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2019
Concentrated Solar Power Market

Concentrated Solar Power Market Analysis, by Technology (Parabolic Trough, Solar Power Tower, Fresnel Reflectors, and Dish Stirling) and End-User Industry (Residential, Commercial, and Industrial): Opportunity Analysis and Industry Forecast, 2019–2026
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A02753
Pages: 202
Jul 2019 | 13456 Views
Author(s) : Ayushi Choudhary, Shruti Hariharan and Eswara Prasad
Tables: 88
Charts: 55
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Concentrated Solar Power Market Outlook - 2026

The global concentrated solar power market was valued at $ 3,793.0 million in 2018 and is projected to reach $ 8,046.7 million by 2026, growing at a CAGR of 10.3% from 2019 to 2026. The MEA region accounted for nearly 21.0% market share in 2018.

Concentrated solar power energy is generation of electricity via mirrors to concentrate the sunrays to the temperature varying between 400 and 1,000 °C. This energy is then usually employed in various applications such as heating fluid, mainly water or oil, which in turn produces steam or hot air. The steam produced is used to drive turbines connected to a generator to generate electricity. There are different types of mirror shapes and sun-tracking methods to provide useful energy, but all of them work under a same principle of driving a heat engine to generate electricity that can then be fed into the grid. Thus, concentrated solar power energy is a carbon-free source of electricity and is best suited to regions with strong radiation such as Southern Europe, Northern Africa and Middle East, South Africa, parts of India, China, Southern U.S., and Australia.

Concentrated Solar Power Market

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Increase in government support for the adoption of renewable technologies coupled with rise in energy demand & capability to supply power without CO2 emission drive the growth of the market. Furthermore, rise in environmental issues based on carbon emissions results in focus to decrease air pollution as well as rise in awareness of global warming. This factor is also expected to fuel the market growth. However, high cost incurred during concentrated solar power energy production hinders the market growth during the forecast period. Moreover, rise in investment from different industries in renewable sources and increase in acceptance of heat storage systems are the factors that represent great opportunities for the market.

The report segments the concentrated solar power market on the basis of technology, end user industry, and region. Based on technology, the concentrated solar power market is divided into parabolic trough, solar power tower, fresnel reflectors and dish stirling. Parabolic trough is one of the earliest use technology in the concentrated solar power market. In parabolic trough technology the sun’s energy is concentrated by parabolically curved, trough-shaped reflectors onto a receiver pipe running along the inside of the curved surface. The temperature of the thermal oil or other heat transfer fluid flowing is increased from 293ºC to 393ºC through the pipe, and the heat energy is then used to generate electricity in a conventional steam generator. On the basis of end user industry, the concentrated solar power market is classified into residential, commercial, and industrial. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players contributing in the global concentrated solar power market growth include Abengoa, Acciona, SolarReserve, BrightSource Energy, ACWA Power, GE Energy, Suntrace, SCHOTT, Frenell GMBH, and Siemens. In order to stay competitive in the concentrated solar power industry, these market players are adopting strategies such as acquisition, partnership, product launch, and agreement. Abengoa is actively present in the high growth concentrated solar power market of China. Abengoa have been participating with engineering and technology in two of China’s commercial CSP projects in progress, which include 50MW Yumen Royal Tech Parabolic Trough and 50MW Luneng Haixi Molten Salt Tower CSP plants.


Global Concentrated Solar Power Market Size, By Region 


 Concentrated Solar Power Market by Region

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Based on region, Europe accounts for major share in the global concentrated solar power market and MEA is attributed to be the fastest growing region. It is expected that the European Union’s total CSP capacity can reach as high as 5 GW by the year 2030. CSP activity is continued in Europe on a pilot scale, including the construction in France of a 9 MW Fresnel facility, and the construction in Denmark of a hybrid biomass-CSP facility incorporating 17 MW of CSP. 

Constant increase in population and improvement in lifestyle have supplemented the growth of the Asia-Pacific CSP market. Furthermore, growth in manufacturing industries, rise in economic growth rate, increase in foreign investments, and universal shift in production capacities from developed to emerging economies drive the Asia-Pacific CSP market.

Global concentrated solar power market share, by technology

Concentrated Solar Power Market by Technology

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Based on technology, the Parabolic trough technology segment dominated the market in 2018. Parabolic trough is one of the oldest technologies used to generate electricity from concentrated solar power. All parabolic trough plants used presently are "hybrids," and they utilize fossil fuel to supplement the solar output during low solar radiation periods. 

Advantages of utilizing CSP technology with parabolic trough collector (PTC) system include benefits of mature technology, promising cost-effective investment, storage time which ranges from 0 to 7 hours and ease of combining with fossil fuels or other renewable energy sources.

Global concentrated solar power market share, by end user industry


 Concentrated Solar Power Market by End-User Industry

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Based on end use industry, the industrial segment is expected to grow with the highest CAGR during the forecast period. 

Key Benefits for Concentrated Solar Power Market:

  • Porter’s five forces analysis helps to analyze the potential of buyers & suppliers and the competitive scenario of the concentrated solar power market opportunity for strategy building.
  • The study outlines the current concentrated solar power market trends and future scenario of the concentrated solar power market forecast from 2019 to 2026 to understand the prevailing opportunities and potential investment pockets.
  • Major countries in the region have been mapped according to their individual revenue contribution in the concentrated solar power market size.
  • The key drivers, restraints, and Concentrated Solar Power market opportunities and their detailed impact analyses are explicated in the study.
  • The profiles of the key players along with their key strategic developments are enlisted in the market analysis.

Key Market Segments

  • By Technology
    • Parabolic Trough
    • Solar Power Tower
    • Fresnel Reflectors
    • Dish Stirling
  • By End Use Industry
    • Residential
    • Commercial
    • Industrial
  • By Region
    • North America
      • U.S.
      • Canada
    • Europe
      • Germany
      • Spain
      • Rest of Europe
    • Asia-Pacific
      • China
      • India
      • Australia
      • Thailand
    • MEA
      • UAE
      • Egypt
      • South Africa
      • Rest of LAMEA


Key Market Players

  • ABENGOA
  • ACCIONA, S.A.
  • ACWA POWER
  • ATLANTICA YIELD PLC.
  • BRIGHTSOURCE ENERGY, INC.
  • FRENELL GMBH
  • GENERAL ELECTRIC
  • SIEMENS AG
  • SUNTRACE GMBH
  • SOLARRESERVE, LLC.
 

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Renewable energy development in developing countries is on the rise. While considering advantage of solar resources, Concentrated Solar Power (CSP) is the clear choice assisted by higher efficiencies and inherent thermal storage capacity. Some developing countries such as South Africa, Morocco, and India are using CSP generation technologies with the aim to offer a more reliable source of electricity than Solar PV. One of the key advantage of using CSP is that it allows the storage of solar energy by enabling the electricity to be discharged to the grid at times when there is no sunlight. This stored source of power can be used to meet the electricity demand.  

The parabolic trough (PT) is one of the most increasingly used technology to transfer solar rays and heat into electricity, representing more than 50% of global capacity installed of CSP technologies. Drawback of using CSP is high upfront investment and increased electricity cost. The need for coolant is another challenge, which is often unavailable in locations with high solar availability.

 

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