Concentrated Solar Power Market

Concentrated Solar Power Market

Growth Factors of Concentrated Solar Power Market

The concentrated solar power market size was valued at USD 53.02 billion in 2023, and the market is now projected to grow from USD 60.36 billion in 2024 to USD 212.25 billion in 2032, exhibiting a CAGR of 17.02% during the forecast period of 2024-2032.

The COVID-19 crisis negatively impacts the concentrated solar power market growth, pausing the supply chains and the imports of raw materials. The markets were affected by labour constraints and lockdown. Several projects were put on hold indefinitely because of import dependency and mobility challenges. About 40% of solar equipment imports, particularly from China, came to a standstill as it received the first wave of COVID-19. This resulted in a situation where there were no new solar projects across the world.

The increase in the demand for sustainable energy sources and a decrease in carbon emissions have propelled renewable energy usage. CSP installations have remained at a lower level, about 1.3 GW in 2010, while in 2019, CSP installations have reached over 6 GW. The current market percentage of renewable energy in the total electricity produced is 29% with future improvements projected. More investment will be made in renewable resources to enhance the concentrated solar power market share. This trend is expected to continue in the subsequent years.

Moreover, the increased number of solar energy projects that have been developed has led to straining innovative solutions to enhance energy output. Technologies, including high-temperature salts, sCO2 and new receiver coatings are improving the overall efficiency. Solar energy production increased by 270 TWh (26%) in 2022 and outperformed all other renewable energy sources in growth, including wind energy. In less than a decade investment in creating photovoltaics has increased from USD 10.7 billion in 2004 to nearly USD 150 billion. The emerging materials for solar power have the potential to achieve better efficiency than the current silicon cells.

Comprehensive Analysis of Concentrated Solar Power Market

The concentrated solar power market and the power & energy industry are growing exponentially because of the market segmentation. These market expansions give a comprehensive regional analysis based on the supply and demand influences of the renewables market. These segmentations are meticulously separated by technology and by application. The technology includes, Parabolic Trough, Power Tower and Linear Fresnel. The application includes, Residential, Non-Residential and Utility.

The Middle East, led by the UAE, Morocco and South Africa are a major contributor to the growth of the concentrated solar power (CSP) market. The rising need for continuous renewable energy to support growing economic activities is driving market expansion in the region.

The leading companies involved in the market assist industrial prospectus growth of the power & energy industry and set the standards in the market. These players include, BrightSource Energy (U.S.), Abengoa Solar (Spain), Siemens (Germany), Acciona (Spain), Solar Reserve (U.S.), ACWA Power (Saudi Arabia), Torresol Energy (Spain), Trivelli Energia (Italy), Abors Green GmbH (Germany), Parvolen CSP Technologies (Greece), Sener (Spain) and Rioglass (Belgium). They offer a competitive environment for level-playing to these market players.

In February 2024, ACWA Power and Larsen and Toubro Limited (LandT) stated that it has agreed with Nextracker, an intelligent solar tracking equipment and software solutions provider, to provide the NX Horizon-XTR™ ground tracker for a 1.17 GW in Al Kahfah. Solar energy. This infrastructure is the Power plant, a renewable energy project in the Central Province of Saudi Arabia and comes under the National Renewable Energy Program.

Segmentation Table

Global Concentrated Solar Power Market Scope

Study Period 2019-2032

Base Year 2023

Forecast Period 2024-2032

Growth Rate CAGR of 17.02% from 2024 to 2032

Historical Period 2019-2022

Unit Volume (MW) & Value (USD Billion)

Segmentation By Technology, Application, and Region

By Technology

Parabolic Trough

• Power Tower
• Linear Fresnel

By Application

Residential

• Non-residential
• Utility

By Region

North America (By Technology, By Application, and By Country)

• U.S.
• Canada
• Europe (By Technology, By Application, and By Country)
• France
• Italy
• Spain
• Denmark
• Rest of Europe
• Asia Pacific (By Technology, By Application, and By Country)
• China
• India
• Australia
• Rest of Asia Pacific
• Latin America (By Technology, By Application, and By Country)
• Mexico
• Rest of Latin America
• Middle East and Africa (By Technology, By Application, and By Country)
• South Africa
• GCC
• Rest of the Middle East & Africa

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