The compound annual growth rate of the global concentrated solar energy market from 2018 to 2022 is nearly 19%

According to the market research report published by Technavio, the global concentrated solar energy market is expected to grow rapidly
at a CAGR of nearly 19% from 2018 to 2022.

Increasing the runtime of concentrated solar energy in thermal energy storage is one of the key factors triggering the growth of
the market.
The Middle East is a major region contributing to the rapid growth of global concentrated solar power plants, accounting for nearly 64%
of the global market growth.

In terms of technology type, trough solar parabolic collectors will continue to dominate the market
during the forecast period.
In 2017, trough solar parabolic collectors accounted for 85% of the global market share and are expected to reach 86%
by 2022.

It is worth mentioning that the use of hybrid concentrating solar power plants is an emerging trend
in the concentrating solar energy market space.
Concentrating solar power plants are facing the problem of intermittent solar power generation
.
However, this can be solved
by combining thermal energy storage systems with concentrated solar power plants.

In order to enable concentrated solar power plants to provide baseload power, the use of hybrid concentrated solar power plants is increasing
.
Hybrid concentrating solar power plants can add fossil fuel power generation facilities to meet peak load power requirements
.
Currently, several companies around the world are adopting this trend, combining
concentrated solar power plants with natural gas or coal-fired power generation facilities.