Global Concentrated Solar Power Market Forecasts to 2030
Overview of Global Concentrated Solar Power market:
According to Stratistics MRC, the Global Concentrated Solar Power Market is accounted for $6.91 billion in 2024 and is expected to reach $20.02 billion by 2030 growing at a CAGR of 19.4% during the forecast period. Concentrated Solar Power (CSP) is a renewable energy technology that harnesses sunlight to generate electricity. Unlike photovoltaic systems that convert sunlight directly into electricity using solar panels, CSP systems focus sunlight onto a small area using mirrors or lenses. This concentrated sunlight heats a fluid, typically water or molten salt, to produce steam, which then drives a turbine connected to a generator to generate electricity. Additionally, CSP plants can be integrated with thermal energy storage systems, allowing for electricity production even after sunset.
This report analyzes the Concentrated Solar Power market from 2022 to 2030. It uses a combination of detailed sales and revenue data with insights from industry experts. The report goes beyond just market size and growth rate. It also dives into different market segments, such as Region, Component, Technology and End User. This provides a comprehensive picture of how the market breaks down across various categories.
As COVID-19 has reshaped the world economy, our team has been keeping a careful eye on its effects on the market. Beyond the pandemic, we take into account other important variables such as the general state of the economy, local conflicts, and news and regulations unique to the industry. This guarantees a comprehensive perspective on the market.
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Market Dynamics:
Driver:
Growing concerns about energy security
As traditional energy sources face volatility due to geopolitical tensions and finite reserves, countries seek sustainable alternatives to safeguard their energy independence. CSP offers a viable solution by harnessing solar energy through large-scale installations, providing a reliable and renewable power source. Its inherent reliability, with the ability to store thermal energy for extended periods, mitigates the intermittency issues commonly associated with solar power. Furthermore, CSP facilities can be strategically located in regions abundant in sunlight, reducing dependency on imported fossil fuels and strengthening domestic energy resilience.
Restraint:
High initial investment
High initial investment acts as a significant barrier to the growth of the Concentrated Solar Power (CSP) market. The technology requires substantial upfront capital for construction and infrastructure development, including specialized mirrors, receivers, and storage systems. These costs often deter potential investors and developers from entering the market or expanding existing projects. The lengthy construction period further exacerbates financial risks, as returns on investment are delayed. However, the uncertainty surrounding government policies and incentives adds another layer of hesitation for investors. Without sufficient financial backing and favorable regulatory support, the widespread adoption of CSP technology is hindered, limiting its potential contribution to renewable energy targets and sustainable development goals.
Opportunity:
Job creation and economic development
As governments and businesses invest in CSP infrastructure, such as solar power plants and associated technologies, they create a demand for skilled labor in construction, engineering, and maintenance sectors. This leads to job opportunities for local communities, stimulating economic growth and development. Moreover, the establishment of CSP projects often requires collaboration between various stakeholders, including government agencies, investors, and technology providers, fostering partnerships and boosting innovation.
Threat:
Slower adoption in underdeveloped areas
The slower adoption of concentrated solar power (CSP) in underdeveloped areas presents a significant hindrance to the growth of the CSP market. Limited access to capital, inadequate infrastructure, and regulatory challenges impede the implementation of CSP projects in these regions. Underdeveloped areas often lack the necessary technological expertise and skilled workforce required for the construction and maintenance of CSP plants, further exacerbating the adoption gap. However, unreliable grid systems and inconsistent government policies deter potential investors from committing to CSP projects in these regions.
Covid-19 Impact:
The Covid-19 pandemic significantly impacted the Concentrated Solar Power (CSP) market due to the widespread disruptions in global supply chains caused delays in the construction and deployment of CSP projects, leading to project cancellations or postponements. The economic downturn resulting from lockdowns and restrictions reduced investments in renewable energy projects, including CSP. The uncertainty surrounding the pandemic also affected investor confidence, further slowing down the growth of the CSP market. Moreover, travel restrictions and social distancing measures hindered the execution of maintenance and operation activities for existing CSP plants, affecting their efficiency and performance.
The Power Block segment is expected to be the largest during the forecast period
Power Block segment is expected to be the largest during the forecast period by improving overall efficiency and reliability. It consists of key components like turbines, generators and heat exchangers, which convert solar energy into electricity. Innovations in Power Block technology have led to increased efficiency in converting solar heat into electricity, making CSP systems more cost-effective and competitive with other forms of renewable energy. Advanced designs and materials allow for higher temperatures and pressures, resulting in greater energy output and improved performance even in challenging environments.
The Linear Fresnel Reflectors segment is expected to have the highest CAGR during the forecast period
Linear Fresnel Reflectors segment is expected to have the highest CAGR during the forecast period, by offering a cost-effective and efficient alternative to traditional concentrating solar technologies. Unlike conventional CSP systems that use large parabolic mirrors or dishes to concentrate sunlight onto a single focal point, LFRs utilize long, flat mirrors to reflect sunlight onto a linear receiver. This segmented design allows for easier manufacturing, installation, and maintenance compared to other CSP technologies, making LFRs more accessible to a wider range of applications and locations.
Region with largest share:
Asia Pacific region commanded the largest share of the market over the extrapolated period, by combining CSP with other renewable energy sources like wind or photovoltaic (PV) systems, hybrid power plants are addressing the intermittency issues inherent in solar energy. This integration ensures a more stable and reliable power supply, catering to the region's increasing energy demands. Additionally, hybridization in the region allows for better utilization of existing infrastructure and resources, optimizing the overall efficiency of the power generation process. The flexibility offered by hybrid power plants enables energy producers to adapt to varying weather conditions and demand patterns, further bolstering the region's energy resilience.
Region with highest CAGR:
Asia Pacific region is poised to hold profitable growth over the estimation period. Through policies promoting renewable energy and incentivizing CSP projects, governments are driving investment and innovation in the sector across the region. Regulations mandating renewable energy targets or providing financial support such as feed-in tariffs and tax incentives encourage the regional adoption of CSP technology. Additionally, regulatory frameworks ensure grid integration and streamline permitting processes, reducing barriers to entry for CSP developers in the Asia Pacific region.
Key Developments:
In February 2024, ACWA Power and Larsen and Toubro Limited (LandT) announced that it has been selected Nextracker, a leading global provider of intelligent solar tracking equipment and software solutions, to supply the NX Horizon-XTR? ground tracker for a 1.17 GW installation in Al Kahfah. Solar energy. Power plant, a strategically important renewable energy project in the Central Province of Saudi Arabia, part of the National Renewable Energy Program.
In August 2023, In aggregation with President Biden's visit to Wisconsin, Siemens announced that it will begin production of photovoltaic (PV) inverters in Kenosha, Wisconsin, where the company produces solar energy components specifically designed to serve the US market. Owned and operated by the company's long-term manufacturing partner Sanmina, the Kenosha plant will help meet increased demand for local manufacturing of critical parts of solar projects and help customers take advantage of the full value of solar tax incentives and home content incentives.
In July 2023, BrightSource Energy Inc., a global leader in concentrated solar thermal (CSP) technology, has announced the spin-off of its Israeli, UK and South African subsidiaries to form a new group known as New BrightSource Energy LTD. Izik Kirshenbaum leads the new group with Israeli and British leadership.
In May 2022, the General Office of State Council, China released a new for Development of New Energy Implementation Plan. The plan promotes the development of solar power generation projects in the country. This aims to encourage the solar power generation as peak power generation model in West and other areas of China with good solar conditions.
Leading Industry Players in the Concentrated Solar Power market worldwide:
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Global Concentrated Solar Power Market Segmentation
The Concentrated Solar Power market segmentation encompasses various dimensions, including component, technology, end user, region, and competitors. By Component, this chapter provides detailed exploration of essential elements powering CSP systems, highlighting key components and their functions. The market is segmented by Technology, which gives in-depth analysis of cutting-edge technologies driving efficiency and innovation within the CSP sector. Based on End User, it examines industries and sectors leveraging CSP solutions for sustainable energy generation and operational efficiency. Geographically, the market is segmented into major regions such as North America, Europe, Asia Pacific, South America, the Middle East and Africa, each exhibiting different market dynamics and growth opportunities. Competitor analysis reveals the competitive landscape, with major players developing new products, strategic partnerships, mergers and acquisitions, and competing for market share. Additional segmentation factors provide a comprehensive understanding of the Concentrated Solar Power market's structure and potential.
Geographic Regions Covered:
North America: United States, Canada, and Mexico.
Europe: Germany, United Kingdom, Italy, France, Spain, and Rest of Europe.
Asia Pacific: Japan, China, India, Australia, New Zealand, South Korea, and Rest of Asia Pacific.
South America: Argentina, Brazil, Chile, and Rest of South America.
Middle East & Africa: Saudi Arabia, United Arab Emirates, Qatar, South Africa and Rest of Middle East & Africa.
Key Questions Answered in This Report:
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Table of Contents (TOC) for the Global Concentrated Solar Power Market Research Report (2024-2030)
1 Executive Summary ? ??? ? ??
2 Preface ? ???
2.1 Abstract ? ??
2.2 Stake Holders ? ??
2.3 Research Scope ? ??
2.4 Research Methodology ? ??
2.4.1 Data Mining ???
2.4.2 Data Analysis ???
2.4.3 Data Validation ???
2.4.4 Research Approach ???
2.5 Research Sources ? ??
2.5.1 Primary Research Sources ???
2.5.2 Secondary Research Sources ???
2.5.3 Assumptions ??? ? ??
3 Market Trend Analysis????
?3.1 Introduction???
?3.2 Drivers???
?3.3 Restraints???
?3.4 Opportunities???
?3.5 Threats???
?3.6 Technology Analysis???
?3.7 End User Analysis???
?3.8 Emerging Markets???
?3.9 Impact of Covid-19??? ??????
4 Porters Five Force Analysis????
?4.1 Bargaining power of suppliers???
?4.2 Bargaining power of buyers???
?4.3 Threat of substitutes???
?4.4 Threat of new entrants???
?4.5 Competitive rivalry??? ??????
5 Global Concentrated Solar Power Market, By Component????
?5.1 Introduction???
?5.2 Solar Field???
?5.3 Thermal Energy Storage System???
?5.4 Power Block???
?5.5 Other Components??? ??????
6 Global Concentrated Solar Power Market, By Technology????
?6.1 Introduction???
?6.2 Solar Power Tower???
?6.3 Parabolic Trough???
?6.4 Linear Fresnel Reflectors???
?6.5 Other Technologies??? ??????
7 Global Concentrated Solar Power Market, By End User????
?7.1 Introduction???
?7.2 Industrial???
?7.3 Non-Residential???
?7.4 Utilities???
?7.5 Other End Users??
Continued…
List of Tables ? ? ?
1 Global Concentrated Solar Power Market Outlook, By Region (2022-2030) ($MN)????
2 Global Concentrated Solar Power Market Outlook, By Component (2022-2030) ($MN)????
3 Global Concentrated Solar Power Market Outlook, By Solar Field (2022-2030) ($MN)????
4 Global Concentrated Solar Power Market Outlook, By Thermal Energy Storage System (2022-2030) ($MN)????
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5 Global Concentrated Solar Power Market Outlook, By Power Block (2022-2030) ($MN)????
6 Global Concentrated Solar Power Market Outlook, By Other Components (2022-2030) ($MN)????
7 Global Concentrated Solar Power Market Outlook, By Technology (2022-2030) ($MN)????
8 Global Concentrated Solar Power Market Outlook, By Solar Power Tower (2022-2030) ($MN)????
9 Global Concentrated Solar Power Market Outlook, By Parabolic Trough (2022-2030) ($MN)??? ?
10 Global Concentrated Solar Power Market Outlook, By Linear Fresnel Reflectors (2022-2030) ($MN)????
11 Global Concentrated Solar Power Market Outlook, By Other Technologies (2022-2030) ($MN)????
12 Global Concentrated Solar Power Market Outlook, By End User (2022-2030) ($MN)????
13 Global Concentrated Solar Power Market Outlook, By Industrial (2022-2030) ($MN)????
14 Global Concentrated Solar Power Market Outlook, By Non-Residential (2022-2030) ($MN)????
15 Global Concentrated Solar Power Market Outlook, By Utilities (2022-2030) ($MN)????
16 Global Concentrated Solar Power Market Outlook, By Other End Users (2022-2030) ($MN)????
17 North America Concentrated Solar Power Market Outlook, By Country (2022-2030) ($MN)????
18 North America Concentrated Solar Power Market Outlook, By Component (2022-2030) ($MN)????
19 North America Concentrated Solar Power Market Outlook, By Solar Field (2022-2030) ($MN)????
20 North America Concentrated Solar Power Market Outlook, By Thermal Energy Storage System (2022-2030) ($MN)????
21 North America Concentrated Solar Power Market Outlook, By Power Block (2022-2030) ($MN)????
22 North America Concentrated Solar Power Market Outlook, By Other Components (2022-2030) ($MN) ????
23 North America Concentrated Solar Power Market Outlook, By Technology (2022-2030) ($MN)????
24 North America Concentrated Solar Power Market Outlook, By Solar Power Tower (2022-2030) ($MN)????
25 North America Concentrated Solar Power Market Outlook, By Parabolic Trough (2022-2030) ($MN)????
26 North America Concentrated Solar Power Market Outlook, By Linear Fresnel Reflectors (2022-2030) ($MN)????
27 North America Concentrated Solar Power Market Outlook, By Other Technologies (2022-2030) ($MN)? ???
28 North America Concentrated Solar Power Market Outlook, By End User (2022-2030) ($MN)????
29 North America Concentrated Solar Power Market Outlook, By Industrial (2022-2030) ($MN)????
30 North America Concentrated Solar Power Market Outlook, By Non-Residential (2022-2030) ($MN)????
31 North America Concentrated Solar Power Market Outlook, By Utilities (2022-2030) ($MN)????
32 North America Concentrated Solar Power Market Outlook, By Other End Users (2022-2030) ($MN)????
33 Europe Concentrated Solar Power Market Outlook, By Country (2022-2030) ($MN)????
34 Europe Concentrated Solar Power Market Outlook, By Component (2022-2030) ($MN)????
35 Europe Concentrated Solar Power Market Outlook, By Solar Field (2022-2030) ($MN)????
36 Europe Concentrated Solar Power Market Outlook, By Thermal Energy Storage System (2022-2030) ($MN)????
37 Europe Concentrated Solar Power Market Outlook, By Power Block (2022-2030) ($MN)????
38 Europe Concentrated Solar Power Market Outlook, By Other Components (2022-2030) ($MN)????
39 Europe Concentrated Solar Power Market Outlook, By Technology (2022-2030) ($MN)????
40 Europe Concentrated Solar Power Market Outlook, By Solar Power Tower (2022-2030) ($MN)????
41 Europe Concentrated Solar Power Market Outlook, By Parabolic Trough (2022-2030) ($MN)????
42 Europe Concentrated Solar Power Market Outlook, By Linear Fresnel Reflectors (2022-2030) ($MN)????
43 Europe Concentrated Solar Power Market Outlook, By Other Technologies (2022-2030) ($MN)????
44 Europe Concentrated Solar Power Market Outlook, By End User (2022-2030) ($MN)????
45 Europe Concentrated Solar Power Market Outlook, By Industrial (2022-2030) ($MN)????
46 Europe Concentrated Solar Power Market Outlook, By Non-Residential (2022-2030) ($MN)????
47 Europe Concentrated Solar Power Market Outlook, By Utilities (2022-2030) ($MN)????
48 Europe Concentrated Solar Power Market Outlook, By Other End Users (2022-2030) ($MN)????
49 Asia Pacific Concentrated Solar Power Market Outlook, By Country (2022-2030) ($MN)????
50 Asia Pacific Concentrated Solar Power Market Outlook, By Component (2022-2030) ($MN)????
51 Asia Pacific Concentrated Solar Power Market Outlook, By Solar Field (2022-2030) ($MN)????
52 Asia Pacific Concentrated Solar Power Market Outlook, By Thermal Energy Storage System (2022-2030) ($MN)????
53 Asia Pacific Concentrated Solar Power Market Outlook, By Power Block (2022-2030) ($MN)????
54 Asia Pacific Concentrated Solar Power Market Outlook, By Other Components (2022-2030) ($MN)????
55 Asia Pacific Concentrated Solar Power Market Outlook, By Technology (2022-2030) ($MN)????
56 Asia Pacific Concentrated Solar Power Market Outlook, By Solar Power Tower (2022-2030) ($MN)????
57 Asia Pacific Concentrated Solar Power Market Outlook, By Parabolic Trough (2022-2030) ($MN)????
58 Asia Pacific Concentrated Solar Power Market Outlook, By Linear Fresnel Reflectors (2022-2030) ($MN)????
59 Asia Pacific Concentrated Solar Power Market Outlook, By Other Technologies (2022-2030) ($MN)? ???
60 Asia Pacific Concentrated Solar Power Market Outlook, By End User (2022-2030) ($MN)????
61 Asia Pacific Concentrated Solar Power Market Outlook, By Industrial (2022-2030) ($MN)????
62 Asia Pacific Concentrated Solar Power Market Outlook, By Non-Residential (2022-2030) ($MN)????
63 Asia Pacific Concentrated Solar Power Market Outlook, By Utilities (2022-2030) ($MN)????
64 Asia Pacific Concentrated Solar Power Market Outlook, By Other End Users (2022-2030) ($MN)????
65 South America Concentrated Solar Power Market Outlook, By Country (2022-2030) ($MN)????
66 South America Concentrated Solar Power Market Outlook, By Component (2022-2030) ($MN)????
67 South America Concentrated Solar Power Market Outlook, By Solar Field (2022-2030) ($MN)????
68 South America Concentrated Solar Power Market Outlook, By Thermal Energy Storage System (2022-2030) ($MN)????
69 South America Concentrated Solar Power Market Outlook, By Power Block (2022-2030) ($MN)????
70 South America Concentrated Solar Power Market Outlook, By Other Components (2022-2030) ($MN)????
71 South America Concentrated Solar Power Market Outlook, By Technology (2022-2030) ($MN)????
72 South America Concentrated Solar Power Market Outlook, By Solar Power Tower (2022-2030) ($MN)????
73 South America Concentrated Solar Power Market Outlook, By Parabolic Trough (2022-2030) ($MN)????
74 South America Concentrated Solar Power Market Outlook, By Linear Fresnel Reflectors (2022-2030) ($MN)????
75 South America Concentrated Solar Power Market Outlook, By Other Technologies (2022-2030) ($MN)????
76 South America Concentrated Solar Power Market Outlook, By End User (2022-2030) ($MN)????
77 South America Concentrated Solar Power Market Outlook, By Industrial (2022-2030) ($MN)????
78 South America Concentrated Solar Power Market Outlook, By Non-Residential (2022-2030) ($MN)????
79 South America Concentrated Solar Power Market Outlook, By Utilities (2022-2030) ($MN)????
80 South America Concentrated Solar Power Market Outlook, By Other End Users (2022-2030) ($MN)????
81 Middle East & Africa Concentrated Solar Power Market Outlook, By Country (2022-2030) ($MN)????
82 Middle East & Africa Concentrated Solar Power Market Outlook, By Component (2022-2030) ($MN)????
83 Middle East & Africa Concentrated Solar Power Market Outlook, By Solar Field (2022-2030) ($MN)????
84 Middle East & Africa Concentrated Solar Power Market Outlook, By Thermal Energy Storage System (2022-2030) ($MN)????
85 Middle East & Africa Concentrated Solar Power Market Outlook, By Power Block (2022-2030) ($MN)????
86 Middle East & Africa Concentrated Solar Power Market Outlook, By Other Components (2022-2030) ($MN)????
87 Middle East & Africa Concentrated Solar Power Market Outlook, By Technology (2022-2030) ($MN)????
88 Middle East & Africa Concentrated Solar Power Market Outlook, By Solar Power Tower (2022-2030) ($MN)????
89 Middle East & Africa Concentrated Solar Power Market Outlook, By Parabolic Trough (2022-2030) ($MN)????
90 Middle East & Africa Concentrated Solar Power Market Outlook, By Linear Fresnel Reflectors (2022-2030) ($MN)????
91 Middle East & Africa Concentrated Solar Power Market Outlook, By Other Technologies (2022-2030) ($MN)????
92 Middle East & Africa Concentrated Solar Power Market Outlook, By End User (2022-2030) ($MN)????
93 Middle East & Africa Concentrated Solar Power Market Outlook, By Industrial (2022-2030) ($MN)????
94 Middle East & Africa Concentrated Solar Power Market Outlook, By Non-Residential (2022-2030) ($MN)????
95 Middle East & Africa Concentrated Solar Power Market Outlook, By Utilities (2022-2030) ($MN)????
96 Middle East & Africa Concentrated Solar Power Market Outlook, By Other End Users (2022-2030) ($MN)
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