Growing Implementation of Large-Scale Projects to Accelerate Growth in the Concentrated Solar Power Market

Concentrated Solar Power Market


The Concentrated Solar Power Market is estimated to be valued at US$ 5.86 Bn or billion 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 or CSP is a method of generating solar power by using lenses or mirrors and tracking systems to concentrate a large area of sunlight onto a small area. CSP systems are more efficient than photovoltaic systems because they can store thermal energy and continue to generate electricity even when the sun sets. There are four main types of CSP systems - parabolic troughs, power towers, dish/engine systems, and linear Fresnel reflectors. Parabolic troughs are the most widely used CSP technology today, accounting for over 90% of the world's installed CSP capacity as they are highly efficient and commercially proven. CSP systems are suitable for large-scale power production making them a centralized solution for utility grids.

Market Dynamics:
The concentrated solar power market is witnessing strong growth due to factors such as rising investment in renewable energy and increasing global efforts to reduce dependence on fossil fuels. The first driver is increasing investment in utility-scale renewable energy projects across the globe, especially in the Middle East and North Africa region to meet electricity demand. Countries are implementing supportive policies and offering incentives to develop large-scale renewable energy projects including CSP plants. Secondly, globally, countries have set aggressive emission reduction targets to meet their commitments outlined in the Paris Agreement. This is driving growth in renewable energy adoption. Concentrated solar technology is viewed as a viable way to provide clean baseload power on a utility scale. The ability of CSP plants to store thermal energy overnight enhances their value proposition over other renewable sources like solar PV. Growing implementation of large-scale CSP projects will continue to drive market growth over the forecast period.

Segment Analysis
The concentrated solar power market is dominated by the utility segment, accounting for over 90% share. This is because utility-scale concentrated solar power plants are able to harvest solar energy on a large scale and supply it to meet the power demands of cities and large industries. These plants have thousands of computer-controlled mirrors that reflect sunlight onto centralized towers that heat fluids to generate steam to power turbines.

PEST Analysis
Political: Government policies supporting renewable energy and carbon emission reduction goals have driven the growth of concentrated solar power. Various nations have set ambitious targets for solar adoption to transition to cleaner sources of energy.
Economic: The declining costs of concentrated solar power technology and increasing competitiveness compared to fossil fuels are boosting industry prospects. However, high initial capital investments remain a challenge.
Social: Growing environmental consciousness among public and private organizations is raising demand for sustainable energy solutions. Concentrated solar power is perceived positively as it generates electricity without polluting the air or water.
Technological: Advancements in solar thermal energy storage systems allow concentrated solar power plants to continue producing electricity for some time even when the sun is not shining. Improved thermal storage technology helps address the intermittency issue.

Key Takeaways
Global Concentrated Solar Power Market Size is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing demand for clean and sustainable sources of energy. The market size for 2023 is estimated at US$ 5.86 Bn.

Regional analysis: Spain, South Africa and the Middle East are emerging as major markets for concentrated solar power. Strong government support through schemes like feed-in tariffs and tax exemptions have boosted the development of large-scale projects in these regions. Spain is currently the global leader in terms of installed capacity of concentrated solar power plants.

Key players: 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. Abengoa is a leading company in terms of global installed capacity with several projects operating across nations. Siemens and General Electric are also prominent suppliers of components and technology used in concentrated solar power facilities.

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