Concentrated Solar Power Market By Technology (Parabolic Trough, Solar Power Tower, Fresnel Reflectors, Dish Stirling), By End Use Industry (Residential, Commercial, Industrial): Global Opportunity Analysis and Industry Forecast, 2023-2032

Concentrated Solar Power Market By Technology (Parabolic Trough, Solar Power Tower, Fresnel Reflectors, Dish Stirling), By End Use Industry (Residential, Commercial, Industrial): Global Opportunity Analysis and Industry Forecast, 2023-2032

The global concentrated solar power market size was valued at $6.1 billion in 2022, and is projected to reach $28.2 billion by 2032, registering a CAGR of 16.6% from 2023 to 2032.

Concentrated solar panels (CSP) represent a category of solar technology designed to harness sunlight through mirrors or lenses, concentrating sunlight onto a smaller area to generate electricity or thermal energy. These systems differ from traditional photovoltaic (PV) solar panels, which convert sunlight directly into electricity using semiconductor materials. 

Concentrated solar power holds several distinct advantages that position it as a prominent renewable energy source in the global energy landscape. It has the ability to generate electricity efficiently and reliably using sunlight and clean energy. CSP systems use mirrors or lenses to concentrate sunlight onto receivers, heating a fluid to produce steam that drives turbines and generates electricity. Moreover, the scalability of CSP technology is a significant advantage. CSP plants are built at various scales, from small-scale installations to utility-scale power plants covering large areas. This scalability enables flexibility in meeting different energy demands, whether for individual communities or to contribute significantly to a regional power grid. 

The environmental benefits of CSP are substantial. It produces electricity without emitting greenhouse gases or other harmful pollutants, contributing significantly to mitigating climate change and reducing air pollution. By displacing fossil fuel-based power generation, CSP helps decrease reliance on non-renewable resources and minimizes the environmental impact associated with conventional energy production. All these factors increase the demand for concentrated solar power during the forecast period. 

Hybrid systems combine CSP with conventional power plants or other renewables like wind or PV that offer enhanced reliability and stability to the grid. Coupling CSP with energy storage solutions enables round-the-clock electricity supply and facilitates grid balancing and peak shaving, thereby addressing intermittency challenges associated with solar energy. All these factors are anticipated to offer new growth opportunities for the concentrated solar power market during the forecast period. 

The concentrated solar power market is segmented on the basis of technology, end-use industry, and region. By technology, the market is classified into parabolic trough, solar power tower, Fresnel reflectors, and dish stirling. The solar power tower technology accounted for more than half of the global concentrated solar power market revenue in 2022 and is expected to maintain its dominance during the forecast period. Solar power towers have the potential to achieve higher temperatures compared to other CSP technologies. This allows for efficient electricity generation through steam turbines, resulting in higher energy output per unit of installed capacity. 

By end-use industry, the market is divided into residential, commercial, and industrial. The industrial segment accounted for half of the concentrated solar power market revenue in 2022 and is expected to maintain its dominance during the forecast period. Industries often require high-temperature heat for various manufacturing processes, such as in the production of cement, steel, chemicals, or desalination. CSP systemsw provide this high-temperature heat efficiently, offering an alternative to fossil fuel-based heating methods. In addition, stringent environmental regulations and corporate sustainability initiatives drive industries to transition towards cleaner energy sources. CSP, being a carbon-neutral and environmentally friendly energy solution, aligns with these goals, helping industries reduce their carbon footprint. 

By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. On the basis of region, Asia-Pacific accounted for more than half of the global concentrated solar power market growth revenue in 2022 and is expected to maintain its dominance during the forecast period. The Asia-Pacific region experiences substantial economic growth and industrialization, leading to an increasing demand for energy. CSP presents an opportunity to meet this growing energy demand sustainably, especially in countries facing power shortages or seeking to diversify their energy mix. 

Key players in the concentrated solar power industry include Aalborg CSP, Acciona, ACWA Power, Atlantica Sustainable Infrastructure plc., Brightsource, FRENELL GMBH, General Electric, Rioglass Solar Inc., Sener, and Siemens Energy AG. In addition, the market drivers, restraints, and opportunities are explained in the report. 

Apart from these major players, there are other key players in the concentrated solar power market analysis. These include Abengoa Solar, SolarReserve, TSK Flagsol Engineering GmbH, Schott AG, Therminol, Cobra Group, Idhelio, Novatec Biosol, and Enel Green Power. 

Key findings of the study 

On the basis of technology, the Fresnel reflectors segment is expected to grow at a CAGR of 17.6%, in terms of revenue, during the forecast period. 

On the basis of end-use industry, the industrial segment is expected to grow at a CAGR of 16.3%, in terms of revenue, during the forecast period. 

Region-wise, Asia-Pacific has the highest share in 2022 in terms of revenue. 

Key Benefits For Stakeholders

This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the concentrated solar power market share analysis from 2022 to 2032 to identify the prevailing concentrated solar power market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the concentrated solar power market forecast, and segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global concentrated solar power market trends, key players, market segments, application areas, and market growth strategies.

Key Market Segments

By Technology

Parabolic Trough
Solar Power Tower
Fresnel Reflectors
Dish Stirling

By End Use Industry

Residential
Commercial
Industrial

By Region

North America
U.S.
Canada
Mexico
Europe
Germany
Italy
Spain
UK
France
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Rest of Asia-Pacific
LAMEA
Brazil
Saudi Arabia
South Africa
Rest of LAMEA

Key Market Players

Siemens Energy AG
FRENELL GMBH
ACWA Power
Acciona
Atlantica Sustainable Infrastructure plc.
Brightsource
Rioglass Solar Inc.
General Electric
Aalborg CSP
Sener

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