Evolve Business Intelligence has published a research report on the Global Solar Concentrator Market, 2023–2033. The global Solar Concentrator market is projected to exhibit a CAGR of around 17.14% during the forecast period of 2023 to 2033.
Evolve Business Intelligence has recognized the following companies as the key players in the global Solar Concentrator Market: Abors Green GmbH, Abengoa Solar GmbH, ACWA Power, Trivelli Energia, Acciona SA, Siemens AG, Torresol Energy, Solar Reserve, Clique Solar, BrightSource.
Market Highlights
The Solar Concentrator market is projected to be valued at USD 26.74 Billion by 2033, recording a CAGR of around 17.14% during the forecast period. A solar concentrator is a device or system designed to increase the intensity of sunlight or solar radiation on a photovoltaic (PV) cell or a thermal receiver. It achieves this by collecting and redirecting sunlight from a large area onto a smaller, more efficient receiving surface. Solar concentrators are commonly used in solar power generation technologies, such as concentrated solar power (CSP) and concentrated photovoltaics (CPV), to enhance energy capture and increase the overall efficiency of solar energy conversion processes.
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The COVID-19 pandemic had a mixed impact on the Solar Concentrator market. On one hand, the pandemic disrupted global supply chains, causing delays in the production and deployment of solar concentrator technologies. Additionally, economic uncertainties led to reduced investment in some renewable energy projects. However, on a positive note, the pandemic also accelerated interest in clean and sustainable energy solutions, as governments and businesses recognized the need to build more resilient and environmentally friendly energy infrastructure. This heightened focus on sustainability could potentially drive long-term growth in the solar concentrator market as part of broader efforts to transition to renewable energy sources and reduce carbon emissions.
Segmental Analysis
The global Solar Concentrator market has been segmented based on Type, Technology, End Use, and regions.
Based on the Type, the Solar Concentrator market is segmented based on Cylindrical Parabolic (2D Hubs), Paraboloid Revolution (3D Hubs), and Others. Cylindrical Parabolic (2D Hubs) is expected to have the largest market share throughout the forecast period, while Paraboloid Revolution (3D Hubs) is expected to grow at the fastest rate.
Based on the Technology, the global Solar Concentrator market has been divided into Solar Power Towers, Linear Concentrating Systems, Dish Sterling Technology. The Solar Power Towers segments are anticipated to dominate the market.
Based on the End Use, the global Solar Concentrator market has been divided into Residential, Commercial, and Industrial. The Residential segments are anticipated to dominate the market.
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Regional Analysis
The Solar Concentrator market is divided into six regions: North America, Europe, Asia-Pacific, Latin America, the Middle East, and Africa. Government incentives and a growing focus on sustainability drive solar concentrator market growth in North America. Europe: Stringent renewable energy targets, favorable policies, and technological innovation contribute to the expansion of the solar concentrator market in Europe. Rapid economic growth, increasing energy demand, and a shift towards clean energy solutions propel the solar concentrator market in the Asia-Pacific region. Abundant sunlight resources, coupled with a growing interest in renewable energy, stimulate the growth of solar concentrators in Latin America. The Middle East’s vast solar potential and efforts to diversify energy sources fuel the solar concentrator market in the region. Solar concentrators address energy access challenges and offer sustainable solutions, driving their adoption in various African nations.
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