Market Overview:
CSP technology utilizes mirrors to reflect sunlight and concentrate it onto a receiver. This concentrated solar energy generates thermal energy, which can be used to drive turbines, and engines, and generate electricity. Additionally, it finds applications in various industries such as water desalination, oil recovery, food processing, chemical production, and mineral processing. Concentrated Solar Power plants are commonly employed for large-scale power generation projects. These systems can be configured in different ways, such as the electric pylon system where mirrors surround a central tower acting as the receiver.
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Market Dynamics and Factors:
The demand for clean energy has experienced significant growth, driven by the commitment of leading developed countries to reduce carbon emissions and transition to zero-carbon economies. Solar energy, surpassing biomass energy, has emerged as a prominent renewable energy source, attracting investments for solar power installations and electricity generation in countries like India, the United States, China, and Italy. Photovoltaic power generation is increasingly adopted as an affordable energy source, facilitating cost reduction and carbon dioxide emission reduction. CSP technology is capital-intensive, involving components such as the power unit, solar field, heat transfer system, and thermal energy storage in parabolic trough systems.
CSP possesses a notable competitive edge over other renewable energy sources. As the deployment of intermittent renewables becomes more widespread, the grid's flexibility diminishes, highlighting the growing demand for systems capable of decoupling weather-dependent power generation from demand. The expansion of CSP systems by incorporating thermal energy storage (TES) presents new business opportunities for CSP providers, enabling them to offer such services to grid operators. By incorporating TES into the power generation cost of solar or onshore wind plants, which often require additional storage systems with large batteries.
Top Key Players Covered In The Concentrated Solar Power Market:
- Abengoa (Spain)
- BrightSource Energy (US)
- ACWA Power (UAE)
- Aalborg CSP (Denmark)
- and SolarReserve (US)
- TSK Flagsol Engineering GmbH (Germany)
- Alsolen (France)
- Cobra Energia (Spain)
- Torresol Energy (Spain)
- Acciona Energy (Spain)
- eSolar (US)
- Enel Green Power (France) and Other Major Players.
The Concentrated Solar Power Market Report Highlight:
- By Technology, the Parabolic Trough segment is anticipated to lead the growth of the Concentrated Solar Power market in the forecasted timeframe, due to its proven track record, widespread commercialization, and mature technology.
- By Operating Type, the Standalone segment is expected to dominate the Concentrated Solar Power market over the projected period, due to its ability to operate independently, providing reliable and uninterrupted power supply in remote areas.
- By Capacity, the 100 MW above segment is expected to dominate the Concentrated Solar Power market over the projected period, due to its ability to meet the increasing demand for large-scale power generation and contribute significantly to the renewable energy transition.
- By End User, Residential is the dominating segment in the Concentrated Solar Power Market, due to the increasing adoption of solar energy for residential power generation and heating purposes.
- Europe is predicted to grow significantly in Concentrated Solar Power Market, due to supportive government policies, strong renewable energy targets, and advancements in CSP technology.
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Key Industry Development:
In Jan 2023, ACWA Power, a leading Saudi developer, investor, and operator of power generation, water desalination, and green hydrogen plants worldwide, has finalized a partnership agreement with VERBUND, Austria’s leading electricity company, to produce hydrogen to be used by Verbund as a renewable energy source to Central Europe with a primary focus on Austria.
In April 2023, ACCIONA, through its Infrastructure division, signed a memorandum of understanding (MOU) with Ørsted, a global renewable energy company and leader in offshore wind, to jointly develop solutions to address the challenge of manufacturing large-scale foundations for offshore wind farms.
Concentrated Solar Power Market Segmentation:
By Technology
- Solar Power Tower
- Linear Concentrating Systems
- Stirling Dish Technology
By Operation Type
- Stand-Alone Systems
- With Storage
By Capacity
- Less Than 50 Mw
- 50 Mw To 99 Mw
- 100 Mw Above
By End-User
- Residential
- Industrial
For this report, Introspective Market Research has segmented the Concentrated Solar Power Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2022-2028)
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Russia
- Spain
- Rest Of Europe
- Asia Pacific
- China
- India
- Japan
- Singapore
- Australia
- New-Zealand
- Rest of APAC
- Middle East Africa
- Turkey
- Saudi Arabia
- Qatar
- UAE
- Israel
- South Africa
- South America
- Brazil
- Argentina
- Rest of SA
Scope of the Report:
The latest research on the Concentrated Solar Power market provides a comprehensive overview of the market for the years 2024 to 2032. It gives a comprehensive picture of the Global Concentrated Solar Power Industry, considering all significant industry trends, market dynamics, competitive landscape, and market analysis tools such as Porter's five forces analysis, Industry Value chain analysis, and PESTEL analysis of the Concentrated Solar Power market. Moreover, the report includes significant chapters such as Patent Analysis, Regulatory Framework, Technology Roadmap, BCG Matrix, Heat Map Analysis, Price Trend Analysis, and Investment Analysis which help to understand the market direction and movement in the current and upcoming years. The report is designed to help readers find information and make decisions that will help them grow their businesses. The study is written with a specific goal in mind to give business insights and consultancy to help customers make smart business decisions and achieve long-term success in their particular market areas.
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