The global Concentrated Solar Power Market Growth is Accelerated by Increasing Demand for Renewable Energy Sources

 

Concentrated Solar Power Market 

Concentrated solar power (CSP) technology uses mirrors to concentrate the Sun's energy to power steam turbines or engines that generate electricity. CSP systems offer advantages such as the ability to integrate thermal energy storage systems allowing for electricity generation during cloudy conditions and after sunset. With climate change concerns rising, there is an increasing need for renewable energy sources globally to replace traditional fossil fuels. The global concentrated solar power market is estimated to be valued at US$ 5.86 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

 

Market key trends:

The increasing demand for renewable energy sources from emerging economies will be a major driver for the global concentrated solar power market over the forecast period. Government policies and incentives promoting solar power generation in countries such as India and China are encouraging investors to develop large-scale CSP projects. Furthermore, technological advancements improving the efficiency and reducing the cost of CSP systems will support the continued adoption of this renewable technology. Large CSP plants integrated with thermal energy storage allow for renewable energy generation to meet peak demand periods, driving their utilization as a reliable alternative to fossil fuel power sources.

Segment Analysis

 

The global concentrated solar power market is segmented by technology into parabolic trough, linear Fresnel, power tower, and dish stirling. The parabolic trough segment is currently dominating the market owing to its commercial availability and low production costs compared to other CSP technologies. Parabolic trough power plants provide consistent power output throughout daylight hours by tracking the sun and are able to produce steam directly for electricity generation 24 hours a day using thermal energy storage.

 

Key Takeaways

 

The Global Concentrated Solar Power Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The market is expected to grow at a CAGR of 10% during this period, reaching a size of US$ 12.1 Bn by 2030 from US$ 5.86 Bn in 2023.

 

Regional analysis: The EMEA region currently dominates the CSP market, accounting for over 50% of global installed capacity. Countries such as Spain, South Africa and Morocco are focusing on increasing the share of renewable energy in their energy mixes and have ambitious plans for CSP installations. The Asia Pacific region is expected to be the fastest growing market during the forecast period due to the rising focus on solar power in India and China.

 

Key players: Key players operating in the concentrated solar power market include Siemens AG, Genarl Electric, Abengoa, Acciona S.A., Atlantica Yield plc., Suntrace GmbH, BrightSource Energy, Inc., SolarReserve, LLC., ACWA Power, Frenell GmbH. Siemens AG is a leading player, providing parabolic trough systems and power towers. Abengoa specializes in engineering, construction and operation of utility-scale solar power plants using parabolic trough and tower technologies.

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https://www.newsstatix.com/concentrated-solar-power-market-size-share-growth-outlook-2023/

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