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Government initiatives to encourage renewable technologies and rising environmental concerns about carbon emissions are two key market drivers encouraging market expansion.
Rising energy needs can be traced back to global trends including rapid urbanisation, increased industrialization, and population growth. One factor propelling the worldwide Concentrating solar power market is the expanding use of heat storage systems and hybridization of Concentrating solar power plants with conventional thermal plants. The governments of many nations are investing heavily in renewable energy projects. This is one of the main factors that has contributed to the development and expansion of the Concentrating solar power (CSP) industry.
Concentrating solar power's CAGR is being fueled by the industry's rapid expansion and increasing rate of deployment. One factor fueling this growth is the increasing recognition of CSP's unique characteristics, such as its ability to produce baseload power, dispatch capabilities, and potential for mixing with other energy sources. CSP facilities can create hybrid power plants that are a more stable and reliable source of electricity when paired with conventional or photovoltaic systems. The expansion of the CSP market has been greatly aided by government support in the form of helpful laws and monetary incentives. Feed-in tariffs, tax incentives, and renewable energy targets are only a few of the policies used by several countries to promote the use of CSP technology. These initiatives have helped the market by attracting investment and fostering the development of CSP projects.
Another major development in the CSP industry is the continuous improvement in capability, price, and overall performance of CSP systems brought about by technological advancements. Modern advancements in receiver design, heat transfer fluids, and thermal energy storage systems have led to significant gains in CSP plants' conversion efficiency and operational versatility. Furthermore, research and development are being done on next-generation CSP technologies such as tower systems with higher temperatures and more efficient photovoltaic-thermal hybrid systems. These advancements are expected to make CSP more competitive in the energy market and facilitate its wider adoption in the coming years.
CSP market growth is also being driven by efforts to make CSP technology more affordable and competitive. The high initial investment required for CSP initiatives has traditionally slowed their widespread adoption. However, great progress has been achieved in reducing costs because to economies of scale, technological innovations, and improved project development procedures. Several major trends in the CSP industry, for instance, are having an impact on the development of the technology. Increases in the use of hybrid CSP-PV systems, the rollout of CSP coupled with energy storage, and the pursuit of monetary savings are all examples. Concentrating solar power (CSP) is expected to increase in market revenue as these tendencies continue because it will play a larger role in meeting the growing demand for renewable energy around the world.
Solar, wind, hydropower, biomass, geothermal, tidal, and wave energy are only a few examples of renewable energy. Investors and project developers have been enticed to shift towards renewable power generation by the tax incentives, grants, and loan programmes offered by the governments of numerous nations. These positive actions have also aided in the commercialization of these technology. One hundred and fifty gigawatts (GW) of wind power, ten gigawatts (GW) of biopower, one hundred gigawatts (GW) of solar power, and five gigawatts (GW) of small hydropower are all part of the 175 GW renewable energy target set by the Indian government for 2022. Similarly, Spain plans to increase its renewable energy capacity by 157 GW by 2030 and has increased its objective for renewable energy use to 74% by the same year. The IEA predicts a 34% rise in CSP generation this year. It is anticipated that the installation of concentrating solar power technologies would increase, driving the market expansion, thanks to consistent regulatory support for CSP projects in the Middle East and Africa, Asia Pacific, and North America. Capital investment is required for the development of concentrated solar power. Heliostat fields, power blocks, receiver fields, thermal energy storage, and the tower itself are all used in solar tower systems. Solar fields, thermal energy storage systems, power blocks, and heat transfer fluid systems are the main components of parabolic troughs. Approximately four-fifths of the overall LCOE of concentrating solar power facilities is attributable to the initial investment expenditures. The IRENA reports that between 35% and 49% of the overall installation costs of parabolic trough technology projects are attributable to the solar field. In the projects we looked at, the cost of the heat transfer fluid ranged from 8-11 percent of the whole. As a result, this is the primary factor holding back the concentrating solar power industry.
Report Coverage
Global Concentrating Solar Power research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Concentrating Solar Power report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Concentrating Solar Power competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Concentrating Solar Power market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Concentrating Solar Power market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Concentrating Solar Power market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Abengoa Solar SA (Spain), Acciona Energy (Spain), GE Renewable Energy (France), TSK Flagsol Engineering GmbH (Germany), Enel Green Power (Italy), Bright Source Energy (US), Atlantica Yield PLC (UK), eSolar Inc. (US), Solar Reserve (US), ACWA Power (Saudi Arabia), Chiyoda Corporation (Japan), Alsolen (Morocco)
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Concentrating Solar Power market based on the below-mentioned segments:
Global Concentrating Solar Power Market, By Component
Solar Field
Power Block
Thermal Storage
Global Concentrating Solar Power market, By Technology
Parabolic Trough
Power Tower
Linear Fresnel
Dish/Engine System
Global Concentrating Solar Power Market, By End User
Utilities
Enhanced Oil Recovery
Others
Global Concentrating Solar Power market, Regional Analysis
Rising energy needs can be traced back to global trends including rapid urbanisation, increased industrialization, and population growth. One factor propelling the worldwide Concentrating solar power market is the expanding use of heat storage systems and hybridization of Concentrating solar power plants with conventional thermal plants. The governments of many nations are investing heavily in renewable energy projects. This is one of the main factors that has contributed to the development and expansion of the Concentrating solar power (CSP) industry.
Concentrating solar power's CAGR is being fueled by the industry's rapid expansion and increasing rate of deployment. One factor fueling this growth is the increasing recognition of CSP's unique characteristics, such as its ability to produce baseload power, dispatch capabilities, and potential for mixing with other energy sources. CSP facilities can create hybrid power plants that are a more stable and reliable source of electricity when paired with conventional or photovoltaic systems. The expansion of the CSP market has been greatly aided by government support in the form of helpful laws and monetary incentives. Feed-in tariffs, tax incentives, and renewable energy targets are only a few of the policies used by several countries to promote the use of CSP technology. These initiatives have helped the market by attracting investment and fostering the development of CSP projects.
Another major development in the CSP industry is the continuous improvement in capability, price, and overall performance of CSP systems brought about by technological advancements. Modern advancements in receiver design, heat transfer fluids, and thermal energy storage systems have led to significant gains in CSP plants' conversion efficiency and operational versatility. Furthermore, research and development are being done on next-generation CSP technologies such as tower systems with higher temperatures and more efficient photovoltaic-thermal hybrid systems. These advancements are expected to make CSP more competitive in the energy market and facilitate its wider adoption in the coming years.
CSP market growth is also being driven by efforts to make CSP technology more affordable and competitive. The high initial investment required for CSP initiatives has traditionally slowed their widespread adoption. However, great progress has been achieved in reducing costs because to economies of scale, technological innovations, and improved project development procedures. Several major trends in the CSP industry, for instance, are having an impact on the development of the technology. Increases in the use of hybrid CSP-PV systems, the rollout of CSP coupled with energy storage, and the pursuit of monetary savings are all examples. Concentrating solar power (CSP) is expected to increase in market revenue as these tendencies continue because it will play a larger role in meeting the growing demand for renewable energy around the world.
Solar, wind, hydropower, biomass, geothermal, tidal, and wave energy are only a few examples of renewable energy. Investors and project developers have been enticed to shift towards renewable power generation by the tax incentives, grants, and loan programmes offered by the governments of numerous nations. These positive actions have also aided in the commercialization of these technology. One hundred and fifty gigawatts (GW) of wind power, ten gigawatts (GW) of biopower, one hundred gigawatts (GW) of solar power, and five gigawatts (GW) of small hydropower are all part of the 175 GW renewable energy target set by the Indian government for 2022. Similarly, Spain plans to increase its renewable energy capacity by 157 GW by 2030 and has increased its objective for renewable energy use to 74% by the same year. The IEA predicts a 34% rise in CSP generation this year. It is anticipated that the installation of concentrating solar power technologies would increase, driving the market expansion, thanks to consistent regulatory support for CSP projects in the Middle East and Africa, Asia Pacific, and North America. Capital investment is required for the development of concentrated solar power. Heliostat fields, power blocks, receiver fields, thermal energy storage, and the tower itself are all used in solar tower systems. Solar fields, thermal energy storage systems, power blocks, and heat transfer fluid systems are the main components of parabolic troughs. Approximately four-fifths of the overall LCOE of concentrating solar power facilities is attributable to the initial investment expenditures. The IRENA reports that between 35% and 49% of the overall installation costs of parabolic trough technology projects are attributable to the solar field. In the projects we looked at, the cost of the heat transfer fluid ranged from 8-11 percent of the whole. As a result, this is the primary factor holding back the concentrating solar power industry.
Report Coverage
Global Concentrating Solar Power research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Concentrating Solar Power report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Concentrating Solar Power competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Concentrating Solar Power market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | Abengoa Solar SA (Spain), Acciona Energy (Spain), GE Renewable Energy (France), TSK Flagsol Engineering GmbH (Germany), Enel Green Power (Italy), Bright Source Energy (US), Atlantica Yield PLC (UK), eSolar Inc. (US), Solar Reserve (US), ACWA Power (Saudi Arabia), Chiyoda Corporation (Japan), Alsolen (Morocco) |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Concentrating Solar Power Market from 2021 to 2030.
- Market Forecast for Concentrating Solar Power Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Concentrating Solar Power competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Concentrating Solar Power
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Concentrating Solar Power market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Concentrating Solar Power market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Abengoa Solar SA (Spain), Acciona Energy (Spain), GE Renewable Energy (France), TSK Flagsol Engineering GmbH (Germany), Enel Green Power (Italy), Bright Source Energy (US), Atlantica Yield PLC (UK), eSolar Inc. (US), Solar Reserve (US), ACWA Power (Saudi Arabia), Chiyoda Corporation (Japan), Alsolen (Morocco)
Primary Target Market
- Market Players of Concentrating Solar Power
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Concentrating Solar Power market based on the below-mentioned segments:
Global Concentrating Solar Power Market, By Component
Solar Field
Power Block
Thermal Storage
Global Concentrating Solar Power market, By Technology
Parabolic Trough
Power Tower
Linear Fresnel
Dish/Engine System
Global Concentrating Solar Power Market, By End User
Utilities
Enhanced Oil Recovery
Others
Global Concentrating Solar Power market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
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