Concentrated Solar Power (CSP) Market Size Analysis

According to a recent survey conducted by ChemView Consulting, the Global Concentrated Solar Power (CSP) Market grew at a CAGR of 18.6% between 2017-2021 and is estimated to be US$ 9,423.7Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 15.9% and is expected to reach a valuation of US$ 41,215.0Mn by 2032 end.

Mirrors focus the incoming sunlight into a single spot for concentrated solar power. Here, this energy is transformed into heat that can be used as industrial process heat or to create steam to power a turbine. These systems can incorporate thermal energy storage units, providing electricity when it’s overcast or dark outside. For this technique, several modern tools are accessible, including power towers, fresnel reflectors, and parabolic troughs. The optimum tool can be used based on the circumstances.

Market Dynamic

GROWING ADOPTION OF RENEWABLE SOURCES FOR POWER GENERATION TO BOOST THE MARKET

Over the past ten years, renewable energy sources have gained attention due to the world’s increasing need for endless energy sources and the requirement to reduce carbon emissions. The global capacity was 1.3 GW at the end of 2010, but due to the expansion of CSP installations, it increased rapidly to more than 6 GW in 2019.

With more and more investments planned in the upcoming years, it is anticipated that this trend of increasing the share of renewable energies in each country’s power mix will continue. Around 29% of the electricity produced worldwide today comes from renewable sources; this percentage is predicted to grow exponentially over the next several years, driving the market’s expansion.

HEAVY CAPITAL INVESTMENT AND HIGHER COST OF ELECTRICITY PER UNIT POSE A THREAT TO MARKET GROWTH

The main market limitation is the significant capital expenditure required to install this facility. Additionally, clients may choose solar PV installation over this technology in residential and commercial settings due to the need for a wide space. A significant flaw in the system is the average cost of electricity produced by CSP, which is USD 0.20/kWh, and solar PV, which is between USD 0.5-0.10/kWh.

PUSH TOWARDS ADVANCED SOLAR ENERGY TECHNOLOGIES WILL ATTRACT INVESTMENT IN THE MARKET

Major industry players are attempting to introduce new cutting-edge technologies, which will raise the existing power generation, as solar energy installations have increased and higher operating efficacies have been documented worldwide. To maximize the heat transfer capability with the least amount of losses, new heat transfer fluids such as high-temperature salts, sCO2, and proppants are being tested. Additionally, scientists are developing new receiver coatings that will lessen the quantity of light deflected away.

Market Segments Covered in Report

By Technology:

• Parabolic Trough
• Power Tower
• Linear Fresnel

By Application:

• Residential
• Non-residential
• Utility

By Region and Country:

• North America (U.S., Canada)
• Latin America (Brazil, Mexico, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
• Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
• Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
• Africa (South Africa, Nigeria, Egypt, Rest of Africa)

Segment-Wise Analysis

Which Technology segment contributes most to Concentrated Solar Power (CSP) Market growth?

The most cutting-edge technology now available, the parabolic trough is anticipated to dominate the market. Additionally, it requires less cash than its competitors. 45.5% of the funded projects made use of the parabolic trough technology. Because of their greater effectiveness and improved capacity for storing energy, power towers are anticipated to experience a steady increase.

Region-Wise Analysis

The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.

• With a market share of 42.1%, the demand for efficient and clean power generation technologies, along with the replacement of outdated power generation infrastructure and the conversion of coal-based power plants to gas-based ones, are driving the growth of the Asia Pacific market.
• The U.K. gas engine market is anticipated to increase steadily throughout the projected period due to rising government regulations, growing use of natural gas for mechanical drive applications, and growing emphasis on lowering carbon emissions.

Competition Analysis

The concentrated solar power industry’s competitive landscape shows a market controlled by businesses devoted to technological breakthroughs resulting in higher efficiency and reduced production costs. The regions with the highest CSP installations, Europe and North America, are home to businesses. These businesses aim to gain a strong presence in the market because investments in this technology are anticipated to increase in other regions, including the Middle East and Asia Pacific.

The key developments in the Global Concentrated Solar Power (CSP) Market:

• In March 2020, for the Jinta 100MW Molten Salt Tower Concentrating Solar Power Project, Shouhang Hightech Energy Technology Co., Ltd. (Shouhang) and the government of Gansu Province signed a Cooperation Agreement on Investment. By the end of 2021, the project is anticipated to be completed.
• In January 2020, Hayward Tyler stated that Shanghai Electric had awarded it a contract to supply a glandless pump package. At Bin Rashid Al Maktoum Solar Park Phase IV, a 950MW hybrid solar field project would be installed using the equipment offered. A parabolic basin complex will provide 600 MW for the project, a solar thermal tower will provide 100 MW, and PV panels will provide 250 MW.

A list of some of the key suppliers present in the market are:

• BrightSource Energy
• Abengoa Solar
• Siemens
• Acciona
• Solar Reserve
• ACWA Power
• Torresol Energy
• Trivelli Energia
• Abors Green GmbH
• Parvolen CSP Technologies
• Sener
• Rioglass

Report Coverage and Highlights

• Our comprehensive, data-backed, and facts-oriented report provides niche and cross-sectional analysis at global and country levels.
• Assessment of the historical (actual data) and current market size (2017-2021), market projections (2022-2032), and CAGR.
• The market assessment across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa.
• Competitive tactical intelligence, key strategies adopted by top players, production capacity and company shares analysis, product brand surveys, and export-import analysis
• Pricing analysis to set and benchmark your current or future offerings across each product type helps you understand whether your pricing strategy is aligned with market expectations and can be compared to market disruptions.
• Predictions on critical supply and demand trends and technological expertise needed to address operations scalability.
• Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
• Key drivers, restraints, opportunities, and emerging trends impacting the market growth.
• Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
• Strategic market analysis, recommendations, and future headways on crucial winning strategies.

• Report Includes

  Market Size Data

  • Global market size data, historical (2018 to 2022) and forecast (2023 to 2033), by each segment and region
  • Regional level market size data, historical (2018 to 2022) and forecast (2023 to 2033), by each segment and country
  • Country level market share data, historical (2018 to 2022) and forecast (2023 to 2033), by each segment
  • Market attractiveness analysis based on market share index and CAGR index for each of the segments and regions
  • Incremental dollar opportunity generated in the forecast period would be indicated
  • Key Takeaways, Recommendations, and key investment pockets for the relevant segments would be highlighted

  Market Background

  • Macroeconomic factors that impact the market developments
  • Market dynamics (Drivers, Restraints, Opportunities) that positively or negatively influence market growth
  • Supply Side and Demand Side trends – trends witnessed from buyers and suppliers side
  • Production and Consumption Gap Analysis – analysis of gap between production and consumption in any geography to fulfil unmet demand
  • Trade analysis and analysis of key supply and demand hubs
  • Identification of hotbed opportunities existing in the market
  • Porter’s and PEST analysis to understand the business environment of the geography
  • Regulatory scenario – Identification of key sector specific and trade regulations, and assessment of whether it helps or hinder market development & growth

  Pricing Analysis

  • Regional-level product pricing analysis to set and benchmark your current or future product offerings across each product type
  • Historical and projected pricing trends of the product which helps in determining the product’s price and/or services beneficial for companies product lifecycle
  • Cost teardown analysis and key factors impacting pricing

  Value Chain Analysis

  • Country-wise list of raw material suppliers
    • Raw material price trends and buyers’ sentiment
    • Overview of Intelligent Sourcing Technique
    • Raw material procurement requirements
    • Vendor selection criteria
  • Country-wise list of product manufacturers
  • Country-wise list of distributors/traders
  • Country-wise list of end-users
    • End-Users/Customers consumption mapping
    • Key End-Users/Customers client list
  • Country-wise list of other key channel partners
  • Average profitability margins
  • Regional value chain dynamics

  Competition Analysis

  • Market shares and production capacities of key players
  • Tier structure analysis of market
  • Comprehensive competition dashboard representing the top 10-15 players in the market
  • Individual company profiles of top 15 to 20 manufacturers
    • Business Overview
    • Product Portfolio
    • Key Financials
    • Recent Developments
    • SWOT Analysis
    • Strategies

Country Coverage
North America: U.S., Canada
Latin America: Brazil, Mexico, Argentina, Central America, Rest of Latin America
Western Europe: Germany, Italy, France, UK, Spain, Poland, Romania, Rest of Western Europe
Eastern Europe: Russia & Belarus, Balkan Countries, Baltic Countries, Central Asia, Rest of Eastern Europe
Middle East & Africa: KSA, UAE, Turkey, Israel, Northern Africa, South Africa, Rest of Middle East & Africa
East Asia: China, Japan, South Korea
South Asia & Pacific: India, ASEAN, Australia & New Zealand, Rest of South Asia & Pacific

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