Concentrated Solar Power Market to Grow at a CAGR of 20.7% from 2021-2031, Reaching US$ 69.7 Billion in Value: TMR Study

Monday, 27 March 2023 07:33 AM

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WILMINGTON, DE / ACCESSWIRE / March 27, 2023 / Transparency Market Research Inc. - The global concentrated solar power market stood at US$ 10.6 billion in 2022 and the global market is projected to reach US$ 69.7 billion by 2031. The global industry is anticipated to expand at a CAGR of 20.7% between 2023 and 2031.

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The global shift towards renewable energy sources, driven by concerns over climate change and energy security, is a major factor that is expected to accelerate the growth of the concentrated solar power market during the forecast period.

The market value of concentrated solar power is also increasing due to the government incentives and policies. Governments around the globe are offering various incentives and policies to promote the development of renewable energy sources, including Concentrated Solar Power. This includes feed-in tariffs, tax credits, and renewable portfolio standards.

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Additionally, advances in concentrated solar power technology, including more efficient and cost-effective solar collectors and thermal energy storage systems, are making CSP more competitive with other forms of renewable energy. Hence, the technological advancements in CSP, is one of the major factors that is likely to create lucrative avenues for the market growth.

Furthermore, the increasing demand for electricity, particularly in the rural areas of the developing countries, is a major factor that is anticipated to propel the market growth over the forecast period. In addition, the CSP can be integrated with existing energy infrastructure, such as natural gas power plants, to provide a reliable source of energy, which in turn is expected to boost the market prospects in the forthcoming years.

Besides, the global market is expanding rapidly due to the reduction in the cost of solar energy. The cost of solar energy has been declining over the years due to advancements in technology and increased production scale, making CSP more competitive with traditional fossil fuel-based power generation.

Key Findings of Market Report

  • On the basis of Product, the parabolic trough technology is expected to continue to be the most significant segment for CSP market in the forthcoming years.
  • The segment is expected to grow with a market share of 86% during the forecast period.
  • One of the main advantages of parabolic trough technology is its maturity and reliability, which is resulting in a highly efficient and cost-effective system.

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Global Concentrated Solar Power Market: Growth Drivers

  • The global concentrated solar power market is projected to expand at a steady pace from 2021 to 2031 due to the increasing focus on energy storage, including thermal energy.
  • Another factor that is projected to augment the market growth includes the potential of CSP for large-scale deployment with capacities of up to several hundred megawatts.
  • CSP has a low carbon footprint and does not produce greenhouse gas emissions, making it a more environmentally friendly alternative to traditional fossil fuel-based power generation.

Global Concentrated Solar Power Market: Regional Landscape

  • Europe is expected to lead the global market. The regional market is expected to witness exponential growth in the near future, attributed to the factors such as supportive government policies, increasing demand for renewable energy, and advancements in technology.
  • Asia Pacific and North America to increase investment in concentrated solar power, with an increasing tilt towards renewable energy consumption

Competitive Landscape

Prominent players in the concentrated solar power industry are taking advantage of the rapidly increasing demand of concentrated solar power. To further their outreach, players are relying on collaborations, partnerships and acquisitions with existing small, medium and large-scale providers. Some prominent market developments are as follows:

  • In August 2021, Abengoa, a Spanish engineering company, announced the completion of the construction of the 100 MW Xina Solar One CSP plant in South Africa. The project uses parabolic trough technology with molten salt storage.
  • In February 2021, ACWA Power, a Saudi Arabian developer and operator of power and water plants, signed an agreement with the Egyptian government to build a 200 MW CSP plant in Kom Ombo. The project is expected to be one of the largest CSP plants in the world and will use parabolic trough technology with thermal energy storage.
  • In January 2021, BrightSource Energy, an American CSP technology provider, announced a partnership with the Australian firm AES to develop a 200 MW CSP project in South Australia. The project will use BrightSource's tower technology with molten salt storage.
  • In November 2020, the Chinese firm Beijing Shouhang Resources Saving Co. announced the completion of the construction of the 100 MW Luneng Haixi CSP project in China. The project uses parabolic trough technology with thermal energy storage.

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Global Concentrated Solar Power Market: Key Players

Some of the key market players in the global Concentrated Solar Power market:

  • Abengoa Solar, S.A.
  • Areva Solar
  • eSolar, Inc
  • SkyFuel, Inc.
  • Acciona S.A.
  • BrightSource Energy, Inc.
  • Solar Millennium AG
  • SolarReserve, LLC
  • TSK Flagsol
  • SCHOTT Solar AG
  • Ibereolica Group
  • GDF SUEZ
  • NextEra Energy Resources, LLC.

Global Concentrated Solar Power Market: Segmentation

Product

  • Solar Tower
  • Linear Fresnel

Regions

  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • Latin America

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