Wilmington, DE, Jan. 12, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Concentrated Solar Power Market by Technology (Parabolic Trough, Solar Power Tower, Fresnel Reflectors, and Dish Stirling) and End-use Industry (Residential, Commercial, and Industrial): Global Opportunity Analysis and Industry Forecast, 2023-2032”. According to the report, the global concentrated solar power market was valued at $6.1 billion in 2022, and is projected to reach $28.2 billion by 2032, registering a CAGR of 16.6% from 2023 to 2032.
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Prime determinants of growth
The global concentrated solar power market is experiencing growth due to several factors such as surge in demand for renewable energy, rise in environmental concerns, and favorable government incentives, subsidies, and policies. However, the high initial costs of concentrated solar power hinder the market growth to some extent. Moreover, the advancements in technologies such as hybridization and system integration offer several benefits that amplify its efficiency, reliability, and overall contribution to the energy landscape. This helps to reduce dependency on non-renewable resources and offers remunerative opportunities for the expansion of the concentrated solar power market.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $6.1 billion |
| Market Size in 2032 | $28.2 billion |
| CAGR | 16.6% |
| No. of Pages in Report | 250 |
| Segments covered | Technology, End-Use Industry, and Region. |
| Drivers |
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| Opportunities |
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| Restraints |
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Solar power tower segment maintains its dominance by 2032.
By technology, the solar power tower segment held the highest market share in 2022, accounting for more than half of the global concentrated solar power market revenue and is estimated to maintain its leadership status throughout the forecast period. It offers higher efficiency in energy conversion compared to some other CSP technologies. It has the potential to achieve higher temperatures, enabling more efficient electricity generation through steam turbines. This efficiency factor makes solar power tower attractive for utility-scale power generation. In addition, ongoing research and technological advancements in materials, receiver designs, and heliostat controls have contributed to increased efficiency and reduced costs in solar power tower systems. All these factors increase the demand for the solar power tower during the forecast period.
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The industrial segment is expected to lead the trail by 2032
By end-use industry, the industrial segment held the highest market share in 2022, accounting for more than half of the global concentrated solar power market revenue, and is estimated to dominate during the forecast period. Industrial sectors often require uninterrupted power sources. CSP, with its ability to integrate thermal energy storage, provides a reliable and dispatchable source of energy, reducing dependence on intermittent renewables and ensuring a consistent power supply. In addition, stringent environmental regulations and corporate sustainability goals drive industries to transition towards cleaner energy sources. CSP carbon-neutral and environmentally friendly nature aligns with these objectives, making it an attractive option for reducing greenhouse gas emissions and environmental impact.
Asia-Pacific is expected to grow faster throughout the forecast period
By region, Asia-Pacific held the highest market share and fastest growing region in terms of revenue in 2022, accounting for more than half of the global concentrated solar power market revenue, and is estimated to maintain its leadership status throughout the forecast period. Rapid economic growth in countries like India and China has led to increased energy demands. CSP offers a viable solution to meet these escalating energy needs while reducing reliance on fossil fuels and diversifying the energy mix. In addition, various governments across the region have implemented supportive policies, incentives, and targets promoting renewable energy adoption. Initiatives such as feed-in tariffs, renewable energy targets, tax incentives, and favorable regulatory frameworks encourage CSP development.
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Leading Market Players: -
- AALBORG CSP
- ACCIONA
- ACWA POWER
- ATLANTICA SUSTAINABLE INFRASTRUCTURE PLC.
- BRIGHTSOURCE
- FRENELL GMBH
- GENERAL ELECTRIC
- RIOGLASS SOLAR INC.
- SENER
- SIEMENS ENERGY AG
The report provides a detailed analysis of these key players in the global concentrated solar power market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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