- R&I-1424
- May 2021
- 212
- PPT, PDF, WORD, EXCEL
- Chemical & Industry Material
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Market Overview:
"The concentrated solar power market size reached US$ 7.1 billion in 2023. Looking forward, Reports and Insights expects the market to reach US$ 27.2 billion in 2032, exhibiting a growth rate (CAGR) of 16.1% during 2024-2032."
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Report Attributes |
Details |
|
Base Year |
2023 |
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Forecast Years |
2024-2032 |
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Historical Years |
2021-2023 |
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Market Growth Rate (2024-2032) |
16.1% |
Concentrated Solar Power (CSP) is a renewable energy technology that captures sunlight to produce electricity. CSP systems concentrate sunlight using mirrors or lenses onto a receiver, where the intense light is converted into heat. This heat is then used to generate steam, which drives a turbine connected to a generator to produce electricity. CSP is notable for its thermal energy storage capability, enabling electricity generation even when sunlight is unavailable, making it a dependable and sustainable energy solution.
The global market for Concentrated Solar Power (CSP) is experiencing substantial growth, propelled by a rising shift towards renewable energy and governmental efforts to curb carbon footprints. CSP, utilizing mirrors or lenses to focus sunlight onto a small area, is gaining popularity due to its environmentally friendly electricity generation. Factors like enhanced efficiency, cost reductions, and energy storage capabilities are also driving the expansion of the CSP market, positioning it as a key player in the renewable energy sector.
Concentrated Solar Power Market Trends and Drivers:
Several trends and drivers are influencing the Concentrated Solar Power (CSP) market. One prominent trend is the increasing adoption of CSP as a sustainable energy option, spurred by global initiatives to reduce carbon emissions. Advancements in CSP technology, such as enhanced efficiency and cost-effectiveness, are also playing a role in its growing competitiveness. Government support through incentives and policies for renewable energy is another driving force. Additionally, the integration of thermal energy storage systems in CSP plants is enhancing their reliability and grid stability, further fueling market growth.
The growth of the concentrated solar power market is shaped by various factors. Key among these is the influence of government policies and incentives, such as subsidies, tax credits, and feed-in tariffs, which make CSP more financially appealing. Furthermore, the market is driven by the dynamics of energy demand and pricing, as well as advancements in technology that enhance CSP's reliability and cost-effectiveness as a renewable energy source. Other factors, such as environmental considerations, the availability of suitable land for CSP installations, and the broader investment environment for renewable energy projects, also play significant roles.
Concentrated Solar Power Market Restraining Factors:
Several factors are hindering the expansion of the concentrated solar power market. One primary concern is the high initial investment required to construct CSP plants, which can discourage potential investors. Additionally, the reliance of CSP technology on sunlight and its intermittent nature present challenges, as electricity generation is directly tied to sunlight availability. This intermittency can cause power output fluctuations, reducing its reliability compared to other energy sources. Competition from alternative renewable energy sources, such as solar photovoltaic (PV) systems, which have become more cost-effective and efficient, is another factor. Uncertainties in regulations and policies in certain regions can create an unstable investment climate, further impeding CSP market growth. Lastly, insufficient infrastructure and expertise in some areas can limit the deployment of CSP technology, constraining its potential expansion.
Concentrated Solar Power Market Opportunities:
The concentrated solar power market offers numerous opportunities for expansion and advancement. A significant prospect is the capability of CSP technology to deliver dependable and controllable electricity, thanks to its capacity for thermal energy storage. This feature can improve grid stability and facilitate the integration of greater amounts of renewable energy. Moreover, the scalability of CSP plants allows for versatile deployment in various scenarios, ranging from large-scale utility plants to smaller, decentralized systems. The potential for hybridization with other energy sources, like fossil fuels or biomass, provides opportunities for further efficiency gains and cost reductions. Additionally, the growing emphasis on sustainability and reducing carbon footprints is increasing interest in CSP technology, particularly in regions with abundant solar resources. Collaborations and partnerships among governments, research institutions, and industry stakeholders can drive innovation and lower costs, enhancing the competitiveness of CSP in the energy sector.
Concentrated Solar Power (CSP) Market Segmentation:
By Technology
- Parabolic Trough
- Power Tower
- Linear Fresnel
- Dish/Engine System
In the concentrated solar power market, the dominant technology segment has traditionally been parabolic troughs. These systems use curved mirrors to focus sunlight onto receiver tubes, offering a balance of maturity, efficiency, and cost-effectiveness. However, power tower technology is gaining traction, utilizing mirrors to concentrate sunlight onto a central receiver atop a tower, promising higher temperatures and efficiency for larger-scale projects. Linear Fresnel technology, employing flat mirrors, is emerging for smaller-scale applications. Meanwhile, dish/engine systems, though highly efficient, have seen limited commercial use due to complexity and cost.
By Component
- Solar Field
- Power Block and Thermal Energy Storage System
The solar field component typically holds the greatest influence. This segment encompasses the mirrors or heliostats responsible for concentrating sunlight onto a receiver, as well as the supporting structures and tracking mechanisms. Efficiently capturing and focusing sunlight, the solar field represents a substantial portion of the overall CSP plant's cost. In comparison, the power block and thermal energy storage system, while critical for converting solar energy into electricity and providing reliable power, generally constitute a smaller fraction of the total plant cost. However, as CSP technology progresses and thermal energy storage becomes more vital for facilitating dispatchable solar power, the significance of the power block and storage system is on the rise.
By End-User Industry
- Utilities
- Enhanced Oil Recovery
- Others
The utilities segment typically holds the most significant share as the primary end-user industry. Utilities leverage CSP technology to produce electricity on a large scale, often integrating thermal energy storage for consistent power supply. This application aligns with utilities' objectives of diversifying their energy mix and reducing carbon footprints. Enhanced Oil Recovery (EOR) is another notable application, utilizing CSP for steam generation in oil extraction. Although EOR represents a substantial CSP market, it is generally smaller in scale compared to utility-driven projects. Other industries, including mining, desalination, and industrial processes, also utilize CSP but to a lesser extent compared to utilities and EOR.
By Region
North America
- United States
- Canada
Europe
- Germany
- United Kingdom
- France
- Italy
- Spain
- Russia
- Poland
- Benelux
- Nordic
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- ASEAN
- Australia & New Zealand
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Argentina
Middle East & Africa
- Saudi Arabia
- South Africa
- United Arab Emirates
- Israel
- Rest of MEA
The Asia Pacific region is accounted to hold the largest market share of the market followed by the Middle East and Africa region, driven by countries like Morocco, the UAE, and Saudi Arabia. These countries are investing heavily in CSP technology, leveraging their abundant sunlight and the imperative to shift away from fossil fuels. The MEA region's focus on CSP is further fueled by its ambitious large-scale energy projects and the aspiration to lead in renewable energy. While Europe has traditionally led in CSP technology, its market growth has slowed due to policy shifts and competition from other renewables. Meanwhile, Latin America and North America are also witnessing a rise in CSP interest, particularly in countries such as Brazil and the United States, as they explore CSP for sustainable energy solutions.
Leading Concentrated Solar Power (CSP) Manufacturers & Competitive Landscape:
The concentrated solar power (CSP) market is fiercely competitive, with numerous key players striving for market dominance and actively pursuing strategic initiatives. These companies prioritize product innovation, technological advancements, and the expansion of their product portfolios to maintain a competitive advantage. They consistently invest in research and development to improve their product offerings and meet the changing needs of customers, focusing on factors such as efficiency, performance, and sustainability.
These companies include:
- Abengoa Solar, S.A.
- Brightsource Energy, Inc.
- ACWA Power
- Esolar, Inc.
- Solarreserve, LLC
- Aalborg CSP A/S.
- TSK Flagsol Engineering GmbH
- Alsolen
- Archimede Solar Energy
- Acciona Energy
- Cobra Energia
- Frenell GmbH
- Nexans
- Soltigua
- Baysolar CSP
- Siemens AG
- Solastor
Concentrated Solar Power (CSP) Market Research Scope
|
Report Metric |
Report Details |
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Market size available for the years   |
2021-2023 |
|
Base Year |
2023 |
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Forecast Period       |
2024-2032 |
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Compound Annual Growth Rate (CAGR) |
16.1% |
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Segment covered |
Technology, end-user industry and regions. |
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Regions Covered |
North America: The U.S. & Canada Latin America: Brazil, Mexico, Argentina, & Rest of Latin America Asia Pacific: China, India, Japan, Australia & New Zealand, ASEAN, & Rest of Asia Pacific Europe: Germany, The U.K., France, Spain, Italy, Russia, Poland, BENELUX, NORDIC, & Rest of Europe The Middle East & Africa: Saudi Arabia, United Arab Emirates, South Africa, Egypt, Israel, and Rest of MEA |
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Fastest Growing Country in Europe |
Germany |
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Largest Market in Asia Pacific |
China |
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Key Players |
Abengoa Solar, S.A., Brightsource Energy, Inc., ACWA Power, Esolar, Inc., Solarreserve, LLC, Aalborg CSP A/S., TSK Flagsol Engineering GmbH, Alsolen, Archimede Solar Energy, Acciona Energy, Cobra Energia, Frenell GmbH, Nexans, Soltigua, Baysolar CSP, Siemens AG and Solastor. |
1. Global Concentrated Solar Power (CSP) Market Report Overview
1.1. Introduction
1.2. Report Description
1.3. Methodology
2. Global Concentrated Solar Power (CSP) Market Overview
2.1. Introduction
2.1.1. Introduction
2.1.2. Market Taxonomy
2.2. Executive Summary
2.3. Global Concentrated Solar Power (CSP) Market Snapshot
2.4. Global Concentrated Solar Power (CSP) Market Size and Forecast, 2020–2028
2.4.1. Introduction
2.4.2. Market Value Forecast and Annual Growth Rate (AGR) Comparison (2020–2028)
2.5. Global Concentrated Solar Power (CSP) Market Dynamics
2.5.1. Drivers
2.5.2. Restraints
2.5.3. Opportunity
2.5.4. Trends
2.6. Key Regulations
2.7. Porter’s Five Forces Model
3. Global Concentrated Solar Power (CSP) Market, By Technology
3.1. Introduction
3.1.1. Annual Growth Rate Comparison, By Technology
3.1.2. BPS Analysis, By Technology
3.2. Market Revenue (US$Mn) Forecast, By Technology
3.2.1. Parabolic Trough
3.2.2. Power Tower
3.2.3. Linear Fresnel
3.2.4. Dish/Engine System
3.3. Global Concentrated Solar Power (CSP) Market Attractiveness Index, By Technology
4. Global Concentrated Solar Power (CSP) Market, By Component
4.1. Introduction
4.1.1. Annual Growth Rate Comparison, By Component
4.1.2. BPS Analysis, By Component
4.2. Market Revenue (US$Mn) Forecast, By Component
4.2.1. Solar Field
4.2.2. Power Block
4.2.3. Thermal Energy Storage System
4.3. Global Concentrated Solar Power (CSP) Market Attractiveness Index, By Component
5. Global Concentrated Solar Power (CSP) Market, By End User Industry
5.1. Introduction
5.1.1. Annual Growth Rate Comparison, By End User Industry
5.1.2. BPS Analysis, By End User Industry
5.2. Market Revenue (US$Mn) Forecast, By End User Industry
5.2.1. Utilities
5.2.2. Enhanced Oil Recovery
5.2.3. Others
5.3. Global Concentrated Solar Power (CSP) Market Attractiveness Index, By End User Industry
6. Global Concentrated Solar Power (CSP) Market, By Region
6.1. Introduction
6.1.1. Annual Growth Rate Comparison, By Region
6.1.2. BPS Analysis, By Region
6.2. Market Revenue (US$Mn) Forecast, By Region
6.2.1. North America
6.2.2. Latin America
6.2.3. Europe
6.2.4. Asia Pacific
6.2.5. Middle East
6.2.6. Africa
6.3. Global Concentrated Solar Power (CSP) Market Attractiveness Index, By Region
7. North America Concentrated Solar Power (CSP) Market Analysis and Forecast, 2020–2028
7.1. Introduction
7.1.1. Annual Growth Rate Comparison, By Country
7.1.2. BPS Analysis, By Country
7.2. Market Revenue (US$Mn) Forecast, By Country
7.2.1. U.S. Concentrated Solar Power (CSP) Market
7.2.2. Canada Concentrated Solar Power (CSP) Market
7.3. North America Concentrated Solar Power (CSP) Market, By Technology
7.3.1. Parabolic Trough
7.3.2. Power Tower
7.3.3. Linear Fresnel
7.3.4. Dish/Engine System
7.4. North America Concentrated Solar Power (CSP) Market, By Component
7.4.1. Solar Field
7.4.2. Power Block
7.4.3. Thermal Energy Storage System
7.5. North America Concentrated Solar Power (CSP) Market, By End User Industry
7.5.1. Utilities
7.5.2. Enhanced Oil Recovery
7.5.3. Others
7.6. North America Concentrated Solar Power (CSP) Market Attractiveness Index
7.6.1. By Country
7.6.2. By Technology
7.6.3. By Component
7.6.4. By End User Industry
8. Latin America Concentrated Solar Power (CSP) Market Analysis and Forecast, 2020–2028
8.1. Introduction
8.1.1. Annual Growth Rate Comparison, By Country
8.1.2. BPS Analysis, By Country
8.2. Market (US$Mn) Forecast, By Country
8.2.1. Brazil Concentrated Solar Power (CSP) Market
8.2.2. Mexico Concentrated Solar Power (CSP) Market
8.2.3. Argentina Concentrated Solar Power (CSP) Market
8.2.4. Rest of Latin America Concentrated Solar Power (CSP) Market
8.3. Latin America Concentrated Solar Power (CSP) Market, By Technology
8.3.1. Parabolic Trough
8.3.2. Power Tower
8.3.3. Linear Fresnel
8.3.4. Dish/Engine System
8.4. Latin America Concentrated Solar Power (CSP) Market, By Component
8.4.1. Solar Field
8.4.2. Power Block
8.4.3. Thermal Energy Storage System
8.5. Latin America Concentrated Solar Power (CSP) Market, By End User Industry
8.5.1. Utilities
8.5.2. Enhanced Oil Recovery
8.5.3. Others
8.6. Latin America Concentrated Solar Power (CSP) Market Attractiveness Index
8.6.1. By Country
8.6.2. By Technology
8.6.3. By Component
8.6.4. By End User Industry
9. Europe Concentrated Solar Power (CSP) Market Analysis and Forecast, 2020–2028
9.1. Introduction
9.1.1. Annual Growth Rate Comparison, By Country
9.1.2. BPS Analysis, By Country
9.2. Market (US$Mn) Forecast, By Country
9.2.1. U.K. Concentrated Solar Power (CSP) Market
9.2.2. Germany Concentrated Solar Power (CSP) Market
9.2.3. Italy Concentrated Solar Power (CSP) Market
9.2.4. France Concentrated Solar Power (CSP) Market
9.2.5. Spain Concentrated Solar Power (CSP) Market
9.2.6. Russia Concentrated Solar Power (CSP) Market
9.2.7. Poland Concentrated Solar Power (CSP) Market
9.2.8. BENELUX Concentrated Solar Power (CSP) Market
9.2.9. NORDIC Concentrated Solar Power (CSP) Market
9.2.10. Rest of Europe Concentrated Solar Power (CSP) Market
9.3. Europe Concentrated Solar Power (CSP) Market, By Technology
9.3.1. Parabolic Trough
9.3.2. Power Tower
9.3.3. Linear Fresnel
9.3.4. Dish/Engine System
9.4. Europe Concentrated Solar Power (CSP) Market, By Component
9.4.1. Solar Field
9.4.2. Power Block
9.4.3. Thermal Energy Storage System
9.5. Europe Concentrated Solar Power (CSP) Market, By End User Industry
9.5.1. Utilities
9.5.2. Enhanced Oil Recovery
9.5.3. Others
9.6. Europe Concentrated Solar Power (CSP) Market Attractiveness Index
9.6.1. By Country
9.6.2. By Technology
9.6.3. By Component
9.6.4. By End User Industry
10. Asia Pacific Concentrated Solar Power (CSP) Market Analysis and Forecast, 2020–2028
10.1. Introduction
10.1.1. Annual Growth Rate Comparison, By Country
10.1.2. BPS Analysis, By Country
10.2. Market (US$Mn) Forecast, By Country
10.2.1. China Concentrated Solar Power (CSP) Market
10.2.2. India Concentrated Solar Power (CSP) Market
10.2.3. Japan Concentrated Solar Power (CSP) Market
10.2.4. Australia and New Zealand Concentrated Solar Power (CSP) Market
10.2.5. South Korea Concentrated Solar Power (CSP) Market
10.2.6. ASEAN Concentrated Solar Power (CSP) Market
10.2.7. Rest of Asia Pacific Concentrated Solar Power (CSP) Market
10.3. Asia Pacific Concentrated Solar Power (CSP) Market, By Technology
10.3.1. Parabolic Trough
10.3.2. Power Tower
10.3.3. Linear Fresnel
10.3.4. Dish/Engine System
10.4. Asia Pacific Concentrated Solar Power (CSP) Market, By Component
10.4.1. Solar Field
10.4.2. Power Block
10.4.3. Thermal Energy Storage System
10.5. Asia Pacific Concentrated Solar Power (CSP) Market, By End User Industry
10.5.1. Utilities
10.5.2. Enhanced Oil Recovery
10.5.3. Others
10.6. Asia Pacific Concentrated Solar Power (CSP) Market Attractiveness Index
10.6.1. By Country
10.6.2. By Technology
10.6.3. By Component
10.6.4. By End User Industry
11. Middle East Concentrated Solar Power (CSP) Market Analysis and Forecast, 2020–2028
11.1. Introduction
11.1.1. Annual Growth Rate Comparison, By Country
11.1.2. BPS Analysis, By Country
11.2. Market (US$Mn) Forecast, By Country
11.2.1. GCC Countries Concentrated Solar Power (CSP) Market
11.2.2. Israel Concentrated Solar Power (CSP) Market
11.2.3. Oman Concentrated Solar Power (CSP) Market
11.2.4. Rest of Middle East Concentrated Solar Power (CSP) Market
11.3. Middle East Concentrated Solar Power (CSP) Market, By Technology
11.3.1. Parabolic Trough
11.3.2. Power Tower
11.3.3. Linear Fresnel
11.3.4. Dish/Engine System
11.4. Middle East Concentrated Solar Power (CSP) Market, By Component
11.4.1. Solar Field
11.4.2. Power Block
11.4.3. Thermal Energy Storage System
11.5. Middle East Concentrated Solar Power (CSP) Market, By End User Industry
11.5.1. Utilities
11.5.2. Enhanced Oil Recovery
11.5.3. Others
11.6. Middle East Concentrated Solar Power (CSP) Market Attractiveness Index
11.6.1. By Country
11.6.2. By Technology
11.6.3. By Component
11.6.4. By End User Industry
12. Africa Concentrated Solar Power (CSP) Market Analysis and Forecast, 2020–2028
12.1. Introduction
12.1.1. Annual Growth Rate Comparison, By Country
12.1.2. BPS Analysis, By Country
12.2. Market (US$Mn) Forecast, By Country
12.2.1. South Africa Concentrated Solar Power (CSP) Market
12.2.2. Egypt Concentrated Solar Power (CSP) Market
12.2.3. North Africa Concentrated Solar Power (CSP) Market
12.2.4. Rest of Africa Concentrated Solar Power (CSP) Market
12.3. Africa Concentrated Solar Power (CSP) Market, By Technology
12.3.1. Parabolic Trough
12.3.2. Power Tower
12.3.3. Linear Fresnel
12.3.4. Dish/Engine System
12.4. Africa Concentrated Solar Power (CSP) Market, By Component
12.4.1. Solar Field
12.4.2. Power Block
12.4.3. Thermal Energy Storage System
12.5. Africa Concentrated Solar Power (CSP) Market, By End User Industry
12.5.1. Utilities
12.5.2. Enhanced Oil Recovery
12.5.3. Others
12.6. Africa Concentrated Solar Power (CSP) Market Attractiveness Index
12.6.1. By Country
12.6.2. By Technology
12.6.3. By Component
12.6.4. By End User Industry
13. Recommendation
13.1. Market Strategy
14. Competitive Landscape
14.1. Competition Dashboard
14.2. List and Company Overview of Global Key Players
14.3. Company Profiles
14.3.1. Teletrac Navman Group
14.3.1.1. Company Overview
14.3.1.2. Financial Overview
14.3.1.3. Technology Portfolio
14.3.1.4. Key Developments
14.3.1.5. Business Strategies
14.3.2. Omnitracs
14.3.3. Autotrac
14.3.4. Fleetmatics
14.3.5. Masternaut Limited
14.3.6. Digicore Technologies
14.3.7. TomTom Telematics BV
14.3.8. Telogis
14.3.9. Trimble Inc.
14.3.10. MiX Telematics
15. Acronyms
Frequently Asked Question
At what CAGR will the concentrated solar power market expand?
: The market is anticipated to rise at 16.1% through 2032.
: What is the market size of the concentrated solar power market in 2023?
The global concentrated solar power market size reached US$ 7.1 Billion in 2023.
What are some key factors driving revenue growth of the concentrated solar power market?
Some key factors driving concentrated solar power (CSP) market revenue growth include government support, technological advancements, energy demand, environmental concerns, and regional factors.
What are some major challenges faced by companies in the concentrated solar power market?
Companies face challenges such as high initial costs, global economic conditions, regulatory and policy uncertainty, global economic conditions, grid integration, and competition from other energy sources.
Which is the fastest-growing region during the forecast period?
Asia Pacific is expected to be the fastest growing region during the forecast period of 2024-2032.
How is the competitive landscape in the concentrated solar power market?
The market is competitive, with key players focusing on technological advancements, product innovation, and strategic partnerships. Factors such as product quality, reliability, after-sales services, and customization capabilities play a significant role in determining competitiveness.
Who are the leading key players in concentrated solar power market?
The leading key players in the drug designing tools application market are Abengoa Solar, S.A., Brightsource Energy, Inc., ACWA Power, Esolar, Inc., Solarreserve, LLC, Aalborg CSP A/S., TSK Flagsol Engineering GmbH, Alsolen, Archimede Solar Energy, Acciona Energy, Cobra Energia, Frenell GmbH, Nexans, Soltigua, Baysolar CSP, Siemens AG and Solastor.
How is concentrated solar power market segmented on the basis of technology?
Based on technology, the concentrated solar power (CSP) market is segmented as Parabolic Trough, Power Tower, Linear Fresnel, Dish/Engine System, By Component, Solar Field, Power Block and Thermal Energy Storage System.