PUBLISHER: The Business Research Company | PRODUCT CODE: 1392568
PUBLISHER: The Business Research Company | PRODUCT CODE: 1392568
“Concentrating Solar Power Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on concentrating solar power market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for concentrating solar power? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The concentrating solar power market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Concentrating solar power employs mirrors to focus the sun's energy, which is then used to power traditional steam turbines or engines to generate electricity. Thermal energy concentrated in a CSP plant collects solar radiation using reflecting or transmissive optical elements that focus the radiation to a focal point where it is directly transformed into thermal or electrical energy and is used to deliver heat for industries.
The main types of concentrating solar power are the parabolic trough, solar power tower, Fresnel reflectors, and dish Stirling. Solar concentrating systems using parabolic collectors composed of reflecting materials are known as parabolic-trough solar concentrating systems. The collectors reflect incident solar radiation onto its focal line, which is directed toward a receiver, which receives the concentrated solar energy and uses it to heat the fluid inside it. The various capacities of concentrating solar power are less than or equal to 50 MW, greater than 50 MW less than or equal to 100 MW, and greater than 100 MW and the different heat transfer fluids used are molten salt, water-based, oil-based, and other heat transfer fluids. The energy can be stored with storage, without storage techniques, and is used for utility, EOR (Enhanced Oil Recovery), desalination, and other applications.
The concentrating solar power market research report is one of a series of new reports from The Business Research Company that provides concentrating solar power market statistics, including concentrating solar power industry global market size, regional shares, competitors with a concentrating solar power market share, detailed concentrating solar power market segments, market trends and opportunities, and any further data you may need to thrive in the concentrating solar power industry. This concentrating solar power market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The concentrating solar power market size has grown rapidly in recent years. It will grow from $6. 63 billion in 2023 to $7. 9 billion in 2024 at a compound annual growth rate (CAGR) of 19. 2%. The growth in the historic period can be attributed to government incentives, environmental concerns, energy security, global energy demand.
The concentrating solar power market size is expected to see rapid growth in the next few years. It will grow to $14. 61 billion in 2028 at a compound annual growth rate (CAGR) of 16. 6%. The growth in the forecast period can be attributed to cost reductions, storage integration, policy support, climate change mitigation. Major trends in the forecast period include hybridization, advanced storage solutions, technological innovations, global market expansion, corporate commitments to sustainability, focus on decentralized energy production.
Growing demand for renewable energy is driving the growth of the concentrating solar power market. Renewable energy is collected from renewable resources such as wind, rain, sunlight, tides, waves, and geothermal heat that reduces the effects of global warming and rising issues related to fossil fuels. The rising demand for electricity coupled with the stringent regulations of greenhouse gas emissions supports the demand and adaption of renewable energy. Concentrating solar power technologies employ mirrors to concentrate (focus) the sun's light energy and convert it to heat, which drives a turbine that generates electricity. For instance, according to IEA, a Paris-based autonomous intergovernmental organization, by 2026, global renewable electricity capacity is forecasted to rise more than 60% from 2020 levels to over 4,800 GW equivalents to the present total international power capacity of fossil fuels and nuclear combined.
Increasing investments in research and development are expected to propel the growth of the concentrating solar power market going forward. Investments in research and development (R&D) refer to the financial resources allocated by organizations, governments, or institutions to fund activities aimed at creating new knowledge, products, processes, or technologies. Investments in research and development (R&D) drive advancements in concentrating solar power, leading to improved efficiency, cost reduction, and technological innovations that expand its feasibility and adoption. For instance, in June 2023, according to the International Energy Agency, a France-based intergovernmental organization, public expenditure on energy research and development expanded by 10% in 2022, reaching approximately USD 44 billion, with 80% of the funding allocated to clean energy. Additionally, listed companies in energy-related sectors increased their R&D outlays by 10% in 2022, despite economic uncertainty and higher capital costs. Therefore, increasing investments in research and development are driving the growth of the concentrated solar power market.
Technological advancement is a key trend in the concentrating solar power market. Companies are investing in developing new technologies to increase energy generation capacity. For instance, in November 2021, SENER Renewable Investments, a subsidiary of the SENER Group that promotes and develops high-tech renewable energy projects, developed the first hybrid solar project in Spain, combining CSP technology with molten salt storage and photovoltaic technology. The SENERtrough® parabolic trough technology, invented and manufactured by SENER, will be used in the CSP facility, together with a molten salt heat storage system with two tanks, providing more than 1900 MWh thermal storage capacity and will be able to generate electricity 24 hours a day.
Major companies operating in the concentrating solar power market are increasing their focus on introducing particle-based concentrating solar power (CSP) systems to gain a competitive edge in the market. A particle-based concentrating solar power (CSP) system is a type of solar thermal technology that uses solid particles, often small ceramic spheres or other materials, as the heat transfer and storage medium within the system. For instance, in February 2023, the U. S. Department of Energy (DOE), a US-based agency, opened a pilot facility at Sandia National Laboratories in New Mexico. The Generation 3 Particle Pilot Plant (G3P3) is the result of a $100 million research effort aimed at developing next-generation concentrated solar power (CSP) plants and showcasing storage technology. The G3P3 pilot is expected to be completed in 2024 and will demonstrate how CSP systems can provide long-duration energy storage while reducing costs and complexity for solar thermal technology. Its goal is to provide one gigawatt of storage for one hour at a single plant .
In March 2021, Cubico Sustainable Investments, a UK-based renewable energy provider acquired Grupo T-Solar for an undisclosed amount. With this acquisition, Cubico's total operational renewables portfolio increased to more than 500MW in Spain and over 250MW in Italy. Grupo T-Solar is a Spain-based renewable power producer.
Major companies operating in the in the concentrating solar power market report are Abengoa S. A., BrightSource Energy Inc., ACWA Power, Aalborg CSP A/S, General Electric Company, Atlantica Sustainable Infrastructure plc, TSK Flagsol Engineering GmbH, Enel Green Power Corporation, Acciona S. A., Frenell GmbH, Suntrace GmbH, Torresol Energy, Trivelli Energia srl, Grun leben GmbH, Soltigua S. r. l, Engie SA, Nextera Energy Inc., Chiyoda Corporation, Heliogen Inc., Siemens Energy AG, SolarReserve LLC, Solar Millennium AG, eSolar Inc., Schott AG, Parvolen CSP Technologies, Sener Grupo de Ingenieria group., Lointek Sistemas Solar Termicos, GlassPoint Solar Inc., Rackam Energy, Soliterm Group GmbH
North America was the largest region in the concentrating solar power market in 2023. Asia-Pacific is expected to be the fastest-growing region in the concentrating solar power market share during the forecast period. The regions covered in the concentrating solar power market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the concentrating solar power market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.
The concentrating solar power market includes revenues earned by entities by providing linear concentrators, dish or engine, and power tower systems. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.