Concentrated Solar Power Market: Introduction
The global concentrated solar power market was valued at US$ 8.8 Bn in 2020 and is likely to reach US$ 69.7 Bn by the end of 2031. The global market is projected to proliferate at 20.7% CAGR during the forecast period of 2021–2031. Several prominent players operating in the global concentrated solar power (CSP) market are tapping into expanding avenues generated by the ever-rising demand for energy worldwide, finds Transparency Market Research (TMR). In order to consolidate their positions, top players are also focusing on meeting the needs of end users in developing countries who are increasingly seeking to adopt clean energy for a low-carbon economy.
The global concentrated solar power (CSP) market growth is driven by worldwide push to increase the share of solar energy in the overall energy mix through cost-effective and sustainable means. The hybridization of CSP system is a lucrative trend that is also likely to widen the commercialization of CSP plants.
Concentrated Solar Power Market Segmentation
Various product segments in the CSP market are parabolic trough, linear fresnel, dish stirling, and solar tower. Among these, parabolic trough accounted for the major share of the global market in 2020 and is anticipated to expand at the most attractive CAGR through the forecast period. Its prominence can be attributed to the widespread commercial usage of the technology in CSP power plants across the globe.
Regional segments of the global market are Asia Pacific, Europe, North America, Latin America, and Middle East & Africa. Of these, Europe leads the pack, vis-à-vis installed capacity, and the region is expected to continue the production rapidly through 2031. Extensive application of CSP in generating electrical power from solar energy is fueling the growth of the regional market.
Adoption of Technologies to Boost Renewable Energy Production
The demand for concentrated solar power technologies is driven by the rising worldwide thrust to increase the share of renewable energy such as the solar energy in a sustainable way. Concentrated efforts of various developing and developed nations to reduce their greenhouse emissions have led a substantial impetus to the growth of the market. The burgeoning demand for energy in various sectors, coupled with efforts to reduce the reliance on conventional energy sources in several countries, is a crucial factor propelling the market.
Government Support in Establishing CSP Plants Provide Robust Thrust
The rise in implementation of heat storage systems is boosting the market. Constant advances in the solar-to-electric conversion technologies underpin the popularity of CSP power plants across the globe. Massive funding support by governments in emerging and developed economies to support the commercial generation of electrical energy using CSP technologies is providing a sustained fillip to their adoption.
High Cost of Energy Generation to Hamper Commercialization
High cost of energy generation using concentrated solar power plants in some regions is a crucial factor that has crippled the growth of the market. Nevertheless, in recent decades, considerable efforts have been made in reducing the capital and operating costs of CSP systems. Furthermore, a growing number of industrial and commercial power plants are leveraging the potential of various CSP systems in developed countries, thereby opening lucrative avenues for market players. Recent industry efforts to use concentrated solar power plants in hybrid energy production settings augur well for the market.
Concentrated Solar Power Market Players
Leading players operating in the global concentrated solar power include NextEra Energy Resources LLC, Ibereolica Group, Engie, TSK Flagsol, SCHOTT Solar AG, Solar Millennium AG, SolarReserve LLC, Acciona, S.A., BrightSource Energy Inc., eSolar Inc., SkyFuel Inc., Abengoa Solar S.A., and Areva Solar.
Global Concentrated Solar Power Market: Segmentation
Concentrated Solar Power Market, by Product
- Parabolic Trough
- Solar Tower
- Linear Fresnel
- Dish Stirling
Concentrated Solar Power Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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