Concentrating Solar Power Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), Concentrating Solar Power Market Information by Component, End Use, Technology, and Region – Forecast till 2032”, As per projections, the concentrating solar power market may expand from USD 5.97 billion in 2023 to USD 21.11 billion by 2032, with a 17.10% rate from 2023 to 2032.
Utilizing mirrors to focus the incoming sunlight on a single spot is how concentrated solar power works. Here, the energy is transformed into heat, which can then be used to generate steam to power a turbine or as process heat in industry. These systems include thermal energy storage capabilities that enable them to produce power even when there is no sunlight or when it is cloudy. For this technology, a number of contemporary devices, including parabolic troughs, Fresnel reflectors, and power towers, are available.
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Market Competitive Landscape:
- Abengoa Solar SA (Spain)
- Acciona Energy (Spain)
- GE Renewable Energy (France)
- TSK Flagsol Engineering GmbH (Germany)
- Enel Green Power (Italy)
- Bright Source Energy (US)
- Atlantica Yield PLC (UK)
- eSolar Inc. (US)
- Solar Reserve (US)
- ACWA Power (Saudi Arabia)
- Chiyoda Corporation (Japan)
- Alsolen (Morocco)
Market Drivers:
Major industry players are currently focusing on bringing in more cutting-edge technologies that will raise the present power generation as solar energy installations have grown and higher operating efficacies have been observed globally. It is being tried to use new heat transfer fluids that boost heat transfer capability with the least number of losses, such as high-temperature salts, sCO2, and proppants. Researchers are also developing novel receiver coatings that will lessen the quantity of light that is deflected away.
Governments can take measures to lower the price of CSP systems as concentrated solar power is now being used in many different nations. These systems are anticipated to play a significant part in helping many countries meet their green energy goals in the coming years since they are highly efficient and offer a variety of operational benefits. Thus, by bringing down the cost of installation, CSP would draw investors and be incorporated into utilities on a global scale. For instance, the American government is putting up policies that would lower the price of CSP systems by providing incentives.
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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 would continue.
Numerous nations are making significant attempts to lower their carbon emissions; thus, they are searching for highly effective systems that can generate a lot of power. Due to their ability to generate power with higher efficiency and less expensive operational expenses than solar PV, concentrated solar power plants can be considered the best option for this. These systems are also scalable to huge capacity and can use thermal storage to match supply and demand.
Market Restraints:
The significant capital expenditure required to install this facility is the main market limitation. Additionally, 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.
Market Segmentation
Solar fields, power plants, and thermal storage are among the market segments for concentrated solar power that are based on their constituent parts.
Utilities, enhanced oil recovery, and other industries are included in the market segmentation for concentrated solar power depending on end use.
Based on technology, the concentrating solar power market is segmented into parabolic troughs, power towers, linear Fresnel, and dish/engine systems.
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Regional Insights
The market for concentrated solar power in North America can expect to gain the highest traction in the following years. The region boasts a number of sizable CSP projects, particularly in southwest states with significant solar resources. The American government has supported CSP development with financial incentives and policy support. Additionally, efforts in research and development have been directed toward raising the effectiveness and affordability of CSP technology.
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