According to the research report titled ‘Asia Pacific Concentrated Solar Power Market Size By Capacity, By Technology, By Storage, Country Outlook Research Report, Price Trends, Growth Prospects, Competitive Industry Share & Forecasts, 2021 – 2027’, available with Market Study Report, Asia Pacific concentrated solar power market is projected to witness considerable growth between 2021-2027.
 

Growing inclination towards sustainable development, and large-scale utilization of renewable sources of energy are key factors spurring Asia Pacific concentrated solar power plant industry expansion. Investments to reduce carbon emissions, rising interest in solar power generation, and supportive government policies for green energy plant expansion will aid market proliferation as well.
 

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The report also cites that two-axis tracking technology will ensure high operational efficiency and lower production time. Meanwhile, power technology has an innate ability to achieve higher operating temperatures and store thermal energy. Above-given factors will thus facilitate Asia Pacific concentrated solar power market augmentation.
 

Furthermore, large capacity of concentrated solar power plants to store heat & electricity and to produce high temperature steam will drive industry expansion over the analysis period.
 

Based on technology, the industry is divided into linear Fresnel reflector, parabolic trough, and power tower. Speaking of storage, the business space is segmented into without storage, and with storage.
 

Moving on to capacity, Asia Pacific concentrated solar power market sphere is fragmented into < 50MW, 50MW- 100MW, and >100MW. Among these, the >100MW segment is projected to record substantial growth between 2021-2027, owing to growing investment in massive solar powerplants and lower CAPEX.
 

Geographically speaking, China held majority market share in the past year owing to widespread adoption, low electricity cost, and higher capacity usage. Furthermore, investments by new players & leading companies into sustainable development, in consort with increasing government efforts to promote renewable energy use are also contributing to market growth in China.
 

Key players profiled in of Asia Pacific concentrated solar power industry report are Chiyoda Corporation, Abengoa Solar, Eastman Chemical Company, TSK Flagsol Engineering GmbH, BrightSource Energy Inc., Acciona S.A., Shams Power Company, Enel Green Power S.p.A, GE Renewable Energy, and Suntrace GmbH.