Global Concentrated Solar Power Market Size By Technology, By Application, By Geographic Scope And Forecast

Concentrated Solar Power Market Size And Forecast

Concentrated Solar Power Market size was valued at USD 4.7 Billion in 2020 and is projected to reach USD 9.3 Billion by 2028, growing at a CAGR of 8.8% from 2021 to 2028.

Market growth is attributed to growing concerns about reducing CO2 emissions and efforts to reduce air pollution. Strict government strategies to contain the growing carbon footprint, along with monetary benefits to improve the adoption of alternative energy sources are the key drivers of the market growth. The Global Concentrated Solar Power Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Concentrated Solar Power Market Definition

Concentrated Solar Power (CSP) systems generate electric power by using mirrors or lenses to concentrate a large area of sunlight onto a small area. Solar energy is first converted into mechanical energy which drives an electrical power generator to generate electricity. The heat which is obtained in the process is further used as a heat source for a conventional power plant. There are three main types of Concentrated solar power systems used parabolic trough, power tower, and dish Stirling engine systems.

Global Concentrated Solar Power Market Overview

The emission of carbon into the environment is increasing and it is one of the main anthropogenic causes of climate change. These carbon emissions are mainly caused by burning fossil fuels like oil, coal, and gas, or cutting down and burning trees. Various concrete steps, such as saving energy at home or in the office, buying portable petrol containers, using public transport, using renewable energy sources such as solar, wind, and hydropower.

Energy, tidal energy, geothermal, and biomass energy are carried out to reduce air pollution. Therefore, the Concentrated Solar Power Market is booming. The growing demand for a cleaner source of energy coupled with the rising impact on the environment with the use of conventional power generation plants. The government support for the use of a carbon-free source of electricity and the impact of carbon emission on the environment is also likely to fuel the growth of the market.

However, low energy density and high construction & installation cost, and the availability of other renewable sources, the cost for maintenance and operation of the plant are some of the major factors that may affect the growth of the market over the forecast period. Moreover, rising electricity consumption is an opportunity for the market to grow over the forecast period.

Global Concentrated Solar Power MarketSegmentation Analysis

The Global Concentrated Solar Power Market is segmented based on Technology, Application, And Geography.

Concentrated Solar Power Market, By Technology

• Parabolic Trough• Solar Power Tower• Fresnel Reflectors• Dish Stirling

Based on Technology, The market is segmented into Parabolic Trough, Solar Power Tower, Fresnel Reflectors, and Dish Stirling. The solar power tower segment led the Concentrated Solar Power Market by technology. The solar power tower segment is enjoying a boom due to higher temperatures, which enable greater efficiency of the steam cycle and can reduce water consumption for cooling. The high temperature uses thermal energy storage for gaining schedulable power generation. Therefore, the increasing adoption of solar towers due to lowering costs or allowing more storage at the same price is expected to push the solar tower segment to the highest rate during the forecast period.

Concentrated Solar Power Market, By Application

• Utility• EOR• Desalination• Other

Based on Application, The market is segmented into Utility, EOR, Desalination, and Other. The utility sector’s demand for concentrated solar energy is driven by the need to generate renewable electricity using storage technology to meet the growing energy needs of the residential sector.

Concentrated Solar Power Market, By Geography

• North America• Europe• Asia Pacific• Rest of the world

On the basis of Geography, The Global Concentrated Solar Power Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. The Asia-Pacific region is expected to dominate the Concentrated Solar Power Market in the forecast period due to the increase in installations of CSP systems. This region is expected to grow largely due to growing investments in CSP for the stabilization of the power grid. Moreover, the region is focusing on the need to continuously generate renewable electricity to support growing economic activity.

Key Players

The “Global Concentrated Solar Power Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Abengoa, Acciona Energy, Siemens, Chiyoda Corporation, ACWA Power, Torresol Energy, Solar Reserve, BrightSource Energy Inc., Areva Solar, and Enel Green Power. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes an in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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