Concentrating Solar Power Market

Concentrating Solar Power Market was valued at USD 7 billion in 2022 and is forecast to touch USD 32.7 billion in 2030, and the market is expected to grow at a whopping CAGR 21.2%.

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Major Concentrating Solar Power Market Drivers

The factors driving the global concentrating solar power market include increasing government and private investment for building large scale utility projects to fulfil the growing population energy demand coupled with rising strict rules and regulations to escalate carbon dioxide emission. For instance, in 2019, Emirates Water and Electricity Company (EWEC) have announced the world’s largest single solar project to increase its production of renewable energy and reduce the use of natural gas in electricity generation. The plant consists of the concentrated more than 3.2 Million solar panels that features across the 8 kilometre-squared site, and will facilitate electricity demand of more than 90,000 people across Abu Dhabi.

Rising electricity demand due to growing urbanization and industrialization coupled with rising demand for household, surge in focus of several governments to create the sustainable renewable energy with maximizing the electricity generation have impelled the concentrating solar powers market growth. For instance, according to the International Energy Agency in 2018, world’s total electricity consumption reached 22,315 TWh increased by 4% compare to 2017 due to growing energy demand.

The key trends towards concentrating solar power market are raising government projects to enhance the electricity generation in the developing countries such as China, India etc. and rising adoption of the new materials to increase the efficiency of the solar panels. For instance, in 2020 China awarded with almost 26 GW of solar PV projects. However, commercial solar PV manufacturers in China have showed limited interest in the auction due to investment priorities of small and medium-sized enterprises shifted owing to Covid‑19 pandemic crisis.

Restraint in the Concentrating Solar Power Market

However, high installation and manufacturing cost along with the fluctuation in raw prices may hamper the global concentrating solar power market. The concentrating solar power requires different raw materials including Steel, Titanium, Vanadium and many other materials which are costly affairs that may hinder the market growth.

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Component- Segmentation Analysis

Based on the Component, thermal storage segment has the highest share for the global concentrating solar power market during the forecast period; this is primarily attributed to especially increasingly attractive investments towards renewable energy source. However, thermal energy storage (TES) systems are the integration of efficient and more economically competitive cost effective method compare to others.

Technology- Segment Analysis

Based on the technology, parabolic trough segment is expected to grow at the fastest rate in the global concentrating solar power market during the study forecast period; this is primarily attributed to its highest efficiency and low cost and rising adoption for utility electricity generation projects across the globe. For instance, in 2020, China’s largest 100MW parabolic trough concentrated solar power project was successfully connected to grid by China Shipbuilding New Power (CSNP) Royal Tech Urat.

End-User – Segment Analysis

Based on the end-user, utilities segment is projected to have the largest market share over the forecast period in the global concentrating solar power market, owing to rising demand for electricity due to growing population and urbanization coupled with increasing electricity demand by the industrial sectors across the globe.

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Regional – Segment Analysis:

Based on the region, Asia-Pacific region is dominated the global concentrating solar power market in 2020 due presence growing industrialization and rising urban population with surge in the energy sector investments with government support and initiatives. For instance, according to China Photovoltaic Industry Association (CPIA), China has installed about 40 gigawatts (GW) of new solar power in 2020 with total installed solar capacity reached to 240 GW. Thus, increasing investment for the solar energy source to meet energy demand have impelled the concentrating solar power market growth.

Top Market Players

Various notable players operating in the market, include Torresol Energy, Abengoa, ACWA POWER, BrightSource Energy, Inc., Siemens Energy, INITEC Energía, Acciona, Trivelli Energia srl, Grün leben GmbH, Aalborg CSP, Enel Spa, TSK Fl, and among others. 

Key Developments:

• • In 2018, Abengoa have developed and provided the concentrating solar power project with 50 MW solar thermal power plant projects in the Qinghai province, China and another 50 MW solar thermal parabolic trough plant to be constructed in the Gansu province, China.

Segments covered in the Report:

The global concentrating solar power market has been segmented on the basis of component, technology, capacity, end-user and key regions. Based on component, the global concentrating solar power market is divided into power block, solar field, and thermal storage. Based on technology, the global market is divided into power towers, concentrating systems, stirling dish/ engine system, parabolic trough, and linear fresnel. Based on capacity, the global concentrating solar power market is divided less than 50MW, 50-99MW, and 100MW & above. In terms of the end user, the global concentrating solar power market is divided into utilities, enhanced oil recovery (EOR), and others.              

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Report Coverage	Details
Market Revenues (2022)	USD 7 billion
Market Base Year	2022
Market Forecast Period	2023-2030
Base Year & Forecast Units	Revenues (USD Billion)
Market Segment	By Component, By Technology, By Capacity, By End-User, and By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Torresol Energy, Abengoa, Acwa Power, BrightSource Energy, Inc., Siemens Energy, INITEC Energía, Acciona, Trivelli Energia srl, Grün leben GmbH, Aalborg CSP, Enel Spa, TSK Fl, and among others; a total of 12 companies covered
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Concentrating Solar Power Market by Component

• • Power Block
  • Solar Field
  • Thermal Storage

Global Concentrating Solar Power Market by Technology

• • Power Towers
  • Concentrating Systems
  • Stirling Dish/ Engine System
  • Parabolic Trough
  • Linear Fresnel

Global Concentrating Solar Power Market by Capacity

• • Less than 50MW
  • 50-99MW
  • 100MW & Above

Global Concentrating Solar Power Market by End-User

• • Utilities
  • Enhanced Oil Recovery (EOR)
  • Others

Global Concentrating Solar Power Market by Region

• • North America Concentrating Solar Power Market (Option 1: As a part of the free 25% customization)

    • By Component
    • By Technology
    • By Capacity
    • By End-User
    • US Market All-Up
    • Canada Market All-Up

  • Europe Concentrating Solar Power Market (Option 2: As a part of the free 25% customization)

    • By Component
    • By Technology
    • By Capacity
    • By End-User
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

  • Asia-Pacific Concentrating Solar Power Market (Option 3: As a part of the free 25% customization)

    • By Component
    • By Technology
    • By Capacity
    • By End-User
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

  • RoW Concentrating Solar Power Market (Option 4: As a part of the free 25% customization)

    • By Component
    • By Technology
    • By Capacity
    • By End-User
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Concentrating Solar Power (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Torresol Energy
  • Abengoa
  • ACWA POWER
  • BrightSource Energy, Inc.
  • Siemens Energy
  • INITEC Energía
  • Acciona
  • Trivelli Energia srl
  • Grün leben GmbH
  • Aalborg CSP
  • Enel Spa
  • TSK Fl