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| Global Concentrated Solar Power Market Size |
Concentrated Solar Power (CSP) is a sustainable and renewable energy technology
that utilizes powerful lenses or mirrors and tracking systems to concentrate a
large area of sunlight into a small beam to generate thermal energy.
Concentrated solar power plants can be integrated with thermal energy storage
systems which allow generation of energy even during nights and cloudy days.
The global
Concentrated Solar Power Market is estimated to be valued at US$ 5.86 billion in 2024 and is expected to exhibit a CAGR of 5.1% 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 clean energy solutions across the globe is one of the
major factors accelerating the growth of the concentrated solar power market.
CSP systems provide dispatchable and readily available renewable energy without
reliance on weather fluctuations. Integration of these systems with energy
storage allows their utilization as a reliable alternative to fossil fuel-based
power plants. Various countries are heavily investing in large-scale CSP
projects to reduce carbon emissions from their power sectors and meet their
renewable energy targets. For instance, China and India have set targets of
installing over 5 GW of CSP capacity each by 2030. Additionally, favourable
government policies and incentives promoting the adoption of solar power in
many nations are expected to boost market growth over the forecast period.
Segment Analysis
The global concentrated solar power market is dominated by the parabolic trough
sub-segment, which accounted for over 70% share of the overall market in 2023.
Parabolic trough technology has established itself as a mature and bankable
renewable energy technology, with extensive operational experience and a track
record of reducing costs over time due to innovations and economies of scale.
Parabolic trough plants utilize linear parabolic reflectors that concentrate
sunlight onto a receiver located at the focal point of the parabolic surface.
The receiver contains a pipe or tube carrying a heat-transfer fluid (thermal
oil or molten salt) that becomes heated as it circulates through the receiver
and is used to produce steam to drive a turbine-generator to produce
electricity. Parabolic troughs offer advantages such as a simple design, low
maintenance requirements, and proven technology which has led to their wide
adoption in utility-scale solar thermal power projects.
Key Takeaways
Global
Concentrated Solar Power Market Size is expected to witness high growth
over the forecast period of 2023 to 2030, driven by supportive policies and
initiatives to promote renewable energy, competitive costs of solar thermal
technologies, and growing demand for dispatchable solar power. The global
Concentrated Solar Power Market is estimated to be valued at US$ 5.86 billion in 2024 and is expected to exhibit a CAGR of 5.1% over the forecast period
2023 to 2030.
The Middle
East & Africa region currently dominates the concentrated solar power
market, accounting for over 50% share in 2023. Strong government support
through regulatory policies and large investments in utility-scale solar
projects have made the Middle East & Africa an attractive market for CSP
technologies. Countries such as South Africa, Egypt, Morocco, and the UAE are
among the largest markets. The Asia Pacific region is poised to be the fastest
growing market for concentrated solar power during the forecast period,
supported by rising energy demand, growing share of renewable capacity
additions, and presence of major untapped solar resources especially in China
and India.
Key players operating in the concentrated solar power market include Airbus
Group, Alcoa Corporation, and Arconic Corporation. Airbus Group is a leading
global aerospace company involved in the development and manufacturing of
commercial aircraft, helicopters, military transports, satellites, and launch
vehicles, among other products. Alcoa Corporation is a global industry leader
in bauxite, alumina, and aluminum products. Arconic Corporation is a global
manufacturer and engineer of lightweight metals including aluminum, titanium,
and nickel.
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