Market Overview:
The Concentrated Solar Power Market is estimated at USD 6.56 Billion in 2021 and is projected to grow to USD 10.97 Billion by 2028, at a CAGR of 7.62%.
Concentrated solar power (CSP) is also called concentrated solar thermal systems. This system generates solar power by using mirrors or lenses to concentrate a large area of sunlight onto a receiver. When concentrated light is converted to heat then electricity is generated, which helps to drive a heat engine and is connected to an electrical power generator. CSP is more common with thermal power stations such as gas, coal, or geothermal. It is involved in the storage of thermal energy either in sensible heat form or latent heat form, so it can be used on days where there is no sun like in rainy session or after the sunset, or before the sunrise. In addition to this CSP is the dispatchable source of electricity it is most useful in those places where is a high penetration of photovoltaics. Thus, increasing the demand for CSP over the forecast period.
Major Key Players for Concentrated Solar Power Market:
- Abengoa
- BrightSource Energy
- ACWA Power
- Aalborg CSP
- SolarReserve
- TSK Flagsol Engineering GmbH
- Alsolen
- Cobra Energia
- Torresol Energy
- Acciona Energy
- eSolar
- Enel Green Power
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Market Dynamics and Factors:
CSP gives many benefits to a community such as it is a lower investment cost with a high-efficiency rate, a renewable source, does not produce pollution while generating power, and stores the energy in batteries that can be used on-demand. Apart from this, it can be used in fossil fuel power plants. CSP can be combined with other energy and it provides a more secure energy grid, it is used to produce cost-effective hydrogen and is used as an energy carrier to power transportation. Because of these all applications of CSP, there is an increase in the demand for CSP to generate energy. Thus, it propels the growth of the market over the forecast period. Some factors responsible to hinder the market of CSP such as it requires a large area to install the plant CSP, this plant attracts animals but their produced heat is a danger for some species, and it is expensive to run.
Concentrated Solar Power Market Report Highlight:
- By type, the solar power tower is expected to have the maximum market share in the CSP market during the projected period. Solar power towers have higher temperatures and this temperature allows high efficiency of the steam cycle and decreases the water consumption for cooling the condenser, it helps to increase the demand for solar power towers and support the rising market in the forecast period.
- By operation type, stand-alone systems are predicted to expand the most in the CSP market during the forecast year. It is a more convenient, low-cost infrastructure set up with a high storage capacity, thus its support for the growth of the market.
- By capacity, 100 Mw and above is expected to have the maximum market share in the CSP market during the projected period. This capacity helps to meet the target of renewable energy generation. Thus, it drives the market in the projected time period.
- By End User, Residential segment is expected to have the maximum market share in the CSP market during the projected period. CSP plants are generally built at remote locations with open land and it helps to the direct entrance of sunlight.
- By region, Europe is expected to dominate the CSP market, during the projection period. Most European countries invest in a concentrated solar power plant that propels the growth of the market in the forecast period.
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Key Industry Development:
- In May 2020, to build Cerro Dominador solar thermal plant Abengoa partnered with Acciona. This thermal plant is owned by EIG Global Energy Partners. The consortium has led the melting process of 46,000 tons of salts from the Chilean Atacama Desert having a capacity of 110 MW.
- In January 2020, to supply a glandless pump package, Hayward Tyler announced the contract and it was secured by Shanghai Electric. This project includes a 600 MW parabolic basin complex, a 100 MW solar power tower, and a 250 MW from PV panel.
Concentrated Solar Power Market Segmentation:
By Type
- Solar Power Tower
- Linear Concentrating Systems
- Stirling Dish Technology
By Operation Type
- Stand-Alone Systems
- With Storage
By Capacity
- Less Than 50 Mw
- 50 Mw To 99 Mw
- 100 Mw and Above
by End User
- Residential
- Industrial
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For this report, Introspective Market Research has segmented the Concentrated Solar Power Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2022-2028)
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Turkey
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Indonesia
- Vietnam
- Thailand
- Rest of Asia-Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Iran
- Rest of MEA
- Latin America
- Brazil
- Argentina
- Rest of LATAM
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Scope of the Report:
The report encompasses the entire analysis of market size in previous years for major segments and countries, as well as future estimates. The Concentrated Solar Power Market study looks deeply into the worldwide market’s competitive landscape. The study also provides the names of key market players and the methods they used to gain a dominant position in the industry. It also includes useful market insights, dynamics and factors, and market analysis techniques such as PESTEL analysis, PORTER’s Five Forces analysis, value chain analysis, SWOT analysis, BCG matrix, and Ansoff matrix.
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