Tokyo, April 01, 2022 (GLOBE NEWSWIRE) -- The global concentrated solar power market size was reached at US$ 41.73 billion in 2021. The global concentrated solar power market is primarily driven by the rising adoption of the renewable energy sources owing to the rising government initiatives and curbing the carbon emissions. The increased pollution levels have forced the governments across the globe to frame favorable regulation that can boost the adoption of the renewable and green energy sources. Moreover, the availability of advanced technologies such as Fresnel reflectors, parabolic troughs, and power towers are positively contributing towards the growth of the market.
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Technological advancements such as proppants, high temperature salts, and sCO2 facilitate heat transfer with minimum losses. Furthermore, the increasing investments for the development of innovative glass coatings that can reduce the light reflection away from the glass is expected to foster the concentrated solar power market in the forthcoming future. Further, the cheap cost and enhanced efficiencies of the concentrated solar power systems over the solar PV has significantly driven the global concentrated solar power market.
| Report Scope | Details |
| Market Size in 2021 | USD 41.73 Billion |
| Growth Rate | CAGR of 13.8% from 2022 to 2030 |
| Largest Market | Asia Pacific |
| Fastest Growing Region | North America |
| Companies Covered | Abengoa Solar, TSK Flagsol Engineering, Acciona Energy, GE Renewable Energy, Enel Green Power, Suntrace, Shams Power, BrightSource Energy, Inc., CSP Services, ACWA Power, Atlantica Yield PLC, Therminol, SolarReserve, Chiyoda Corporation |
Report Highlights
- Based on the application, the utility segment dominated the global market in 2020. This is attributed to the rising number of concentrated solar projects in the developing markets such as Asia Pacific and Middle East. The rapid industrialization and urbanization is a significant factor that is expected to propel the growth of this segment.
- Based on the technology, the power tower is estimated to be the most opportunistic segment. Cheap cost, improved design, and easy installation are some of the features that are expected to drive the growth of this segment during the forecast period.
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Regional Snapshot
Asia Pacific garnered a market share of around 42% and led the global concentrated solar power market in 2020. This is attributed to the surging installation of the concentrated solar power plants in the countries like China. Asia pacific is witnessing rapid industrialization and rapid urbanization, which is boosting the need for efficient power supply. Moreover, the rising air pollution levels in the region is encouraging the government and corporate sector to opt for the renewable energy sources. The development of favorable government policies that encourages the adoption of the renewable energy sources is playing a prominent role in the growth of the Asia Pacific concentrated solar power market.
North America was the second leading market in 2020. North America is characterized by the increased awareness regarding the carbon emissions, strict laws regarding the environment protection, and government subsidies for encouraging the adoption of the renewable sources of energy. Furthermore, the higher adoption of latest technologies and increased investments in the deployment of the renewable power sources is a significant driver of the North America concentrated solar power market.
Developing regions like Middle East is expected to witness a significant growth rate during the forecast period, owing to the rising infrastructural developments coupled with the increased demand for the energy plants. Moreover, the government initiatives and the key strategies adopted by the key market players are contributing towards the market growth. For instance, in 2018, United Arab Emirates increased its sustainable energy capacity and reached 2 GW out of 30 GW due to the commissioning of at Bin Rashid Al Maktoum Solar Park in Abu Dhabi.
Market Dynamics
Driver
Rising efforts to control carbon emission and curb air pollution
The increased pollution levels due to the emissions from various sources has resulted in the climate change and harmful impact on the environment. Burning of fossil fuels like coal, oil, and gas is a major factor behind the increased levels of carbon emissions. This has forced the government to take necessary steps to curb the carbon footprint and invest in the development of renewable power technologies. This is a major factor that is expected to drive the market growth.
Restraint
High initial investments associated with the concentrated solar power technology
The components used in the concentrated solar power technology is very costly. The initial investment accounts for 80% of the total cost of installing concentrated solar power technology. Furthermore, additional costs are involved in the maintenance and operation of the systems. Therefore, the high capital investments is the major factor that may hinder the market growth during the forecast period.
Opportunity
Integration of the concentrated solar power to the hybrid plants
The hybrid power plants are capable of using two or more sources fuel to generate power. The solar power is gaining rapid traction across the globe. The availability of the hybrid power plants is capable of utilizing the solar energy for generating power. The rising adoption of the hybrid power plants is expected to have a positive impact on the market growth in the forthcoming future.
Related Reports
- Floating Solar Market Research Report 2022 – 2030
- Solar Power Market Research Report 2022 – 2030
- Solar Photovoltaic (PV) Market Research Report 2022 – 2030
Challenge
Complexities of the concentrated solar power systems
There are certain complexities associated with the designing and installation of the concentrated solar power systems. These complexities may reduce the demand for the concentrated solar power and opt for alternatives like solar PV. This is a major threat faced by the market players.
Market Segmentation
By Application
- Enhanced Oil Recovery
- Desalination
- Utility
- Others
By Technology
- Linear Fresnel
- Dish
- Parabolic Trough
- Power Tower
By Capacity:
- Less than 50 MW
- 50 MW to 99 MW
- 100 MW and above
By Operation Type:
- Stand-alone Systems
- With Storage
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
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