The global concentrated solar power market is anticipated to grow at a significant CAGR of 9.5% during the forecast period. Concentrated Solar Power Market (CSP Market) is a technology that generates electricity by using mirrors/lenses to capture a large amount of sunlight energy and concentrate on a small area. Increasing electricity demand is a major problem due to the rise in population. To meet the demand for electricity government has taken some initiative toward generating power using renewable energy sources such as Concentrated Solar power. There was a lack of energy storage system in solar panel electricity generation technology whereas CSP is consist of thermal storage and a steam turbine that can supply uninterrupted electricity. Some of the factors that propel the growth of this market are the rise in demand for electricity, backup and storage ability, renewable source of electricity, and government initiatives toward pollution reduction.

High capital cost is the major concern for this market. Concentrated Solar Power involves some expensive components such as solar mirrors, turbines, and thermal storage which need a high initial cost for setup. One of the restraining factors is the intensive land and water requirement for the project.

Impact of COVID-19 Pandemic on Global concentrated solar power Market

The COVID-19 has stopped the power sector across the globe due to most of the countries having stopped or invested less in construction activity due to disruptions caused for the supply chain couped by board restrictions majorly by China. Moreover, as this plant requires a great number of human workforce to complete the installations coupled with social distancing and low labor the market has been impacted. Furthermore, the projects that were going on were put on hold for the unimagined timeline all are these factors that impacted market growth during COVID-19.

Segmental Outlook 

The concentrated solar power market is segmented on the basis of technology, components, and application. Based on technology, the market is sub-classified into dish stirling, enclosed trough, parabolic trough, and fresnel reflector. On the basis of components, the market is sub-divided into the solar field, tower/concentrator structure, reflectors, heat collection element (HCE), pump and heat transfer fluid, thermal energy storage, and power generation system. Furthermore, based on application, the market is sub-organized into industrial, residential, and commercial. Among the application segment, the industrial segment is the fastest growing in the market attributed to the increasing and high demand for electricity and renewable resources in this industry coupled with the use of these outcomes is more in a daily basis. Moreover, with the increasing electricity demand, various key players are developing new tools and techniques to fulfill the demand, and also several government initiatives and regulations are witnessing the fastest growth of the segment in the market.

Global Concentrated Solar Power Market Share by Technology, 2021 (%)

The Parabolic Trough Segment is Dominating the Global concentrated solar power Market

A parabolic trough is holding a prominent share in the market owing to it being the most advance in available technologies, it also requires less amount capital investment to operate or installs a power plant. In addition, the easy installation and great penetration of design and a major number of plants across the globes used currently are hybrids and it also requires fossil fuel to supplement the solar output. Moreover when using concentrated solar power with a parabolic trough has benefits associated with it a promising cost-effective investment, storage time that ranges from 0 to 7 hours, and ease of combining with several renewable energy sources. For instance, in January 2020, Hayward Tyler is been awarded a multimillion-dollar contract from Shanghai Electric (Group) to supply a glandless pump package. In this project, three different technologies were used to generate clean energy, a parabolic basin complex, a solar tower, and PV panels.

Regional Outlooks

The global concentrated solar power market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East &Africa, and Latin America. Due to government regulation in the European region regarding carbon emissions, clean energy is preferred in the region and is driving the market growth.

Global concentrated solar power Market Growth, by Region 2022-2028

The Asia Pacific Region is Fastest Growing in the Global Concentrated Solar Power Market

Due to the population growth, the energy demand in the Asia Pacific region is continuously growing therefore APAC is considered as the most opportunity market for the CSP. China and India are focused on renewable energy and installed a huge capacity in the region in recent years. Moreover, Government initiatives and subsidies in all the emerging countries are attracting the manufacturer and energy suppliers. Furthermore, the region is the fastest growing attributed to high growing installations of concentrated solar power plants and increasing investment in the market for alleviation grid locations.

Market Players Outlook

The competitive landscape includes key strategies of leading players, recent developments, and key company analysis. The major players that contribute to the growth of the market include Abengoa Solar, Acciona Energy, Areva Solar, Bright Source Energy Inc., Cobra Energia, Esolar Inc., Glasspoint Solar, Novatec Solar, and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new Deployment launches, to stay competitive in the market. For instance, in May 2020, Abengoa and Acciona both the company in partnership developed Cerro Dominador solar thermal plan for EIG Global Energy. This plant has created a fusion of more than 46,000 tons of salts from the Atacama Desert in Chile and it is the first solar thermal plant in Latin America with a capacity of 110 MW.

The Report Covers

• Market value data analysis of 2021 and forecast to 2028.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global concentrated solar power market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.