by The global Concentrated Solar Power Market is estimated to be valued at US$ 5.29 Bn in 2023 and is expected to exhibit a CAGR of 10.8% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Concentrated solar power (CSP) systems use mirrors to focus sunlight into an intense beam that heats a liquid such as synthetic oil, which is then used to produce steam and generate electricity through a turbine. CSP systems offer an alternative form of renewable energy from the sun that can generate electricity even when the sun is not shining by using the heated fluid to continue power generation for hours after sunset.
Market key trends:
One of the key trends driving the growth of the concentrated solar power market is the rising demand for electricity storage. CSP systems can use the molten salt storage technology to store solar energy as heat, allowing power generation to continue for hours even when sunlight is unavailable. This gives CSP plants an advantage over solar photovoltaic systems by enabling them to generate base-load power like conventional power plants. The ability to provide dispatchable renewable energy is increasing the demand for CSP systems integrated with thermal energy storage capabilities.
Segment Analysis
The concentrated solar power market is segmented by technology into parabolic trough, solar power tower, linear fresnel, and dish stirling. Among these, the parabolic trough segment dominates the market and accounted for over 50% of the global concentrated solar power market share in 2023. Parabolic trough technology utilizes parabolic reflectors that concentrate sunlight onto receivers located along a focal axis. This technology is highly efficient in generating power from solar energy in a cost-effective manner.
Key Takeaways
The Global Concentrated Solar Power Market is expected to witness high growth, exhibiting a CAGR of 10.8% over the forecast period, due to increasing demand for sustainable energy sources and supportive government policies and incentives.
Regional analysis
North America dominates the concentrated solar power market with over 30% share of the total market revenue in 2023. The US government’s support through tax rebates and investment tax credits for renewable energy projects is supporting the growth of the concentrated solar power market in the region. Asia Pacific is expected to witness the fastest growth over the forecast period owing to the region’s increasing focus on developing alternate sources of energy to meet the rising power demand.
Key players
Key players operating in the concentrated solar power market are Siemens AG, General Electric, Abengoa, Acciona S.A., Atlantica Yield plc., Suntrace GmbH, BrightSource Energy, Inc., SolarReserve, LLC., and ACWA Power, Frenell GmbH. Siemens AG and Abengoa are currently dominating the global market owing to their long experience and widespread installations of concentrated solar power plants worldwide.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
