by The global concentrated solar power market is estimated to be valued at US$ 5.29 Bn in 2023 and is expected to exhibit a CAGR of 10.8% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
Concentrated solar power (CSP) is a technology that converts sunlight into thermal energy to generate electricity. It offers several advantages, such as its ability to provide clean and renewable energy, reduce greenhouse gas emissions, and lower dependence on fossil fuels. CSP systems are used in various applications, including power generation, water desalination, and heating/cooling processes. The growing need for sustainable and environmentally friendly energy sources is driving the demand for concentrated solar power systems globally.
B) Market Key Trends:
One key trend in the Concentrated Solar Power Market Growth is the increasing adoption of CSP technologies in utility-scale power generation. CSP plants are being deployed on a large scale to meet the growing power demand and reduce the reliance on traditional energy sources. These plants can store thermal energy and generate electricity even when the sun is not shining, providing a reliable and efficient energy solution. With advancements in CSP technologies and decreasing costs, the market is witnessing a surge in installations of utility-scale CSP projects worldwide.
Market Key Players: Siemens AG, General Electric, Abengoa, Acciona S.A., Atlantica Yield plc., Suntrace GmbH, BrightSource Energy, Inc., SolarReserve, LLC., ACWA Power, Frenell GmbH.
Segment Analysis:
The concentrated solar power market can be segmented by technology, application, and end-user. In terms of technology, the dominating segment is the parabolic trough technology. Parabolic trough technology is the most widely used and mature among all concentrated solar power technologies. It accounted for the highest market share in 2023 and is expected to maintain its dominance throughout the forecast period. This is primarily due to its ability to efficiently generate electricity and its relative cost-effectiveness compared to other technologies. The parabolic trough technology utilizes parabolic-shaped mirrors to concentrate solar energy onto a receiver tube, which contains a heat transfer fluid. This fluid is heated to high temperatures and used to generate steam to drive a turbine and produce electricity.
Key Takeaways:
The global concentrated solar power market is expected to witness high growth, exhibiting a CAGR of 10.8% over the forecast period from 2023 to 2030. The increasing focus on renewable energy sources and the need for clean and sustainable power generation are major drivers for market growth. Governments and organizations worldwide are promoting the adoption of concentrated solar power as a viable alternative to fossil fuels, thereby supporting market expansion.
In terms of regional analysis, the fastest-growing and dominating region in the concentrated solar power market is expected to be Europe. Europe has been at the forefront of renewable energy adoption and has implemented supportive policies and targets to increase the share of renewable energy in the overall energy mix. Countries like Spain, Germany, and France have significant installations of concentrated solar power plants, which contribute to the growth of the market in the region. Moreover, favorable government incentives and subsidies for renewable energy projects further boost the market growth in Europe.
Key players operating in the concentrated solar power market include Siemens AG, General Electric, Abengoa, Acciona S.A., Atlantica Yield plc., Suntrace GmbH, BrightSource Energy, Inc., SolarReserve, LLC., ACWA Power, and Frenell GmbH. These key players have a strong presence in the market and are actively involved in research and development activities to enhance the efficiency and cost-effectiveness of concentrated solar power technologies. The market is highly competitive, with companies focusing on innovative solutions and partnerships to gain a competitive edge and expand their market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
