The global Concentrated Solar Power Market is estimated to be valued at US$ 5.29 Bn in 2023 and is expected to exhibit a CAGR of 10.8% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Concentrated solar power (CSP) plants utilize mirrors or lenses to concentrate a large area of sunlight onto a small area. Thermal energy is collected and stored to produce electricity through existing technologies such as steam-based power plants. CSP provides advantages such as low cost and flexibility in energy storage.

Market key trends:
One of the key trends in the concentrated solar power market is the development and increasing adoption of advanced thermal energy storage technologies. Advanced thermal energy storage technologies allow CSP plants to generate electricity even when the sun is not shining by using heat transfer fluids to store thermal energy. This helps increase the capacity factors of CSP plants and provides more stable electricity supply throughout the day. Companies are investing in developing storage technologies using phase change materials and thermo-chemical processes that allow storing solar energy for longer durations at lower costs.
Market key trends:
One of the major trends gaining momentum in the Global Concentrated Solar Power Market is the shift towards molten salt technology. Molten salt acts as a storage medium for the heat collected by solar tower plants and parabolic trough plants. This helps generate electricity even when there is no sunlight, thereby increasing the flexibility of CSP plants. Many new CSP projects coming up globally are incorporating molten salt storage which is driving the market growth.

SWOT Analysis
Strength: CSP is a sustainable source of energy with zero operational emissions. It also has the advantage of energy storage which helps generate power even when sun is not available.
Weakness: High initial investment requirement for setting up CSP plants makes it a costly option. CSP plants also require large areas of land.
Opportunity: Drop in the price of CSP technology and availability of government subsidies and incentives in many countries provide vast opportunities for market growth. Increasing focus on renewable sources of energy also works in favor of CSP expansion.
Threats: Intermittent nature of solar remains a challenge. Depends on climate conditions and availability of sunlight. Technologies like solar PV and wind power are rapidly progressing and provide competition.

Key Takeaways
The global Concentrated Solar Power market is expected to witness high growth, exhibiting CAGR of 10.8% over the forecast period, due to increasing government support through various incentives and mandates for renewable energy adoption.

Regional analysis:
The concentrated solar power market is dominated by Asia Pacific and Middle East & Africa regions. Countries like China, India, Saudi Arabia, UAE are witnessing huge CSP capacity additions. Spain and South Africa currently lead the global CSP capacity and continue expanding footprint in their regions.

Key players analysis:
Key players operating in the concentrated solar power market are Siemens AG, Genarl Electric, Abengoa, Acciona S.A., Atlantica Yield plc., Suntrace GmbH, BrightSource Energy, Inc., SolarReserve, LLC., ACWA Power, Frenell GmbH. Major players are investing in R&D to reduce costs and develop advanced energy storage technologies, while also undertaking projects globally to strengthen market position.

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