Concentrating Solar Power Market Segmentation:
Component Segment Analysis
The thermal energy storage systems segment is estimated to gain the largest market share in the year 2035. The growth of the segment can be attributed to the increasing demand for energy in the time of emergencies and power outages. Thermal energy storage has the ability to raise worldwide potential long-duration storage, or LDES, capacity from roughly 1 TW to 3 TW to between 2 TW and 8 TW by 2040. Furthermore, the rising investment to boost energy conversion is also expected to augment the segment growth. In 2022, the global investment in energy transition technologies, including energy efficiency, reached an all-time high of USD 1.3 trillion. To keep on track, the annual investment must be tripled.
Application Segment Analysis
The non-residential segment is expected to garner a significant concentrating solar power market share in the year 2035. Solar energy can be utilized to create heat for a wide range of industrial applications, such as water desalination, increased oil recovery, food processing, chemical production, and mineral processing. In addition to this, solar water desalination has the ability to treat extremely concentrated brines from seawater, underground aquifers, and industrial wastewaters, which would otherwise be difficult to clean for use in urban, agricultural, and industrial water sources. The growth of the segment is expected on the account of rising demand for energy from both the commercial and industrial sectors. Power consumption in the worldwide industrial sector has increased by 3% since 2000. Furthermore, the global industrial and commercial sectors consumed around 0.14 trillion kWh, or approximately 3% of overall energy consumption.
Our in-depth analysis of the global market includes the following segments:
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