CONCENTRATED SOLAR POWER MARKET ANALYSIS
The global concentrated solar power market size was valued at US$ 5.29 Bn in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 10.8% from 2023 to 2030. The global concentrated solar power (CSP) market is predicted to grow rapidly as more heat storage systems are installed and concentrated solar power facilities are hybridized with traditional thermal plants. Factors such as increased global warming awareness and rising greenhouse gas emissions are pushing the total market for CSP. Furthermore, rising traditional energy prices and growing concerns about energy availability in the future are projected to fuel the growth of the concentrated solar power market.
Global Concentrated Solar Power Market Trends
The key trend observed in the global concentrated solar power (CSP) market is the market for global concentrated solar power (CSP) market rising R&D activities. The Office of Energy Efficiency and Renewable Energy recently allocated $9.0 million for 6 research and development projects in the CSP market. This is probably going to lead to improvements in technology and lower costs in the CSP market, which will open up lots of opportunities during the forecast period.
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