The latest report by IMARC Group, titled “Concentrated Solar Power Market Report by Technology (Parabolic Trough, Linear Fresnel, Dish, Power Tower), Application (Utility, EOR, Desalination, and Others), and Region 2024-2032“, The global concentrated solar power market size reached US$ 6.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 14.5 Billion by 2032, exhibiting a growth rate (CAGR) of 9.3% during 2024-2032.
Factors Affecting the Growth of the Concentrated Solar Power Industry:
- Renewable Energy Demand:
The escalating global demand for renewable energy sources is due to the urgent need to address climate change and reduce reliance on fossil fuels. Additionally, concentrated solar power (CSP) stands out as a promising renewable energy technology that harnesses solar radiation to produce high-temperature heat, which is then converted into electricity. Moreover, CSP can generate power at a utility scale, making it an essential part of the energy transition toward more sustainable sources. Besides this, governments and industries worldwide are investing in CSP projects to diversify their energy portfolios and ensure energy security. Besides this, the growing emphasis on sustainable energy solutions is pushing the expansion of the CSP market, as it provides a viable alternative to traditional energy sources with the potential to significantly cut carbon emissions.
- Advancements in Technology:
CSP technology is witnessing significant advancements that have enhanced its efficiency and economic viability. Innovations in thermal storage materials and improved heat transfer fluids have increased the operational efficiency of CSP plants, allowing them to produce more power with less sunlight. Furthermore, advancements in mirror and receiver designs have reduced heat loss, optimizing energy capture and conversion. These technological improvements have contributed to a decrease in the cost per kilowatt-hour of CSP-generated energy, making it more competitive with traditional and other renewable energy sources. As these advancements continue, the CSP market is likely to grow due to its enhanced ability to provide reliable and cost-effective renewable energy.
- Energy Storage Integration:
The integration of advanced energy storage technologies has been a game-changer for the CSP industry. CSP plants equipped with thermal energy storage systems can store excess heat generated during peak sunlight hours and use it to produce electricity when solar radiation is unavailable, such as during nighttime or overcast conditions. This capability significantly enhances the flexibility and reliability of CSP, making it comparable to conventional power plants in terms of continuous energy supply. Moreover, the ability to provide stable and dispatchable power increases the attractiveness of CSP systems to utilities and grid operators, who are under increasing pressure to integrate more renewable sources while maintaining grid stability. Furthermore, storage integration helps in smoothing out the variability of solar energy and plays a critical role in supporting grid integration of other variable renewable energy sources, thereby fostering a more resilient energy infrastructure.
Competitive Landscape with Key Player:
- Aalborg CSP A/S
- Abengoa
- Acciona
- ACWA Power
- BrightSource Energy, Inc.
- Chiyoda Corporation
- Enel Spa
- INITEC Energía
- Siemens Energy (Siemens AG)
- Soltigua S.r.l.
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/concentrated-solar-power-market/requestsample
Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Technology:
- Parabolic Trough
- Linear Fresnel
- Dish
- Power Tower
Parabolic trough represents the largest segment due to widely adopted due to its cost-effectiveness and proven efficiency in converting solar energy into electricity.
Breakup by Application:
- Utility
- EOR
- Desalination
- Others
Utility holds the largest market share as large-scale power generation projects primarily drive demand for concentrated solar power technologies.
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Asia Pacific’s dominance in the concentrated solar power market is attributed to its significant investments in renewable energy infrastructure, supportive government policies, and the region’s high solar irradiance levels.
Global Concentrated Solar Power Market Trends:
At present, the growing emphasis on sustainability and reducing greenhouse gas (GHG) emissions is driving interest in CSP as a clean energy solution. CSP’s ability to provide dispatchable power and its potential to replace conventional fossil fuel-based power plants without emitting carbon dioxide was seen as a significant advantage. Moreover, CSP is gaining attention in emerging markets, especially in regions with high solar irradiance such as the Middle East, North Africa, and parts of Asia. Governments in these regions are investing in CSP projects to diversify their energy mix and reduce reliance on fossil fuels. Furthermore, collaboration between governments, research institutions, and private sector companies is fostering innovation and driving down costs in the CSP sector. Along with this, partnerships between CSP developers and utilities are also becoming more common as utilities seek to integrate CSP into their energy portfolios.
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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