Global Concentrated Solar Power Market Overview
The key driver impacting the concentrated solar power market is the environmental concerns over carbon emissions and efforts to decrease air pollution by governments worldwide. For instance, In 2016, China - Innovative Financing for Air Pollution Control in Jing-Jin-Ji. It supported China’s efforts to alleviate climate change by minimizing carbon dioxide emissions by 2.5 million tons annually. The program was intended to support the execution of the government’s Air Pollution Control Action Plan and the 13th Five-Year Plan (2016-2020) for clean energy and energy efficiency, focusing on controlling air pollutants at their source by expanding clean energy and improving energy efficiency. In 2004, EPA Launched the SmartWay program. It is a deliberate public-private program: give an inclusive and well-recognized system for documenting, tracking, and sharing information about fuel usage and freight emissions across supply chains. In 2019, the Ministry of Environment, Forest and Climate Change (MoEFCC) began the National Clean Air Programme (NCAP) to set up clean air action plans with an objective to reduce PM2.5 pollution by 20–30% by 2024 as compared to 2017, in 122 cities of India. Moreover, strict government policy to bring under control the mounting carbon footprint and monetary benefits offered to augment the adoption of alternative energy sources contribute to market growth in the forecast period. Whereas with regards to volume,the market was calculated XX Megawatts in 2020 and foreseen to grow with a CAGR of XX% during 2021-2027.
According to Value Market Research, the global Concentrated solar power (CSP) market size was valued at around USD 4750 million in 2020 and is estimated to grow at a CAGR of about 10% during the forecast period 2021 to 2027.
The rising number and growing investments in concentrated solar power projects worldwide are estimated to augment concentrated solar power demand in the forecast period. For instance, In February 2020, the U.S. Department of Energy (DOE) declared around $125.5 million in new funding to progress solar technology research. About $5 million funds are allocated for 15-20 projects that move ahead innovative and novel ideas in PV and CSP that can produce significant results within the first year of performance. Similarly, The CIF (Climate Investment Funds) a global leader in driving funding in CSP. Around $945 million from the CIF’s Clean Technology Fund (CTF) is likely to attract an additional $8.4 billion in co-financing. This is sustaining early private and public sector CSP projects in South Africa, Chile, and the Middle East and North Africa (MENA) region. The anticipated generation capacity is 1.2 GW, or over one-fourth of the present (2015) global CSP capacity. However, higher cost of generation than other renewable technologies market in the long run. Also, the Technical complexities of the CSP plant are negatively impacting the market. The current industry trends, such as incorporating CSP in hybrid power plants and growing usage of CSP in desalination, and improved oil recovery processes, are expected to provide market players with new market opportunities.
The concentrated solar power market is vast, with many local and global players. The concentrated solar power market is extensive, with many local and international players. The key leaders follow different strategies to advance their market position, such as extending product portfolio, amalgamation, contracts, product upgrades, and acquisitions, to enlarge their market share across the globe. The significant players studied in the report are Abengoa, Siemens Energy, BrightSource Energy, Inc., Acciona, TSK Fl, INITEC Energía, Enel Spa, Grün leben GmbH, Aalborg CSP, ACWA POWER, Torresol Energy, and Trivelli Energia SRL.
In this research report, the concentrated solar power market is segmented by application, technology, and region.
Analysis by Application:
By applications, the report is categorized into utility, EOR, desalination, and others. The utility sector dominates the application segment with over 60% share in 2020. It is due to the favorable government initiatives and regulations on increasing the adoption of renewable energy sources. Moreover, Various financial and economic benefits, including Feed-in Tariffs (FiT) and tax credits, presented by the government authorities considerable savings on electricity bills drive the market demand from the utility sector in the forecast period.
Analysis by Technology:
By technology, the report is categorized into a parabolic trough, linear fresnel, dish, power tower. The parabolic trough dominates the technology segment with over 80% share in 2020. It is due to the high penetration of the design, along with easy installation and convention. Moreover, it is the most common technology used for the solar field. These reflectors track the Sun across the sky for utmost efficiency and contribute to the high demand for parabolic trough technology in the forecast period.
Analysis by Region:
In the regional outlook of the global concentrated solar power market, the Asia Pacific region dominates globally with a 40% market share during the forecast period. It is due to the upsurge in installations of concentrated solar power plants, and rising investments in concentrated solar power projects for alleviating grid locations, and favorable government initiatives and policies by the governments in India, China, Thailand, and Malaysia. Moreover, the growing need to produce constant renewable power energy to hold increasing fiscal activities contributes to its growth across the Asia Pacific.
Market Segmentation covered in the Report:
- Parabolic Trough
- Linear Fresnel
- Power Tower
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
This market research report has been produced by gathering information on the basis of primary and secondary research. Secondary research has been done by using various sources which include (but not limited to) Company Websites, Paid Data Sources, Technical Journals, Financial Reports, SEC Filings, and other different industry publications.
If specific information is required which is not currently within the scope of the report, it can be provided as a part of customization.