Concentrating Solar Power Market Regional Analysis:
North American Market Insights
The concentrating solar power market in North America industry is set to hold largest revenue share of 35% by 2035. The growth of the market can be attributed majorly to the rising demand for energy from the commercial and industrial sectors. The industrial sector accounted for around 35% of total US end-use energy consumption and nearly 32% of overall US energy consumption in 2019. Developing solar technology for industrial processes contributes to the U.S. Department of Energy Solar Energy Technology Office's objective of creating a carbon-free energy sector by 2050. Moreover, the rising effort by the government to boost the production of renewable energy is also expected to drive market growth in the region. Green Power Partnership (GPP) is a volunteer program launched by the U.S. government that assists organizations in their green energy procurement by providing professional advice, technical support, tools, and resources.
APAC Market Insights
The Asia Pacific concentrating solar power market is estimated to be the second largest, registering a share of about 25% by the end of 2035. The growth of the market can be attributed majorly to the rising production of renewable energy. China and India both intend to grow installed renewable energy capacity to more than 50% by 2025 and 2030, respectively. India is the world's third-largest renewable energy generator, with non-fossil fuels accounting for 40% of installed electrical capacity. Moreover, China and India both intend to grow installed renewable energy capacity to more than 50% by 2025 and 2030, respectively. India is the world's third-largest renewable energy generator, with non-fossil fuels accounting for 40% of installed electrical capacity. Moreover, the rising installation of solar PV systems is also expected to boost the concentrating solar power market growth in the region. By July 2021, China's total installed residential PV capacity surpassed 30 GW, with around 2 million residential units hosting solar PV systems.
Europe Market Insights
Europe region is expected to observe significant growth till 2035. The growth of the market can be attributed majorly to the rising use of solar energy for the production of electricity. According to the European Commission, in 2020, the EU solar market grew by 18 GW, with solar energy accounting for 5.2% of total EU electricity generation. Solar energy is the fastest-increasing source of electricity in the EU. Besides this, solar power costs have dropped by 82% in the previous decade, making it the most cost-effective source of electricity in many parts of the EU.
