by The global Concentrated Solar Power Market is estimated to be valued at US$ 5.86 Bn in 2023 and is expected to exhibit a CAGR of 10.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Concentrated solar power (CSP) is a solar technology that uses mirrors or lenses to concentrate sunlight onto a small area, producing heat which can power a steam turbine or engine to generate electricity. CSP systems have potential to provide dispatchable solar electricity and energy storage.
Market key trends:
One of the key trends in the concentrated solar power market is growing adoption of energy storage technology with CSP systems. CSP plants integrated with thermal energy storage allow generation of electricity even when the sun is not shining, thus providing flexibility similar to conventional power plants. Thermal energy storage enhances the capacity factor and reliability of CSP projects by enabling generation during evening peak demand periods or cloudy days. This factor is driving the adoption of CSP systems integrated with molten salt based storage across utility power projects.
Segment Analysis
The concentrated solar power market is segmented by technology into parabolic trough, linear Fresnel reflectors, power tower, and parabolic dish. The parabolic trough segment currently dominates the market due to relatively lower installation costs compared to other technologies. Over half the global installed CSP capacity uses parabolic trough technology.
Key Takeaways
The global concentrated solar power market is expected to witness high growth, exhibiting a CAGR of 10% over the forecast period, due to increasing investments in renewable energy sources worldwide and the declining costs of CSP technologies.
Regional analysis: The market is dominated by Europe, Middle East and Africa region. Spain and Morocco have been the largest markets in this region due to supportive government policies promoting solar energy. Going forward, Asia Pacific is expected to be the fastest growing market, led by China and India.
Key players operating in the concentrated solar power market are Siemens AG, Genarl Electric, Abengoa, Acciona S.A., Atlantica Yield plc., Suntrace GmbH, BrightSource Energy, Inc., SolarReserve, LLC., ACWA Power, Frenell GmbH. Key players are focusing on lowering costs through economies of scale, technological advancements and operational efficiencies to gain market share. Partnerships with governments and local players have also helped expansion into new regional markets. The market is expected to witness greater consolidation among players in the coming years.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
