The global Concentrated Solar Power Market is estimated to be valued at US$ 5.86 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Concentrated solar power utilizes mirrors and lenses to concentrate a large area of sunlight onto a small area. It often uses thermal storage to extend daily operation to daylight or cloudy periods. This allows fossil fuel substitution and provides clean dispatchable renewable energy.
Market key trends:
The concentrated solar power market is witnessing increased adoption of next-generation concentrating solar thermal power technologies. Concentrated solar thermal power (CSP) uses mirrors to concentrate sunlight onto receivers that collect solar energy and convert it to heat. This thermal energy can then be used to drive traditional steam turbines or engines that produce electricity. Advancements in CSP technologies such as integration of thermal energy storage systems allows generation of electricity even when the sun is not shining, thereby increasing the viability and commercialization of CSP technologies. Increased usage of storage technologies paired with CSP plants is one of the primary trends spurring the growth of the concentrated solar power market.
SWOT Analysis
Strength: CSP technologies provide dispatchable and scalable solar power generation capabilities. Integrating thermal energy storage allows electricity output to be stored and supplied as per demand.
Weakness: High initial capital investment requirements for CSP projects pose financing challenges. Dependence on weather conditions can impact power output.
Opportunity: Increasing focus on renewable sources of energy globally is driving the adoption of solar and CSP technologies. Growing investment in utility-scale renewable energy projects presents market opportunities.
Threats: Competition from rapidly declining costs of other renewable technologies such as solar PV and wind energy acts as a threat. Public opposition to land use for large CSP plants is a challenge.
Key Takeaways
Global Concentrated Solar Power Market Size is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing investment in utility-scale renewable energy projects globally. Rising concerns regarding carbon emissions and focus on developing a sustainable energy mix is driving the demand for CSP technologies.
The Asia Pacific region is expected to dominate the concentrated solar power market over the forecast period. Countries such as China, India, and Australia are aggressively investing in various renewable energy technologies including CSP to reduce reliance on fossil fuels. China currently has the largest CSP capacity globally.
Europe is also considered a major market for CSP globally. Countries such as Spain, Portugal and Italy have favorable policies supporting the adoption of solar thermal technologies.
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. Players are focusing on developing advanced CSP systems with thermal energy storage to gain a competitive edge in the market.
Solar Power Generation is the largest segment driving the growth of Concentrated Solar Power Market
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