Richmond, Feb. 15, 2024 (GLOBE NEWSWIRE) -- According to a research report "Concentrating Solar Power Market”, by Product Type (linear concentrator, dish/engine, and power tower systems, others), Heat Transfer Fluid (air, water, molten salts, glycol-based, glycerol-based and synthetic oils), Application (Residential, Non-Residential, Utility), and Region - Global Forecast to 2030.
Global Concentrating Solar Power Market Report Scope:
| Report | Details |
| Market size value in 2023 | USD 5.48 Billion |
| Market size value in 2030 | USD 18.8 Billion |
| CAGR (2023-2030) | 16.63% |
| Forecast Period | 2023–2030 |
| Historic Data | 2019 |
| Forecast Units | Value (USD Million/USD Billion) |
| Segments Covered | Product Type, Heat Transfer, Application and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and RoW |
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| Sample of Companies Covered |
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TOC Covers in Depth & Breath on Concentrating Solar Power Market
170 - Market Data Tables
65 - List of Figures
225 – Pages
The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.
Market Overview
The Global Concentrating Solar Power Market plays a crucial role in advancing the cause of sustainable electricity generation through a distinctive approach. This involves the use of mirrors to reflect, concentrate, and focus natural sunlight onto a specific point, transforming it into heat. The generated heat is then utilized to produce steam, subsequently propelling a turbine to generate electrical power. Various factors contribute to the expansion of this market. Governments worldwide, including those in the U.S., Spain, Morocco, India, and China, have implemented measures to mitigate carbon footprints and decrease greenhouse gas emissions. This collective effort is anticipated to strengthen the global CSP market in the forecast period. The market is additionally propelled by the rising demand for electricity generation, a growing awareness of sustainable technology, and initiatives to decrease capital costs by improving the efficiency of converting sunlight into energy. Furthermore, concerns about environmental issues related to carbon emissions and efforts to combat air pollution also play a role in driving market growth. Looking forward, market players have significant opportunities for growth, including the escalating demand for electricity generation, increased awareness of sustainable technology, reduced capital costs achieved through improved energy conversion efficiency, and a shared commitment to addressing environmental concerns regarding carbon emissions and air pollution. These factors collectively position the Concentrating Solar Power Market for substantial growth in the predictable future.
Major Vendors in the Global Concentrating Solar Power Market:
- Abengoa Solar, S.A.
- ACCIONA
- BrightSource Energy, Inc.
- eSolar, Inc
- NextEra Energy Resources, LLC.
- SCHOTT Solar AG
- SkyFuel, Inc.
- Solar Millennium AG
- SolarReserve, LLC
- TSK Flagsol
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Increasing demand for electricity generation
Several crucial factors drive the global Concentrating Solar Power (CSP) market, with the primary driver being the increasing demand for electricity generation. As the current global energy demand rises, traditional fossil fuels face limitations in regenerating themselves rapidly enough to meet these growing needs. Opting for solar panels as a means of power generation emerges as a sustainable alternative, devoid of the emission of greenhouse gases into the atmosphere. Consequently, the necessity for concentrated solar power becomes evident in a world contending with pollution. As per the International Renewable Energy Agency (IRENA), the persistent development, urbanization, and industrialization in metropolitan areas, accompanied by the expansion of construction businesses and the rising number of emerging companies, collectively contribute to the heightened demand for electricity generation. These elements serve as potent catalysts, propelling the adoption and expansion of the Concentrating Solar Power market. This aligns with the crucial shift towards cleaner and more sustainable energy sources in response to the mounting energy demands.
Market Dynamics
Drivers:
- Increasing demand for electricity generation
- Growing awareness about the use of sustainable technology
- Reduces capital costs by increasing the efficiency of converting sunlight into energy
- Environmental concerns over carbon emissions and efforts to reduce air pollution
- Increasing Depletion of Fossil Fuels
Opportunities:
- Technological Advancements CSP System
- Use CSP technology for a variety of industrial applications
- Expansion of the CSP technology
- The deployment of CSP technology to lower greenhouse gas emissions
Use CSP technology for a variety of industrial applications
The global concern for access to clean water has led to the adoption of desalination as a viable solution in water-scarce regions. Concentrated Solar Power (CSP) is harnessed in desalination plants to supply the necessary energy for the purification process, diminishing reliance on fossil fuels. The thermal energy produced by CSP proves instrumental in powering multi-effect distillation or reverse osmosis systems, thereby rendering desalination more sustainable and environmentally friendly. This approach not only reduces carbon emissions by replacing traditional fossil fuel sources but also provides a cost-effective and sustainable solution to address water scarcity, offering an alternative to conventional desalination methods. In the oil and gas industry, Enhanced Oil Recovery (EOR) techniques aim to extract additional oil from reservoirs, with CSP playing a pivotal role in thermal EOR methods such as steam flooding. By leveraging concentrated solar energy to generate steam, this approach significantly enhances oil recovery efficiency while minimizing the environmental impact associated with traditional EOR techniques. This application extends the economic lifespan of mature fields, reduces the reliance on natural gas for steam generation, and concurrently lowers greenhouse gas emissions while improving overall efficiency.
Europe dominates the market for Concentrating Solar Power
In the regional analysis of the Concentrated Solar Power market, regions are classified into Europe, North America, Asia Pacific, Middle East & Africa, and Latin America. Europe has emerged as the leading global producer of power through CSP technology, with its installed capacity ranking highest. However, the economic slowdown in the region has led to a gradual decline in market growth during the installation process. Despite this, the market in Europe is anticipated to witness a resurgence in growth in the coming years. Following Europe, North America and Asia Pacific rank below in terms of CSP production. Notably, Asia Pacific is poised for significant growth in the CSP market in the foreseeable future. The market players are strategically investing in the Asia Pacific and North American regions, aiming to capitalize on the expanding opportunities in concentrated solar power. This indicates a positive outlook for the concentrated solar power market in both Asia Pacific and North America.
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The Product Type Segments is anticipated to hold the Largest Market Share during the Forecast Period
In the global Concentrating Solar Power Market, the Product Type segment encompasses various categories, including linear concentrators, dish/engine systems, power tower systems, and others. Linear concentrator systems harness the sun's energy through elongated, curved (U-shaped) mirrors. These mirrors are oriented towards the sun, concentrating sunlight onto tubes that traverse the mirrors' length. The focused sunlight heats a fluid circulating through the tubes. The heated fluid is then employed to steam water in a traditional steam turbine generator, generating electricity. Two primary types of linear concentrator systems exist parabolic trough systems, with receiver tubes positioned along the focal line of each parabolic mirror, and linear Fresnel reflector systems, where one receiver tube is positioned above multiple mirrors, allowing enhanced mobility for the mirrors to track the sun.
In the global Concentrating Solar Power Market, the Product Type segment comprises various categories such as linear concentrators, dish/engine, and power tower systems, Others. Linear concentrator systems collect the sun's energy using long rectangular, curved (U-shaped) mirrors. The mirrors are tilted toward the sun, focusing sunlight on tubes that run the length of the mirrors. The reflected sunlight heats a fluid flowing through the tubes. The hot fluid then is used to boil water in a conventional steam turbine generator to produce electricity. There are two major types of linear concentrator systems: parabolic trough systems, where receiver tubes are positioned along the focal line of each parabolic mirror; and linear Fresnel reflector systems, where one receiver tube is positioned above several mirrors to allowing the mirrors greater mobility in tracking the sun.
Segmentations Analysis of Concentrating Solar Power Market: -
- By Product Type
- Linear Concentrator
- Dish/Engine
- Power Tower Systems
- Others
- By Heat Transfer Fluid
- Air, Water
- Molten Salts
- Glycol-Based
- Glycerol-Based
- Synthetic Oils
- By Application
- Residential
- Non-Residential
- Utility
- Others
- By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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