Industry Insight
Concentrated solar power market size is projected to reach USD 16.41 billion by 2027 from an estimated USD 7.60 billion in 2020 with ~ 17.1% CAGR from 2020 to 2027.
The study offers in-depth information about the key market segments, vendor landscape, geographical outlook, factors driving, and inhibiting growth along with COVID-19 impact Analysis with the report.
Top Impacting Factors
The foremost factors motivating the growth of the global Concentrating Solar Power Market size comprise mounting environmental concerns on carbon emissions and government initiatives to enable renewable technologies. As per claims from EIA, solar surpasses biomass to become the third most prevalent renewable electricity source. This has led to surged investment in countries such as India, the US, China, Italy, and more globally to install solar panels to generate electricity.
Concentrated solar power technology is mainly utilized by focusing on sunlight to produce electricity. Therefore, depending on the types of technology used, the receiver fixed with the concentrating solar power set up that has fluid or gas running through it, which is heated to a high temperature by the focused sunlight. This high-temperature fluid or gas additionally runs a turbine or piston, which finally results in electricity generation using generators.
Some stringent environmental regulations and ongoing government initiatives toward the promotion of renewable energy have also favored by carbon emission reduction targets that will drive the concentrated solar power market. In the case of point, recorded in the UN in December 2017, China achieved its 2020 carbon reduction targets three years to the lead of schedule.
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On the other hand, the rising concerns regarding cut down GHG emissions, along with encouraging government initiatives to promote green energy, will thrust the concentrated solar power market development. The development of infrastructure to persuade the use of solar energy in utility, residential, and commercial applications will further cultivate the demand for concentrating solar power. Furthermore, the rising adoption of the clean fuel alternatives, with the primary objective to curb carbon emissions, has been the primary factor driving the growth of concentrated solar power market in the latest years.
Segmentation of Market
The concentrating solar power market is segmented over the segments of technology, components, and end-user.
In terms of the technology segment, the global market has included a power tower, parabolic trough, dish/engine system, and linear Fresnel. The parabolic trough segment might lead the global market during the forecast period owing to its application present in all the end-use industries of utilities, and mining, enhanced oil recovery, and others.
In terms of the components segment, the global market has included a power block, solar field, and thermal storage. The thermal storage segment leads the global market owing to its aptitude to store thermal energy on a colossal scale, which enables power generation during sunset.
In terms of the end-user segment, the global market included utilities, EOR, and more. The utility segment might register a higher growth rate during the forecast period.
Regional Front
Regional wise, the Concentrated Solar Power Market has been studied over various regions North America, Asia-Pacific, the Middle East Africa, Europe, and South America. Asia-Pacific is anticipated to be the largest and the fastest-growing market during the forecast period owing to the noteworthy investment in solar power projects in Japan, China, and India. China led in the Asia-Pacific region by higher market share and growth rate. In the case point, three concentrated solar projects with a total capacity of 200 MW were completed and connected to the grid in 2018.
Moreover, Japan also observed growth in the market. In the case of point, Japan installed 6 GW to 7.5 GW of a solar power plant back in 2018. Furthermore, the Ministry of Economy, Trade, and Industry (METI) has revoked approvals for 260,000 solar projects, with 14.6 GW of capacity.
In the last, the market for concentrating solar powers in North America and the Middle East is also likely to expand during the forecast period owing to the increasing focus on escalating the share of renewable energy in the entirety power generation and rising opportunity to implement concentrated solar power at utility-scale.
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Industry Players
The top industry players operating in the global concentrating solar power market are listed
- as SA (Spain)
- Abengoa Solar
- GE Renewable Energy (France)
- Acciona Energy (Spain)
- Enel Green Power (Italy)
- TSK Flagsol Engineering GmbH (Germany)
- Atlantica Yield PLC (UK)
- BrightSource Energy (US)
- SolarReserve (US)
- eSolar Inc. (US)
- Chiyoda Corporation (Japan)
- ACWA Power (Saudi Arabia)
- Soligua (Italy).
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