Concentrated Solar Power Market Expands with Parabolic Trough Segment at a robust CAGR of 16.65%
The increasing global concentrated solar power market is driven by renewable energy transition and decarbonization initiatives, energy security and diversification of energy mix demand during the forecast period 2024-2028
According
to TechSci Research report, “Global
Concentrated Solar Power Market - Global Industry Size, Share, Trends,
Opportunity, and Forecast 2018-2028, The Global Concentrated Solar Power
(CSP) market is experiencing a transformative surge, poised at the forefront of
the global transition towards sustainable and clean energy solutions. CSP
technology, distinguished by its capacity to concentrate sunlight for power
generation, is gaining prominence as a reliable and dispatchable renewable
energy source. The market's growth is propelled by an increasing emphasis on
reducing carbon emissions and diversifying the energy mix. Utility-scale CSP
projects, characterized by parabolic troughs, power towers, and linear Fresnel
systems, dominate the landscape, contributing significantly to the global
renewable energy capacity. Europe, spearheaded by early pioneers such as Spain,
stands out as a frontrunner in the CSP market. The region's commitment to
sustainable energy policies, supportive regulatory frameworks, and
technological advancements has established Europe as a stronghold for CSP development.
The
solar field, a critical component of CSP systems responsible for capturing and
concentrating sunlight, plays a central role in the market's evolution. Ongoing
research and development initiatives focus on enhancing solar field efficiency,
reducing costs, and improving overall system performance. Utility-scale CSP
projects, often integrated with thermal energy storage systems, contribute to
grid stability by providing dispatchable power even in the absence of sunlight.
As global initiatives intensify to achieve ambitious decarbonization goals, CSP
emerges as a key player in facilitating a reliable and sustainable energy
transition.
The
market's trajectory also underscores its potential to address energy access
challenges in regions with abundant sunlight, fostering economic development
and creating employment opportunities. Continued innovations in CSP
technologies, advancements in energy storage solutions, and increasing
economies of scale contribute to the market's competitiveness. As the world
seeks resilient, low-carbon energy solutions, the Global Concentrated Solar
Power market stands poised to play a pivotal role in shaping a sustainable and
decentralized energy future.
Browse
over XX market data Figures spread through XX Pages and an in-depth TOC on the "Global
Concentrated Solar Power Market"
The
global concentrated solar power market is segmented into technology, application,
storage, capacity, component, and region. Based on technology, the market is
segmented into parabolic trough, power tower, linear fresnel. Based on
application, the market is segmented into residential, non-residential, utility.
Based on storage, the market is segmented into with storage, without storage. Based
on capacity, the market is segmented into ≤ 50 MW, > 50 to ≤ 100 MW, >
100 MW. Based on component, the market is segmented into solar field, power
block, thermal energy storage system. Based on region, the market is further
bifurcated into North America, Asia-Pacific, Europe, South America, Middle East
& Africa.
Based
on component, solar field dominated in the global concentrated solar power market
in 2022. The solar field serves as the fundamental component responsible for
collecting and focusing sunlight onto a receiver, typically located at the
focal point of parabolic troughs, atop power towers, or in the linear Fresnel
configuration. Its significance lies in its ability to efficiently capture and
concentrate solar radiation, converting it into high-temperature thermal energy
that drives the power generation process. This critical role positions the
solar field as the linchpin of CSP projects, influencing the overall
performance and economic feasibility of solar thermal power generation.
Several
factors contribute to the dominance of the solar field segment in the CSP
market. Firstly, the solar field accounts for a substantial portion of the
total project cost, reflecting the complexity and precision required in the
design, manufacturing, and installation of mirrors or lenses. As the primary
component responsible for solar energy capture, the solar field's efficiency
directly impacts the overall efficiency of the CSP system, making it a focal
point for advancements and optimizations.
Moreover,
ongoing research and development efforts focus on enhancing the efficiency and
durability of solar field components. Innovations in mirror coatings,
materials, and design configurations aim to improve reflectivity, minimize heat
losses, and extend the operational lifespan of the mirrors. These advancements
contribute to higher overall energy capture, increased plant efficiency, and,
ultimately, reductions in the levelized cost of electricity (LCOE).
The
dominance of the solar field is accentuated by its adaptability across
different CSP technologies. Whether integrated into parabolic trough systems,
power tower configurations, or linear Fresnel setups, the solar field remains a
common and indispensable element. This versatility underscores its centrality
in CSP projects globally and its applicability in diverse geographic and
climatic conditions.
Furthermore,
advancements in concentrating solar technologies, such as advanced heliostat
designs for power towers or innovative reflector configurations for linear
Fresnel systems, continue to elevate the efficiency and competitiveness of the
solar field. These advancements are crucial for maintaining the competitiveness
of CSP relative to other renewable energy sources, particularly as the industry
strives to achieve grid parity.
Key
market players in the global concentrated solar power market are: -
- BrightSource
Energy, Inc.
- Solar
Millennium AG
- Abengoa
S.A.
- Acciona
Energy, S.A.
- Novatec
Solar GmbH
- Enel SpA
- Shanghai
Electric Power Generation Co., Ltd.
- China
National Chemical Engineering & Construction Corporation
- Heliand
Power GmbH
- SolarReserve
LLC
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“The
Global Concentrated Solar Power (CSP) market is a driving force in the
renewable energy landscape, utilizing sunlight to generate clean and
dispatchable power. With utility-scale projects dominating, CSP contributes
significantly to the global energy mix, offering grid-stabilizing solutions.
Europe, particularly Spain, leads in CSP deployment, benefiting from a rich
history of pioneering projects. The solar field, a pivotal component, captures
and concentrates sunlight, enhancing overall system efficiency. Ongoing
research focuses on advancing CSP technologies and reducing costs, reinforcing
its position as a key player in the transition to sustainable energy.Top of Form” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based global management
consulting firm.
“Concentrated Solar Power Market – Global
Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By
Technology (Parabolic Trough, Power Tower, Linear Fresnel), By Application
(Residential, Non-Residential, Utility), By Storage (With Storage, Without
Storage), By Capacity (≤ 50 MW, > 50 to ≤ 100 MW, > 100 MW), By Component
(Solar Field, Power Block, Thermal Energy Storage System), By Region, and By
Competition, 2018-2028,” has evaluated the future growth
potential of Global Concentrated Solar Power Market and provides
statistics & information on market size, structure, and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Concentrated Solar Power Market.
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