PUBLISHER: Allied Market Research | PRODUCT CODE: 1414918
PUBLISHER: Allied Market Research | PRODUCT CODE: 1414918
According to a new report published by Allied Market Research, titled, "Concentrated Solar Power Market," The concentrated solar power market size was valued at $6.1 billion in 2022, and is estimated to reach $28.2 billion by 2032, growing at a CAGR of 16.6% from 2023 to 2032.
Concentrated solar panels (CSP) represent a category of solar technology designed to harness sunlight through mirrors or lenses, concentrating sunlight onto a smaller area to generate electricity or thermal energy. These systems differ from traditional photovoltaic (PV) solar panels, which convert sunlight directly into electricity using semiconductor materials.
Concentrated solar power holds several distinct advantages that position it as a prominent renewable energy source in the global energy landscape. It has the ability to generate electricity efficiently and reliably using sunlight and clean energy. CSP systems use mirrors or lenses to concentrate sunlight onto receivers, heating a fluid to produce steam that drives turbines and generates electricity. Moreover, the scalability of CSP technology is a significant advantage. CSP plants are built at various scales, from small-scale installations to utility-scale power plants covering large areas. This scalability enables flexibility in meeting different energy demands, whether for individual communities or to contribute significantly to a regional power grid.
The environmental benefits of CSP are substantial. It produces electricity without emitting greenhouse gases or other harmful pollutants, contributing significantly to mitigating climate change and reducing air pollution. By displacing fossil fuel-based power generation, CSP helps decrease reliance on non-renewable resources and minimizes the environmental impact associated with conventional energy production. All these factors increase the demand for concentrated solar power during the forecast period.
Hybrid systems combine CSP with conventional power plants or other renewables like wind or PV that offer enhanced reliability and stability to the grid. Coupling CSP with energy storage solutions enables round-the-clock electricity supply and facilitates grid balancing and peak shaving, thereby addressing intermittency challenges associated with solar energy. All these factors are anticipated to offer new growth opportunities for the concentrated solar power market during the forecast period.
The concentrated solar power market is segmented on the basis of technology, end-use industry, and region. By technology, the market is classified into parabolic trough, solar power tower, Fresnel reflectors, and dish stirling. The solar power tower technology accounted for more than half of the global concentrated solar power market revenue in 2022 and is expected to maintain its dominance during the forecast period. Solar power towers have the potential to achieve higher temperatures compared to other CSP technologies. This allows for efficient electricity generation through steam turbines, resulting in higher energy output per unit of installed capacity.
By end-use industry, the market is divided into residential, commercial, and industrial. The industrial segment accounted for half of the concentrated solar power market revenue in 2022 and is expected to maintain its dominance during the forecast period. Industries often require high-temperature heat for various manufacturing processes, such as in the production of cement, steel, chemicals, or desalination. CSP systemsw provide this high-temperature heat efficiently, offering an alternative to fossil fuel-based heating methods. In addition, stringent environmental regulations and corporate sustainability initiatives drive industries to transition towards cleaner energy sources. CSP, being a carbon-neutral and environmentally friendly energy solution, aligns with these goals, helping industries reduce their carbon footprint.
By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. On the basis of region, Asia-Pacific accounted for more than half of the global concentrated solar power market growth revenue in 2022 and is expected to maintain its dominance during the forecast period. The Asia-Pacific region experiences substantial economic growth and industrialization, leading to an increasing demand for energy. CSP presents an opportunity to meet this growing energy demand sustainably, especially in countries facing power shortages or seeking to diversify their energy mix.
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