Concentrated Solar Power Market

Concentrated Solar Power Market Outlook 2031

• The global concentrated solar power (CSP) market was valued at US$ 8.8 Bn in 2020
• It is estimated to expand at a CAGR of 20.7% from 2021 to 2031
• The global concentrated solar power industry is expected to reach the value of US$ 69.7 Bn by the end of 2031

Analysts’ Viewpoint on Market Scenario

The growing popularity for solar energy, along with rapidly increasing manufacturers in the CSP market is driving the expansion of the market. Technological advancement in producing solar energy through renewable sources is also positively driving the market. However, high cost of energy generation using concentrated solar power plants in some countries is a major factor that has affected the growth of the market. Collaborative efforts taken by market stakeholders to reduce the capital and operating costs of the concentrated solar power systems are contributing to market growth. In addition, rise in the number of industrial and commercial power plants in many developing countries is supporting the market growth by generating lucrative revenue opportunities for market players. The rising adoption of concentrated solar power plants in generating hybrid energy is further propelling the market.

Economic Growth and Increasing Demand for Energy Globally

Owing to rapid urbanization, industrialization, and an increase in population across the globe, there is a constantly rising demand for energy. The rising implementation of heat storage systems as well as the hybridization of concentrated solar power plants with traditional thermal plants is a major driving factor for the global concentrated solar power market. The government of various countries is focusing on the production of energy through renewable energy resources. This is a major reason for the growth and success of the concentrated solar power (CSP) market.

Market players are exploring opportunities to cater to solar energy demands from consumers in the upcoming years. Funds and subsidies provided by governments help manufacturers in developing the necessary infrastructure for concentrated solar power plants. Increasing prices of conventional energy sources and rising awareness about the harmful effects of global warming and greenhouse gas emissions are driving the concentrated solar power industry.

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Increasing Popularity and Rising Demand for Solar Energy Driving Global Market

The concentrated solar power (CSP) market players are trying to stay ahead of the competition to generate more revenue opportunities in power distribution systems. Being one of the most efficient and cost-effective alternatives to the other conventional energy sources, there are lucrative opportunities in the market. Technological advancements and research activities in the concentrated solar power market fuel the growth of the market during the forecast period. Due to rapidly increasing renewable energy activities, Europe accounts for the largest share of the CSP market. The growing investments in installing concentrated solar power plants in the region boost market growth.

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Growing Presence of Market Contributors in the Concentrated Solar Power (CSP) Market

Leading players operating in the global market for concentrated solar power are focusing on innovative strategies to fulfill the ever-rising demand for energy worldwide. In order to mark their presence in the global market, these players are fulfilling the rising demand for clean energy in emerging nations for a low-carbon economy. The increasing demand for concentrated solar power in generating electrical power from solar energy is driving the global market.

A parabolic trough is expected to account for a major share of the global market during the forecast period, due to rising applications of concentrated solar power technology in commercial plants across the globe. The global concentrated solar power market growth is driven by the rising adoption of solar energy due to its cost-effectiveness and sustainability. The growing popularity of hybridization of the concentrated solar power system is likely to boost the market for concentrated solar power plants.

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Adoption of Technologies to Boost Renewable Energy Production

There is a surging demand for concentrated solar power technologies, owing to the rising worldwide thrust to increase the share of renewable energy such as solar energy in a sustainable manner. There are various nations adopting this technology to reduce greenhouse emissions. This factor is creating value-grab opportunities for market contributors. The flourishing demand for energy in various end-use industries, along with increasing efforts of market stakeholders to reduce the dependency on conventional energy sources in various countries across the globe, is a key factor propelling the global market. In addition, increasing awareness and promotional activities by governments to use solar energy also create opportunities for concentrated solar power manufacturers in Europe.

Increasing Investments by Governments to Install Concentrated Solar Plant Fuels Market Growth

The growing efforts by governments in various developing countries to support the commercial generation of electrical energy with the help of concentrated solar power technologies are driving the market. The increasing adoption of heat storage systems is boosting the global concentrated solar power market. Technological advancements in solar-to-electric conversion positively influence the popularity of concentrated solar power plants across the globe. Funds and incentives provided by governments in many countries across the globe are anticipated to drive the market in the upcoming years.

Concentrated Solar Power Industry: Overview

• The global concentrated solar power (CSP) market is expected of expanding significantly, owing to the increasing implementation of heat storage systems as well as the hybridization of concentrated solar power plants with traditional thermal plants
• CSP technology is said to be immensely capital-intensive. It can be deployed at a commercial scale without the requirement of support from financial and governmental institutions
• Prominent players operating in the global CSP market are continuously flourishing due to the constantly rising energy demand and growing concerns about clean energy in developing nations
• Factors such as the increase in awareness regarding global warming and growing greenhouse gas emissions are driving the overall market for CSP. In addition, increasing prices of traditional energy sources and growing concerns about the future supply of energy are likely to further augment the development of the market for concentrated solar power.
• Furthermore, incentives and support provided by governments globally are anticipated to provide an impetus to the development of the market over the next few years. On the other hand, the soaring cost of electricity generation may come up as a roadblock in the growth of the global concentrated solar power market.

Parabolic Trough to Lead Concentrated Solar Power Market

• In terms of product, the report segments the global CSP market into dish Stirling, linear fresnel, solar tower, and parabolic trough. Of these, the parabolic trough is the most matured technology in the market and is extensively utilized at the commercial level for the generation of power.
• This technology held a leading position in the market in 2020 and is poised to rise at the swiftest growth rate between 2021 and 2031. The segment of tower and fresnel trailed parabolic trough, respectively. Of these, the tower technology is expanding at an exponential rate, owing to the integration of technology with traditional thermal power plants, while the technology of dish sterling is employed for pilot projects and demonstrations.

Europe Emerged as Dominant Region of Concentrated Solar Power (CSP) Market

• Based on region, the market has been categorized into Europe, North America, Asia Pacific, Middle East & Africa, and Latin America. Of these, on the basis of CSP installed capacity, Europe came up as the top producer of power globally within the CSP technology and the production in this region is predicted to expand in the next few years. Although, due to the economic slowdown in Europe, this growth of the market in Europe has experienced a gradual degradation within the installation process. However, the growth of the market in this region is expected to rise from 2021 to 2031.
• North America and Asia Pacific trail Europe in terms of production. On the other hand, the concentrated solar power (CSP) market is also predicted to grow in Asia Pacific over the next few years. Prime players in the market are focusing on investing in concentrated solar power markets in Asia Pacific and North America.

Concentrated Solar Power Business: Competition Landscape

• Key players dominant in the CSP market include
  • Abengoa Solar S.A.
  • Ibereolica Group
  • GDF SUEZ
  • NextEra Energy Resources, LLC.
  • BrightSource Energy, Inc.

Concentrated Solar Power Market Snapshot

Concentrated Solar Power Market – Segmentation

TMR’s research study assesses the global concentrated solar power industry in terms of product and region. This report presents extensive market dynamics and trends associated with different segments of the market and how they are influencing the growth prospects of the global concentrated solar power (CPS) market.