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Concentrating Solar Power Market Research Report - Segmentation By Technology (Power Towers, Concentrating Systems, Stirling Dish), By Capacity (Less than 50MW, 50-99MW, 100MW&Above), By End-User (Utilities, EOR & Others) and Region - Industry Forecast 2023–2028

Published: March, 2023
ID: 13015
Pages: 150
Formats: report pdf report excel report power bi report ppt

Concentrating Solar Power Market Size (2023-2028):

The Global Concentrating Solar Power Market was worth US$ 5.43 billion in 2022 and is projected to reach a valuation of US$ 21.42 billion by 2028 and is predicted to register a CAGR of 26.14% during 2023-2028.

The generation of electricity utilizing mirrors to concentrate the sunrays to temperatures ranging from 400 to 1,000 degrees Celsius is known as concentrated solar power energy. This energy is subsequently used in a variety of applications, such as heating a fluid, most commonly water or oil, to produce steam or hot air. To generate electricity, the steam is utilized to power turbines that are connected to a generator. To supply useable energy, various mirror designs, and sun-tracking technologies are used, but they all work on the same premise of operating a heat engine to generate power that can then be sent into the grid.

Concentrating Solar Power Market

Market Growth:

Because of the need to reduce carbon emissions in the troposphere, the worldwide CSP market is predicted to develop at a faster rate throughout the forecast period. Solar power is a cost-effective form of energy that helps to reduce both energy expenditures and carbon dioxide emissions.

Market Drivers:

Carbon emissions are increasing in the environment, and this is one of the primary anthropogenic causes of climate change. The combustion of fossil fuels such as oil, coal, and gas, as well as the chopping down and burning of trees, are the primary sources of carbon emissions. To reduce air pollution, various concrete steps are being taken, such as conserving energy at home or at work, purchasing "spill-proof" portable gasoline containers, taking public transportation, and using renewable energy sources such as solar energy, hydro energy, wind energy, geothermal energy, tidal energy, and biomass energy. As a result, the market for concentrating solar power is booming.

Government policies aimed at reducing the expanding carbon footprint, as well as monetary incentives to encourage the adoption of alternative energy sources, are expected to drive the expansion of concentrating solar power market.

Market Restraints:

Solar concentrating technology is a capital-intensive technology. Solar fields, power blocks, thermal energy storage systems, and heat transfer fluid systems are among the components utilized in parabolic troughs. Heliostat fields, receiver fields, power blocks, thermal energy storage, and the tower are all important components of solar towers. The initial investment cost, which accounts for about four-fifths of the overall cost, dominates the Levelized Cost of Energy (LCOE) of concentrating solar power plants. The remaining costs are for plant maintenance and operation, as well as plant insurance. As a result, it poses the greatest threat to the concentrating solar power sector.

Market Recent Developments:

  • Aalborg CSP, a Danish renewable and energy storage company, has acquired all rights and patents for Arcon-Sunmark A/unique S's Pit Thermal Energy Storage (PTES) technology. PTES technology is critical for establishing a future-proof energy system, in which energy storage is a critical component of the infrastructure that will aid in the green energy transition. Aalborg CSP will now continue to develop the patented technology, which includes a distinctive lid design, for global implementation.

CONCENTRATING SOLAR POWER MARKET REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2022 – 2028

Base Year

2022

Forecast Period

2023 - 2028

CAGR

26.14%

Segments Covered

By Technology, Capacity, End User, and Region.

 

Various Analyses Covered

Global, Regional and Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities

Regions Covered

North America, Europe, APAC, Latin America, Middle East & Africa

 

Market Leaders Profiled

Abengoa, BrightSource Energy, ACWA Power, Aalborg CSP, SolarReserve, Flagsol Engineering GmbH, Alsolen, Cobra Energia, Torresol Energy, and Others.

 

Market Segmentation:

Concentrating Solar Power Market - By Technology:

  • Power Towers
  • Concentrating Systems
  • Stirling Dish

From 2022-2027, the solar power towers sector led the concentrating solar power market in terms of technology. The solar power tower segment is benefiting from higher temperatures, which can improve the efficiency of the steam cycle and reduce the amount of water used to cool the condenser. The higher temperature allows for schedulable power generation by utilizing thermal energy storage. As a result of the lower cost of solar power towers or the ability to store more energy for the same price, the solar power tower category will grow at the fastest rate over the period (2022-2027)

Concentrating Solar Power Market - By Capacity:

  • Less than 50MW
  • 50-99MW
  • 100MW&Above

From 2022 to 2027, the 100 MW and above segment are expected to dominate the market. During the projection period, there will be an increased need for concentrating solar power technology in order to achieve renewable energy generation targets and maintain continuous operations, which will drive the 100 MW and above market.

Concentrating Solar Power Market - By End-User:

  • Utilities
  • EOR
  • Others

Key CSP project developments in the Asia Pacific and the Middle East and Africa regions, primarily in China, Saudi Arabia, the United Arab Emirates, and Morocco, are driving market growth in the utility category. Furthermore, the utility industry's demand for concentrating solar power is driven by the necessity to generate renewable electricity with storage technology to meet the growing power demands of the residential sector.

Market Regional Analysis:

The Concentrating Solar Power Market Report includes the segmentation of regions:

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

Due to a rise in CSP plant installations, Asia Pacific is likely to lead the concentrating solar power market throughout the forecast period. From 2022 to 2027, China is expected to grow at the fastest rate. This is primarily owing to the country's rising investment in CSP for grid stabilization. Furthermore, the region emphasizes the necessity for sustained renewable electricity generation to support expanding economic activities.

Spain has been the region's leading country for concentrated solar installations. The country's lion's share in the worldwide market is due to the presence of top global firms and the high success rate of first initiatives.

North America has the most operational concentrated solar installations after Europe. In 2016, Europe and North America together accounted for almost 3/4 of the worldwide market, a figure that will drop to around 60% in 2021. The United States has multiple CSP projects in North America, with a total installed capacity of 1,741 MW.

Morocco, UAE, and South Africa are the primary contributors to the growth of the Concentrating Solar Power (CSP) Market in the Middle East. The region's market expansion is being fuelled by the growing demand to create continuous renewable energy to support rising economic activity.

Market Key Players:

  1. Abengoa
  2. BrightSource Energy
  3. ACWA Power
  4. Aalborg CSP
  5. SolarReserve
  6. Flagsol Engineering GmbH
  7. Alsolen
  8. Cobra Energia
  9. Torresol Energy

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FAQ's

1. How big is the concentrating solar power market?

In 2022, the global market for concentrating solar power was valued at USD 5.43 billion.

2. What are the primary market drivers for concentrating solar power?

The concentrating solar power market is being driven by environmental concerns about carbon emissions and efforts to minimise air pollution, government policy support to encourage the adoption of renewable technologies, and the ability of CSP systems to integrate with thermal storage systems.

3. Which region would lead the concentrating solar power industry throughout the anticipated period?

Due to an increase in CSP plant installations, Asia Pacific will be the fastest-growing area during the anticipated year, with nations such as China, India, and Australia leading the way.

4. What is a concentrated solar power system, and how does it work?

CSP plants employ mirrors to concentrate the sun's energy, which is then used to power traditional steam turbines or engines to generate electricity. A CSP plant's concentrated thermal energy can be stored and used to generate electricity whenever it is needed, day or night.

5. What market sectors does the Concentrating Solar Power Market report cover?

The market for concentrated solar power is divided into four categories: technology, capacity, end user and geography.

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