Concentrating Solar Power Market 2022 New Report Size, Trends, Share, Growth Forecast By 2027

According to a research report "Concentrating Solar Power Market by Technology (Solar Power Tower, Linear Concentrating System, Dish Stirling), Operation Type (Stand-alone, Storage), Capacity (<50 MW, 50-99 MW, 100 MW & Above), End User (Utilities, EOR), Region - Global Forecast to 2027" published by MarketsandMarkets, the global concentrating solar power market size is estimated to be USD 6.0 billion in 2022 and is projected to reach USD 19.9 billion by 2027; it is projected to grow at a CAGR of 26.9% during the forecast period. The key drivers for the concentrating solar power market include environmental concerns over carbon emissions and efforts to reduce air pollution, and the integrability of CSP systems with thermal storage systems.

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The 50 MW to 99 MW by capacity, is expected to be the second largest concentrating solar power market during the forecast period

By capacity, the concentrating solar power market has been segmented into less than 50 MW, 50 MW to 99 MW, and 100 MW and Above. 50 MW to 99 MW is expected to be the second largest segment during the forecast period. Growing demand for mid-range power from applications such as desalination and process heating is driving the 50 MW to 99 MW segment.

Enhanced Oil Recovery (EOR) segment, by end user, is expected to be the second largest concentrating solar power market during the forecast period

By end user, the concentrating solar power market has been segmented into utilities, enhanced oil recovery (EOR), and others. Enhanced Oil Recovery (EOR) is expected to be the second largest segment during the forecast period. The Enhanced Oil Recovery (EOR) segment is driven by the constant volatility in crude oil prices and the generation of cheap steam power from CSP compared to other technologies.

Asia Pacific is expected to dominate the global concentrating solar power market during the forecast period

In this report, the concentrating solar power market has been analyzed for 5 regions, namely Asia Pacific, North America, Europe, Middle East & Africa, South America. Asia Pacific is expected to lead the market during the forecast period. The growing of renewable thermal energy schemes in the region are among the reasons for the region’s significant market size.

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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the concentrating solar power market. These include Abengoa (Spain), BrightSource Energy (US), ACWA Power (Saudi Arabia), SolarReserve (US), and Aalborg CSP (Denmark). The leading players are trying to establish themselves in the markets of developed countries and are adopting various strategies such as product launches, contracts, agreements, partnerships, collaborations, alliances, acquisitions, and expansions to increase their respective market shares.

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Concentrating Solar Power Market to show strong growth by 2025 according to a new research report

Global concentrating solar power market scenario:

The global concentrating solar power market size is projected to reach USD 7.6 billion by 2025 from an estimated value of USD 3.5 billion in 2020, growing at a CAGR of 16.4%. The environmental concerns over carbon emissions and efforts to reduce air pollution, policy support from governments to enable adoption of renewable technologies, and the integrability of CSP systems with thermal storage systems are the key factors driving the concentrating solar power market.

Key Market Players:

The concentrating solar power market is dominated by major players that are established brand names with a wide regional presence, along with many local and regional players in emerging economies. The key players in the concentrating solar power market include Abengoa (Spain), BrightSource Energy (US), ACWA Power (Saudi Arabia), Aalborg CSP (Denmark), and SolarReserve (US) and other players such as TSK Flagsol Engineering GmbH, Alsolen, Cobra Energia, Torresol Energy, Acciona Energy, eSolar, and Enel Green Power.

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The solar power towers segment is estimated to be the fastest-growing segment of the concentrating solar power market, by technology, from 2020 to 2025. The solar power tower segment is getting a boost due to the the higher temperatures that can allow higher efficiency of the steam cycle and decrease water consumption for cooling the condenser. The higher temperature uses thermal energy storage for achieving schedulable power generation. Thus, increasing adoption of solar power towers due to reduction in cost or allowing greater storage for the same price is expected to drive the solar power tower segment at the highest pace during the forecast period.

The utilities segment of the concentrating solar power market, by end user, is estimated to grow at a faster rate from 2020 to 2025. The growth of the utilities segment of the market is driven by key CSP project developments in Asia Pacific and the Middle East and Africa regions, mainly in China, Saudi Arabia, the UAE, and Morocco. In addition, the demand for concentrating solar power from the utility sector is driven by the need to generate renewable electricity with storage technology to cater to the increasing power needs of the residential sector.

The with storage segment of the concentrating solar power market, by operation type, is estimated to grow at a faster rate from 2020 to 2025. The need to generate power even during nights and to provide continuous supply of electricity due to therma energy storage is driving the operation segment of concentrating solar power market.

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The concentrating solar power market has been segmented, by region, into Europe, North America, Asia Pacific, the Middle East & Africa and South America. The Asia Pacific region is projected to grow at the fastest rate, from 2020 to 2025, followed by Middle East & Africa and North America.However, at present Middle East & Africa is the largest market. Countries such as China, India and Australia are the fastest-growing markets in the Asia Pacific region, owing to the increase in installations of CSP plants. China is projected to grow at the highest CAGR from 2020 to 2025. This is mainly due to the increasing investment in CSP for stabilizing power grid is driving this country. In addition, the region focuses on the need to generate continuous renewable electricity to support growing economic activities will drive the concentrating solar power market in Asia Pacific region.

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Concentrating Solar Power Market 2020: key players, growth and demand drivers to 2025

According to the new market research report "Concentrating Solar Power Market by Technology (Power Towers, Concentrating Systems, Stirling Dish), Operation (Stand-alone, Storage), Capacity (Less than 50MW, 50-99MW, 100MW&Above), End-User (Utilities, EOR & Others) and Region - Global Forecast to 2025",published by MarketsandMarkets™, the Concentrating Solar Power Market size is expected to grow from an estimated USD 3.5 billion in 2020 to USD 7.6 billion by 2025, at a CAGR of 16.4%, during the forecast period. The market is set to witness growth due to the growing solar deployment because of support from the government and the growing use of CSP in mini-grid applications.

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The solar power tower market is expected to be the largest Concentrating Solar Power Market, by technology, in 2019.

The solar power tower segment is expected to be the largest segment of the Concentrating Solar Power Market, by technology, in 2019. The segment is expected to grow during the forecast period due to the higher temperatures that can allow higher efficiency of the steam cycle and decrease water consumption for cooling the condenser. The higher temperature uses thermal energy storage for achieving schedulable power generation. Thus, increasing adoption of solar power towers due to reduction in cost or allowing greater storage for the same price.

Browse in-depth TOC on "Concentrating Solar Power Market"

128 – Tables
39 – Figures  
192 – Pages

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The with storage segment is expected to hold the largest share of the Concentrating Solar Power Market, by operation type, during the forecast period.

The with storage segment is the fastest-growing market and is projected to dominate the market during the forecast period. The need to generate power even during nights and to provide continuous supply of electricity due to thermal energy storage is driving the operation segment of Concentrating Solar Power Market. This would ultimately create new revenue pockets for the Concentrating Solar Power Market during the forecast period.

Asia Pacific: Key market for concentrating solar power during the forecast period.

In this report, the Concentrating Solar Power Market has been analyzed with respect to 6 regions, namely, Asia Pacific, Europe, North America, South America, the Middle East and Africa. Asia Pacific is expected to be the largest Concentrating Solar Power Market, by region, during the forecast period. Countries such as China, India and Australia are the fastest-growing markets in the Asia Pacific region, owing to the increase in installations of CSP plants. China is projected to grow at the highest CAGR from 2020 to 2025. This is mainly due to the increasing investment in CSP for stabilizing power grid is driving this country. In addition, the region focuses on the need to generate continuous renewable electricity to support growing economic activities will drive the Concentrating Solar Power Market in Asia Pacific region.

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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the key players in the Concentrating Solar Power Market such as Abengoa (Spain), BrightSource Energy (US), ACWA Power (Saudi Arabia), Aalborg CSP (Denmark), and SolarReserve (US) and other players such as TSK Flagsol Engineering GmbH (Germany), Alsolen (Morocco), Cobra Energia (Spain), Torresol Energy (Spain), Acciona Energy (Spain), eSolar (US), and Enel Green Power (Italy).

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About MarketsandMarkets™ 

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
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MarketsandMarkets™ INC.
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USA: +1-888-600-6441
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Concentrating Solar Power Market to register highest CAGR of 10.3% during Forecast Period

According to the new market research report “Concentrating Solar Power Market by Technology (Parabolic Trough, Power Tower, Linear Fresnel & Dish/Engine system), Components (Solar field, Power Block, and Thermal Storage), End-User (Utilities, EOR & Others ), and Region - Global Forecast to 2021”, published by MarketsandMarkets™, the global concentrating solar power market is expected to grow from an estimated USD 6.7 Billion in 2016 to USD 10.96 Billion by 2021, registering a CAGR of 10.3% from 2016 to 2021. The global market is witnessing significant growth due to rising environmental concerns over carbon emissions and efforts to reduce air pollution, policy support from governments to enable adoption of renewable technologies.

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88 - Tables

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Parabolic Trough segment is expected to hold the largest share of the concentrating solar power market, by technology, during the forecast period

The parabolic trough segment led the overall concentrating solar power market in 2015. Parabolic trough systems are applicable in all types of end-user industries such as utilities, Enhanced oil recovery, and other end users such as mining and desalination among others. Parabolic trough technology is most commercialized and mature technology in the CSP technology arena.

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Utilities are expected to hold the largest market share of the concentrating solar power market, by end-users, during the forecast period

The utilities segment is expected to hold the largest share in the concentrating solar power market during the forecast period. Utilities sector includes utility scale power generation projects located at islands or on/off-grid areas. Dispatchable power is the key driving factor for CSP that creates huge opportunity for implementing concentrating solar power projects in areas with high solar irradiance.

The Middle East & Africa is the largest market for concentrating solar power

In this report, the concentrating solar power market has been analyzed with respect to five regions, namely, the North America, Europe, Asia-Pacific, South America and the Middle East & Africa. The Middle East & Africa is estimated to be the largest market for concentrating solar power till 2021. Middle East & African countries have high solar irradiance which provides a huge opportunity to implement concentrating solar power at utility scale.

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To enable an in-depth understanding of the competitive landscape, the report includes profiles of some of the leading players in the concentrating solar power market. These players include Abengoa Solar (Spain), Aalborg CSP (Denmark), ACWA Power (Saudi Arabia), BrightSource Energy, Inc. (U.S) and eSolar Inc (U.S), among others. Leading players are trying to penetrate the markets in developing economies and are adopting various strategies to increase their market share.