The global concentrated solar power market size is expected to expand at a CAGR of 7.6% during the forecast period, 2021–2028. The growth of the market is attributed to increased conservation concerns about carbon emissions and rising efforts to reduce air pollution.
Concentrated Solar Power (CSP) makes use of mirrors to focus received sunlight on a central focal point. This energy is subsequently transformed into heat, which is utilized to generate steam to drive a turbine or as industrial process heat. Several applications, including as fresnel reflectors, parabolic troughs, and power towers, are available for concentrated solar power, and the suitable one is used according to the specific conditions. CSP is highly capital-intensive. Power blocks, solar fields, heat transfer fluid systems, and thermal energy storage systems are all utilized in the parabolic trough. Receiver fields, heliostat fields, towers, thermal energy storage, and power blocks are the primary components utilized in solar towers. The preliminary venture cost, which contributes to around four-fifths of the overall cost, reduces the Levelized Cost of Energy (LCOE) of CSP systems.
The COVID-19 pandemic had a significant impact on the renewable energy sector. The global supply chain has been severely damaged, as raw material imports were halted for an extended period of time. CSP facilities require a large human force to be on the ground to finish the installations, and manpower shortages in many nations resulted in labor deficit. Many ongoing projects throughout the world have been placed on hold for an indefinite period of time, owing to high reliance on imports and logistical constraints. Around 40% of solar trackers and other essential equipment imports come from China, which was the first country to be severely hit by the COVID-19 pandemic.
Market Trends, Drivers, Restraints, and Opportunities
- Environmental concerns about carbon emissions and attempts to minimize air pollution are expected to propel the market.
- Stringent government policies to reduce the expanding carbon footprint, along with monetary incentives to encourage the use of alternative energy sources, are expected to drive the market.
- High cost of solar power technology is expected to hinder the market growth during the forecast period.
- Technical complexities of CSP plant are anticipated to hamper the market in the coming years.
- Agreements and contracts are projected to create lucrative opportunities for market growth in the coming years.
Scope of the Report
The report on the global concentrated solar power market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
|
Attributes
|
Details
|
|
Report Title
|
Concentrated Solar Power Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
|
|
Base Year
|
2020
|
|
Historic Data
|
2018–2019
|
|
Forecast Period
|
2021–2028
|
|
Segmentation
|
Heat Transfer Fluids (Water-based, Oil-based, Molten Salt, and Others), and Technology (Linear Fresnel, Power Tower, Parabolic Trough, and Dish/Stirling)
|
|
Regional Scope
|
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
|
|
Report Coverage
|
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
|
|
Key Players Covered in the Report
|
ACWA Power; Brightsource Energy Inc.; Abengoa SA; Acciona SA; and Engie SA.
|
Market Segment Insights
Molten salt segment to expand at a considerable CAGR
On the basis of heat transfer fluids, the concentrated solar power market is segmented into water-based, oil-based, molten salt, and others. The molten salt segment is projected to expand at a considerable CAGR during the forecast period, due to its ability to dispatch electricity outside peak sunshine hours. The water-based segment is anticipated to account for a major market share during the forecast period, as the plant's operational profile is more stable and predictable than that of a fossil-fueled plant.
Parabolic trough segment to hold a significant share of the market
In terms of technology, the market is divided into linear fresnel, power tower, parabolic trough, and dish/sterling. The parabolic trough segment is expected to hold a significant share of the market during the forecast period, due to less capital investments as compared to its counterparts. The power tower segment accounts for a significant market share, owing to its high efficiency and high capability to store energy.
Asia Pacific is anticipated to constitute a key market share
In terms of regions, the concentrated solar power market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is expected to constitute a key share of the market during the forecast period, due to increasing number of concentrated solar power plant installations. The market in North America is anticipated to expand at a rapid pace during the forecast period, owing to the changing focus of investors towards green energy alternatives.
Segments
The global concentrated solar power market has been segmented on the basis of
Heat Transfer Fluids
- Water-based
- Oil-based
- Molten Salt
- Others
Technology
- Linear Fresnel
- Power Tower
- Parabolic Trough
- Dish/Stirling
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the global concentrated solar power market are ACWA Power; Brightsource Energy Inc.; Abengoa SA; Acciona SA; and Engie SA.
The market is considerably concentrated, due to the existence of multiple major and minor market players. Concentrated solar power producers are closely monitoring advancements in the renewable energy industry in order to develop tactics that help them increase their market share. Various players are making considerable expenditures to create novel technologies and designs, as well as to increase the degree of acceptance of these items.
Request For Customization
Enquiry Before Buying
Speak With Analyst
