Concentrated Solar Power Market

Global Concentrated Solar Power Market

Concentrated Solar Power Market- By Technology, Type, Capacity, End User, and Region.

Market Synopsis:

The Global Concentrated Solar Power Market is valued at USD 4.37 Billion in the year 2022 and is expected to reach a value of USD 8.82 Billion by the year 2030. The Global Market is anticipated to grow exhibiting a Compound Annual Growth Rate (CAGR) of 9.20% over the forecast period.

CSP stands for Concentrated Solar Power, which is a sustainable energy source that uses sunlight to generate electricity. It is also known as solar thermal power since it uses sunlight to generate steam and drive a turbine. Concentrated Solar Power systems have storage capacity, allowing them to generate power even on overcast days or when there is no sunshine. Due to the increased electrification plans in several nations throughout the world, sales of these systems are now increasing.

‹›

Report Coverage & Deliverables

PDF report & online dashboard will help you understand:

• Real-Time Data Updates:
• Competitor Benchmarking
• Market Trends Heatmap
• Custom Research Queries
• Market Sentiment Analysis
• Demographic and Geographic Insights

Book Demo

Get Access Now

The industry is expanding owing to the growing popularity of solar energy and the rapid growth of manufacturers in the Concentrated Solar Power Market. The market is also being boosted by technological advancements in the production of solar energy from renewable sources. However, in some countries, the high cost of energy generation utilizing Concentrated Solar Power plants has hampered the market's expansion. Market stakeholders' collaborative efforts to minimize the capital and operational costs of Concentrated Solar Power systems are helping to drive market expansion. Furthermore, the increasing number of industrial and commercial power plants in many emerging countries is boosting market expansion by providing lucrative income potential for market participants.

Market Segmentation:

The Concentrated Solar Power Market is segmented based on Technology, Operation Type, Capacity, and End User. On the basis of Technology, the market is segmented into Solar Power Tower, Linear Concentrating Systems, and Stirling Dish technology. On the basis of Operation Type, the market is segmented into Stand-alone Systems and With Storage. On the basis of Capacity, the market is segmented into Less than 50 MW, 50 MW to 99 MW, 100 MW and above. On the basis of End User, the market is Utilities, EOR, and Others.

Based on Technology:

The market is divided into three categories based on technology: Solar Power Towers, Linear Concentrating Systems, and Stirling Dish technology. The solar power towers segment dominated the Concentrated Solar Power Market by technology. The solar power tower section is benefiting from higher temperatures, which can improve steam cycle efficiency and reduce water demand for cooling the condenser. The greater temperature allows for schedulable power generation by utilizing thermal energy storage. As a result of the lower cost of solar power towers or the ability to store more energy for the same price, the solar power tower category is predicted to grow at the fastest rate over the forecast period.

Based on End User:

Utilities, EOR, and Others are the end users in the market. Key Concentrated Solar Power project developments in Asia Pacific and the Middle East and Africa regions, particularly in China, Saudi Arabia, the United Arab Emirates, and Morocco, are driving market growth in the utilities category. Furthermore, the utility industry's demand for concentrating solar power is driven by the necessity to generate renewable electricity with storage technology to meet the growing power demands of the residential sector. The industry is predicted to expand due to favorable government efforts and legislation promoting the use of renewable energy sources. Various financial and economic benefits offered by the government, such as Feed-in Tariffs (FiT) and tax credits, will boost segment growth till 2028.

Asia Pacific Region Dominates the Concentrated Solar Power Market with the Largest Share

Asia Pacific acquired the largest market share during the year 2021 with a share of 41.90%. This is due to the increasing number of Concentrated Solar Power facilities being built in nations like China. From 2021, China is expected to expand at the fastest rate. This is primarily owing to the country's rising investment in CSP for grid stabilization. Furthermore, the region emphasizes the necessity for sustained renewable electricity generation to support expanding economic activities. The Asia-Pacific region is seeing fast industrialization and urbanization, which is increasing the demand for reliable power. Furthermore, the region's rising air pollution levels are driving the government and private sector to use renewable energy sources. The expansion of the Asia Pacific Concentrated Solar Power Market is mostly due to the emergence of favorable government policies that encourage the adoption of renewable energy sources.