Since a very long time, we have been dependent on natural resources to meet our day to day energy needs. Extensive use of natural resources has resulted depleting them and resulting in harmful effects on the environment. But nowadays, people are focusing on various renewable resources to meet their energy requirement. Due to this, there is a high demand seen in the use of solar thermal power across the globe. Moreover, reducing and limited availability of natural resources has further augmented demand in the global solar thermal power market.
High Research and Development Activities Carried by Players to Bolster Market Growth
Key players in the global solar thermal power market including ACCIONA, Abengoa Solar, S.A., GlassPoint Solar, Inc, ABROS green GmbH, Rackam, Torresol Energy Investments, S.A, Novatec Solar, Sopogy, AREVA Solar, and BrightSource Energy, Inc. are indulged in thorough research and development activities. These steps will help them in gaining larger share in the market and also they can offer better and advanced ways to get solar thermal power. Moreover, large numbers of players are planning to establish their plants in developing countries to the high demand and low labor and material cost in the region. This will also give them new market to explore and strengthen position in these regions.
Emerging Markets to be Beneficial for the Growth of Solar Thermal Power Market
Europe is likely to the biggest market for the growth solar thermal power. Higher number of installed photovoltaic cells in Germany is a contributing factor in leading Europe as a key market for solar thermal power. However, Asia Pacific is also expected to hold large number of share in the global solar thermal power market due to increasing demand for environmental friendly means. Moreover, high economic growth, rapid increase in demand in end-use applications, and high competitive manufacturing cost together has boosted demand in the global solar thermal power market in Asia Pacific.
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