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(EMAILWIRE.COM, August 20, 2024 )
Pune, 19, August 2024: The Global Concentrated Solar Power Market Size Was Valued at USD 7.60 Billion in 2023, and is Projected to Reach USD 14.83 Billion by 2032, Growing at a CAGR of 7.71% From 2024-2032. Concentrated Solar Power (CSP) technology uses mirrors to reflect sunlight and focus on a receiver, generating thermal energy that can be used to generate electricity. CSP can be used in various industrial applications, such as water desalination, oil recovery, food processing, chemical production, and mineral processing. CSP plants are typically used for power plant projects and can be configured in various ways, such as electric pylon systems with mirrors around the central tower, linear systems with mirrors focusing sunlight on a parallel tube receiver, and small CSP systems, such as single bowl-motor systems, which can generate 5-25 kW of power per bowl. The growing demand for clean energy is expected to boost the Concentrated Solar Power market.
Concentrated Solar Power Market Dynamics
Governments are incentivizing renewable energy generation through tax credits, grants, and loan programs, encouraging investors and project developers to shift towards renewable power generation. Key policies supporting solar deployment include renewable electricity standards, feed-in tariffs, auctions/tendering processes, net metering, interconnection standards, and solar investment and production tax credits. The Indian government aims to install 175 GW of renewable energy capacity by 2023, while the Spanish government aims to increase its renewable energy target to 74% by 2032. The International Energy Agency (IEA) predicts that continuous policy support to Concentrated Solar Power (CSP) projects across the Middle East, Africa, Asia Pacific, and North America will drive market growth in concentrating solar power technologies. Desalination converts saline water into potable water for human consumption, while Enhanced Oil Recovery (EOR) extracts oil that has not been retrieved through secondary or primary techniques. The integration of CSP with EOR and desalination can address water shortages and extend oil field lives in the Middle East and North Africa region. The Emirates Solar Industry Association predicts Saudi Arabia’s domestic oil consumption will exceed exports by 2026. CSP can facilitate power generation in remote locations and is estimated to produce 20% of oil production by 2032. Access to freshwater is a priority for governments in the region, making desalination an attractive solution. Governments in the Middle East and Pacific regions, like Australia, are implementing desalination projects to provide clean water.
Concentrated Solar Power Market Regional Insights
The European region dominates the Concentrated Solar Power Market, with Spain contributing significantly to this sector. With 45 operational plants, Spain offers clean energy, reduces energy costs, and promotes zero-emission. A Spanish project partner, CIEMAT, provided scientific support for Spain’s CSP expansion policy, including the development of the energy planning tool TIMES-SINERGIA and the incorporation of CSP technology. CSIC also advised on renewable energy auction design, including switchable power sources like CSP. With Spain’s success, other European countries like the Netherlands, Germany, France, and Belgium are investing in CSP projects to boost the market.
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Concentrated Solar Power Market Segment Analysis
By Technology:
Solar Power Tower
Linear Concentrating Systems
Stirling Dish Technology
The Parabolic Trough is the most popular technology in the Concentrated Solar Power Market, used by over 80% of plants due to its low cost and high efficiency. It produces high temperatures suitable for steam production and can supply electricity at night. Solar power is expensive, so parabolic troughs with cheaper mirrors cover more areas with minimal cost. Power Towers, mainly used in the United States, offer economically valuable products, improved designs, and support during planning. Installation power is expected to increase further, especially in countries with land availability, as large areas are standard for power tower installation.
By Operation Type:
Stand-Alone Systems
With Storage
By Capacity:
Less Than 50 Mw
50 Mw To 99 Mw
100 Mw & Above
By End-Users:
Residential
Industrial
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GLOBAL CONCENTRATED SOLAR POWER MARKET BY REGION
NORTH AMERICA
USA
Canada
Mexico
EASTERN EUROPE
Russia
Bulgaria
The Czech Republic
Hungary
Poland
Romania
Rest of Eastern Europe
WESTERN EUROPE
Germany
United Kingdom
France
The Netherlands
Italy
Spain
Rest of Western Europe
ASIA PACIFIC
China
India
Japan
South Korea
Malaysia
Thailand
Vietnam
The Philippines
Australia
New-Zealand
Rest Of APAC
MIDDLE EAST & AFRICA
Turkey
Bahrain
Kuwait
Saudi Arabia
Qatar
UAE
Israel
South Africa
SOUTH AMERICA
Brazil
Argentina
Rest of South America
Concentrated Solar Power’s Key Competitors include:
BrightSource Energy (U.S.)
Abengoa Solar (Spain)
Siemens (Germany)
Acciona (Spain)
Solar Reserve (U.S.)
ACWA Power (Saudi Arabia)
Torresol Energy (Spain)
Trivelli Energia (Italy)
Abors Green GmbH (Germany)
Parvolen CSP Technologies (Greece)
Sener (Spain)
Rioglass (Belgium), and other major players
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Key questions answered in the Concentrated Solar Power Market report are:
Which market segment dominated the global Concentrated Solar Power market in 2023?
What are the current global trends in the Concentrated Solar Power market?
What future industry applications and trends are emerging in the Concentrated Solar Power market?
What growth strategies are companies adopting to expand their presence in the Concentrated Solar Power market?
Who are the leading companies in the Concentrated Solar Power market, and what are their product portfolios?
What are the primary challenges that the Concentrated Solar Power market may face in the future?
Which region had the largest share of the Concentrated Solar Power market in 2023?
How is the regulatory environment influencing the Concentrated Solar Power market?
Key Offerings:
Market Size, Share, Size & Forecast by Different Segments | 2024−2032
Concentrated Solar Power Market Dynamics Growth Drivers, Restraints, Opportunities, and Key Trends by Region
Market Trend Analysis
Pestle Analysis
Porters Five Forces Analysis
Industry Value Chain Analysis
Ecosystem
Regulatory Landscape
Price Trend Analysis
Patent Analysis
Technology Evolution
Investment Pockets
Concentrated Solar Power Market Segmentation
Competitive Landscape Profiles of selected key players in a strategic perspective
Competitive landscape Competitive Benchmarking, Concentrated Solar Power Market Share by Manufacturer (2023), Industry BCG Matrix, Heat Map Analysis, Mergers & Acquisitions
Analyst Viewpoint and Conclusion
Introspective Market Research, a prominent Energy and Natural Sources research firm has released the following reports:
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