Latest News- Parabolic Trough Concentrated Solar Power (CSP) Market: Less than or equal to 50 MW is expected to lead the Capacity segment during 2024-2028

The Parabolic Trough Concentrated Solar Power (CSP) Market is being driven by Change in energy mix

The Parabolic Trough Concentrated Solar Power (CSP) Market is expected to grow at a CAGR of 2.06% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 596.7 million. Parabolic trough Concentrated Solar Power (CSP) technology plays a significant role in solar thermal enhanced oil recovery (EOR), a technique to maximize production from maturing oil wells. As oil reserves become depleted, conventional extraction methods become less effective. Thermal EOR, which employs the burning of natural gas to generate steam, is a viable solution. The steam is then injected into the reservoir to reduce heavy oil's viscosity, enabling the recovery of additional volumes and enhancing production rates. Three prevalent steam injection techniques include continuous steam injection, steam-assisted gravity drainage (SAGD), and cyclic steam stimulation (CSS). These methods effectively improve oil recovery from declining wells while minimizing environmental impact. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Capacity
  • Less than or equal to 50 MW
  • More than 50 MW
• Type
  • U-shape
  • V-shape
• Geography
  • Europe
    • Germany
    • France
    • Spain
  • North America
    • US
  • APAC
    • China
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Change in energy mix
• Rise in investments in renewable energy
• Increasing government support for renewable energy

However, the market also witnesses some limitations, which are as follows:

• Competition from alternative sources of energy
• High water and land use requirements for parabolic trough CSP projects
• Delays in projects and companies filing for bankruptcy

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Market Scope in Parabolic Trough Concentrated Solar Power (CSP) Market Research Report

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Research Analysis Overview

The Parabolic Trough Concentrated Solar Power (CSP) market encompasses the solar energy sector, focusing on renewable energy sources and solar thermal technology. Solar power plants utilizing this technology are a significant part of the solar energy industry, contributing to the growth of solar energy applications and systems. CSP is a type of concentrating solar power, which is essential for various solar energy industry developments and research. The market includes solar energy policy, regulation, infrastructure, efficiency, economics, sustainability, and innovation. Solar energy deployment, integration, challenges, opportunities, and future prospects are also within the market's scope. The benefits of solar energy, such as its impact, costs, storage, and grid integration, are significant factors driving the growth of the Parabolic Trough CSP market. The potential of solar energy resources and the ongoing research and development in solar energy technologies continue to create new opportunities for this sector.

Market Research Overview

In the expansive realm of the global renewable electricity market, businesses specializing in the generation and distribution of electricity derived from renewable sources, including parabolic trough Concentrated Solar Power (CSP) technology, fall under its purview. This market encompasses independent power producers, gas and power marketing and trading experts, integrated energy merchants, and manufacturers of raw materials and equipment, such as parabolic trough collectors, solar thermal energy systems, and heat transfer fluids. The market's growth is propelled by supportive policies and targets for renewable power deployment, which have fueled a substantial increase in the adoption of renewable energy solutions over the past decade.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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Website: www.technavio.com/