From GlobeNewswire:

Coherent Market Insights published a report on the Global Concentrated Solar Power Market, predicting a market value of $12.01 billion by 2030, with a CAGR of 10.8%. The market is driven by the rising demand for sustainable energy sources and technological advancements in solar power technology. Key trend includes the adoption of hybrid solar power plants. Key market players are Siemens AG, General Electric, Abengoa, among others.

The Concentrated Solar Power Market is expected to witness a CAGR of 10.8% from 2023 to 2030, with a market value of $5.29 billion in 2023. The market is fueled by the increasing global demand for renewable energy sources and investments in solar power projects. The Parabolic Trough technology segment is expected to dominate the market, driven by its efficiency and cost-effectiveness.

One key trend in the Concentrated Solar Power Market is the growing investment in large-scale projects in emerging economies to meet the rising energy demand. The market is anticipated to witness significant growth in the Residential segment, as consumers adopt solar power systems to reduce electricity bills and carbon footprint. North America is expected to lead, supported by favorable government policies and investments in renewable energy projects.

Key market takeaways include the dominant position of the Parabolic Trough technology segment and the growth of the Residential segment in the Concentrated Solar Power Market. North America is projected to lead the market, with key players like Siemens AG, General Electric, and Abengoa focusing on innovation and collaborations to meet the growing demand for concentrated solar power technologies.

As the world focuses on transitioning towards cleaner energy sources, the Concentrated Solar Power Market is poised for substantial growth, driven by increasing investments and favorable government policies. The market is expected to witness advancements in technology and strategic partnerships among key players to enhance market presence and meet the rising demand for renewable energy solutions.



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