5 Billion in 2022.
Solar Concentrator Market Overview:
The global Solar Concentrators industry has advanced enormously recently.
Solar Concentrator Market Competitive Analysis
The catalog of the top leaders across the global Market for Solar Concentrators includes players such as:
- Clique Solar
- Siemens AG
- Acciona SA
- Abengoa Solar GmbH
- ACWA Power
- Trivelli Energia
- Torresol Energy
- Solar Reserve
- Abors Green GmbH
- Among others.
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Market USP Covered
Solar Concentrator Market Drivers
The global Solar Concentrators industry has advanced enormously in recent years. The primary aspect causing a surge in market performance is the rising conservational concerns over carbon emissions and exertions to decrease air pollution across the globe. Furthermore, the government regulations designed to limit the growing carbon footprint and financial incentives to promote alternative energy sources are also believed to be vital parameters enhancing the market’s growth. Moreover, the factors such as the rising awareness in developing countries, spurring investments in solar panel installation & electricity production, favorable government laws and measures, the rapid adoption of low-carbon power production technology, and the growth of policies adopted by national & international organizations & governments are also projected to have a positive impact on the development of the market over the coming years.
Solar Concentrator Market Restraints
However, some aspects may limit the market’s performance. The main aspect limiting the market’s development is the high costs linked.
|Market Size 2032||2032: USD 23.0 Billion|
|CAGR during 2023-2032||17.20% CAGR|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Application, Type, Technology, End Use, and Region|
|Key Market Opportunities||Developing economies across the world|
|Key Market Dynamics||Growing conservational concerns over carbon emissions and exertions to decrease air pollution and surge in integration of low-carbon power generation technologies|
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The global health hazard of COVID-19 has impacted most industry operations in the last few years. The health emergency affected the industry operations and tremendously impacted public health in nearly 225 nations. The Solar Concentrators industry was no exception to this. The supply chain disruptions and partial or complete lockdowns around various regions worldwide led to several disruptions in market operations. However, with the rapid recovery of the global economy, the market is predicted to showcase substantial development over the review era. In addition, several governmental organizations and key market players are collaborating and, therefore, introducing solutions like innovations and research and development processes through excellent funding that will positively impact the global market for Solar Concentrators over the review timeframe.
Solar Concentrator Market Segment Analysis
Among all the applications, the electricity generation segment secured the leading position across the global market for solar concentrators in 2022, given the concentrated solar power project developments.
Among all the types, the paraboloid revolution (3D hubs) segment secured the leading position across the global market for solar concentrators in 2022, given the increasing efficiency of power generation.
Among all the technologies, the solar power towers segment secured the leading position across the global market for solar concentrators in 2022, given the economic evaluation, various additional methods, and superior designs.
Among all the end-users, the industrial segment secured the leading position across the global market for solar concentrators in 2022, given the private sector’s increasing investment in combined heat and power.
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Solar Concentrator Market Regional Analysis
By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World.
The research documents by MRFR indicate that The North American Region secured the leading position across the global Solar Concentrators industry in 2021 with the largest contribution of nearly 45.80%. The Region has Mexico, Canada, and the U.S. as the leading development contributors. Further, the U.S. Solar Concentrator Market held the largest market share, and Canada was the fastest-growing North American Region. The main aspect supporting regional market expansion is the growing nuclear and coal-fired power plants being phased out by the public and commercial sectors across the Region. Furthermore, the U.S. government has put strict emission regulations in place, which has caused the installation of such turbines, particularly in CHP applications.
The European Region anticipates ensuring the second spot across the global Solar Concentrators industry over the coming years. The Region has France, Germany, and the U.K. as the leading development contributors. Further, the German Solar Concentrator Market held the largest market share, and the U.K. was the fastest-growing Market in Europe. The Region’s main aspect supporting regional market expansion is an emphasis on constructing new concentrated solar power facilities across the Region. Furthermore, the government’s adoption of many initiatives to minimize carbon emissions is also considered one of the vital parameters enhancing regional market development.
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The Asia-pacific Region is anticipated to grow at the highest pace across the global Solar Concentrators industry over the coming years. The regional market is projected to showcase the maximum growth rate over the assessment era. India, China, and Indonesia are the leading development contributors in the Region. Further, the China Solar Concentrator Market held the largest market share, and India was the fastest-growing market in the Asia-pacific Region. The substantial population in this area is the main aspect supporting regional market expansion. Furthermore, the rise in investments made to build solar thermal power plants in the developing nations across the Region is also believed to be one of the vital aspects causing a surge in the regional market’s growth.
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