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Global Concentrated Solar Power (CSP) Market is Expected to Reach USD 8,674.7 million in 2020 December 28, 2014 By : alina k john According to a new market report published by Transparency Market Research “Concentrated Solar Power Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 – 2020,” global concentrated solar power market was valued at USD 2,507.4 million in 2013 and is expected to reach 8,674.7 million in 2020, growing at a CAGR of 19.4% from 2014 to 2020.

Browse Report:http://www.transparencymarketresearch.com/concentrated-solar-power-market.html

Growing concerns towards declining fossil fuel reserves, rising demand of power in industrial, commercial and residential sector is expected to bolster CSP market growth. Furthermore, rising concerns over greenhouse gases emissions and increasing prices of power generation from fossil fuels are expected to enhance the overall market growth. Rising awareness in several countries to reduce carbon emissions and the urge to find an alternate solution of clean and sustainable source is likely to bolster the overall demand. Key challenges faced by the market participants include immature technology and high cost of power generation which are expected to curb market growth. However, research and development is hopeful to overcome the challenge.

global-csp-market  Growing popularity of CSP technology in power generation is likely to bolster the overall demand over the forecast period. CSP market is segmented on the basis of technologies such as Parabolic Trough, Tower, Fresnel and Dish Sterling. In terms of volume (MW), the Parabolic trough technology segment is likely to grow at a CAGR 20.3% from 2014 to 2020………http://www.energyblogs.com/tmr/index.cfm/2014/12/28/Global-Concentrated-Solar-Power-CSP-Market-is-Expected-to-Reach-USD-86747-million-in-2020