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Concentrated Solar Power Market Expected to Reach $28.2 Billion by 2032—Allied Market Research

 
2022
Concentrated Solar Power Market

Report Code : A02753

quote The global concentrated solar power market is expected to witness high growth potential in coming years due to a surge in demand for renewable energy and favorable government incentives, subsidies, and policies. However, the high cost of investment hinders the expansion of the market. Nevertheless, hybridization and system integration are expected to offer ample growth opportunities for the battery materials recycling market. quote

Yerukola Eswara Prasad - Manager
Energy and Power at Allied Market Research

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According to a new report published by Allied Market Research, titled, “Concentrated Solar Power Market," The concentrated solar power market size was valued at $6.1 billion in 2022, and is estimated to reach $28.2 billion by 2032, growing at a CAGR of 16.6% from 2023 to 2032.

Concentrated Solar Power (CSP) is a renewable energy technology that converts sunlight into electricity by using mirrors or lenses to concentrate sunlight onto a small area. This concentrated sunlight produces heat, which drives a conventional turbine or engine to generate electricity. CSP systems utilize various technologies such as parabolic troughs, power towers, dish/engine systems, or linear Fresnel reflectors to concentrate solar energy. Notably, CSP often incorporates thermal energy storage, allowing electricity generation even when the sunlight is not able to produce electricity.   

Governments incentivize CSP projects through grants, subsidies, and loans. These incentives aim to offset the high initial costs associated with building solar power plants. In addition, governments streamline regulatory processes such as permitting procedures and grid interconnection guidelines, to facilitate the development and integration of CSP plants. Moreover, government-sponsored research and development initiatives serve as vital catalysts for technological innovation and advancement within the CSP sector. All these factors increase the demand for a concentrated solar power industry during the forecast period.   

However, CSP systems involve intricate technologies like parabolic troughs, power towers, or dish/engine systems. The construction and installation of these systems such as mirrors, receivers, heat transfer fluids, and thermal storage, contribute to higher initial costs compared to other renewable energy technologies. In addition, CSP plants require large land areas to accommodate the solar collectors and associated infrastructure. Building at scale often involves significant land procurement expenses, especially in regions with high direct sunlight, where land costs are substantial. All these factors hamper the growth of the concentrated solar power market trend.

Integration of CSP with other renewables like photovoltaic or wind power forms hybrid power plants. This combination offset the limitations of individual technologies by leveraging the inherent strengths of each. Combining these sources through grid integration maximizes the overall power output, smoothing fluctuations and ensuring a more consistent and reliable energy supply. All these factors are anticipated to offer concentrated solar power market opportunities during the forecast period.

The concentrated solar power market is segmented on the basis of technology, end-use industry, and region. By technology, the market is segmented into parabolic trough, solar power tower, Fresnel reflectors, and dish stirling. The Fresnel reflectors segment is anticipated to grow at the fastest CAGR of 17.6% during the forecast period.   

By end-use industry, the market is divided into residential, commercial, and industrial. The residential segment is anticipated to grow at the fastest CAGR of 17.1% during the forecast period. CSP systems at a residential scale offer the potential for greater energy independence. Homeowners vawastelue having a self-sufficient energy source, reducing reliance on centralized power grids and fossil fuels. 

By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific region is anticipated to show the fastest CAGR growth during the forecast period.  The rise in awareness of environmental issues such as climate change and air pollution drives the need for cleaner energy sources. CSP low carbon footprint and minimal environmental impact make it an attractive choice for countries aiming to reduce emissions. 

Key players in the concentrated solar power market growth include Aalborg CSP, Acciona, ACWA Power, Atlantica Sustainable Infrastructure plc., Brightsource, FRENELL GMBH, General Electric, Rioglass Solar Inc., Sener, and Siemens Energy AG. In addition, the market drivers, restraints, and opportunities are explained in the report.  

Apart from these major players, there are other key players in the concentrated solar power market analysis. These include Abengoa Solar, SolarReserve, TSK Flagsol Engineering GmbH, Schott AG, Therminol, Cobra Group, Idhelio, Novatec Biosol, and Enel Green Power. 

Economic crises 

Economic downturns have a substantial impact on investments in renewable energy projects, including concentrated solar power. The uncertainties and financial constraints during these periods often deter potential investors or project developers from committing capital to CSP infrastructure. This hesitancy results in a slowdown in the growth and expansion of the CSP market.  

Moreover, during economic crises, businesses and individuals tend to reassess their expenses, emphasizing cost-saving measures. While CSP solutions promise long-term benefits in terms of energy efficiency and sustainability, the substantial initial investment required poses a challenge, especially in financially challenging times. Consequently, these conditions lead to delays or postponement of CSP projects until economic stability is restored.  

However, amidst economic downturns, heightened competition within the energy sector emerges as companies expand their market share. This intensified competitive environment catalyzes innovation, cost-reduction efforts, and efficiency improvements in CSP technology. This increased competition often drives technological advancements in CSP systems, promoting research and development aimed at enhancing efficiency, reducing production costs, and improving overall competitiveness in the energy market. Consequently, while economic crises pose short-term challenges for CSP investments, they stimulate innovation and foster long-term improvements in CSP technology, contributing to its resilience and competitiveness in the energy sector. 

Key Market Insights:

  • By technology, the solar power tower segment was the highest revenue contributor to the market accounting for more than half of the concentrated solar power market share in 2022. 

  • By end-use industry, the industrial segment was the highest revenue contributor to the market accounting for half of the concentrated solar power market share in 2022. 

  • By region, Asia-Pacific was the highest revenue contributor accounting for more than half of the concentrated solar power market share in 2022. 

  • Asia-Pacific is the fastest growing region representing 17% of CAGR in the concentrated solar power market forecast. 

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quote Concentrated Solar Power Market by Technology (Parabolic Trough, Solar Power Tower, Fresnel Reflectors, Dish Stirling), by End Use Industry (Residential, Commercial, Industrial): Global Opportunity Analysis and Industry Forecast, 2023-2032 quote

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