Global Concentrating Solar Power Market (2022 to 2027)
DUBLIN–(BUSINESS WIRE)–The “Concentrating Solar Power Market by Technology (Solar Power Tower, Linear Concentrating System, Dish Stirling), Operation Type (Stand-alone, Storage), Capacity (<50 MW, 50-99 MW, 100 MW & Above), End User (Utilities, EOR), Region – Global Forecast to 2027” report has been added to ResearchAndMarkets.com’s offering.
The global concentrating solar power market size is estimated to be USD 6.0 Billion in 2022 and is projected to reach USD 19.9 Billion by 2027; it is projected to grow at a CAGR of 26.9% during the forecast period.
The key drivers for the concentrating solar power market include effective integration of CSP systems with thermal storage systems, and Use of CSP in desalination and enhanced oil recovery processes.
Linear concentrating systems: The second largest segment of the concentrating solar power market, by technology
Based on technology, the concentrating solar power market has been split into solar power towers, linear concentrating systems, and dish stirling technology. Linear concentrating system were estimated to account for a second largest share of the concentrating solar power market in 2021. Reduced CAPEX and widespread implementation of parabolic troughs and linear Fresnel technologies are the key factors driving the implementation of linear concentrating systems.
100 MW and Above segment is expected to emerge as the largest segment based on capacity
The concentrating solar power market has been segmented into the less than 50 MW, 50 MW to 99 MW, and 100 MW and Above based on capacity. 100 MW and Above is expected to hold the largest market share. The 100 MW and above segment is driven by the need to install concentrating solar power systems for utility power generation applications in regions such as Asia Pacific and the Middle East & Africa
Middle East & Africa is expected to be the second largest market during the forecast period.
Middle East & Africa is expected to be the second-fastest growing market due to need for water desalination, and development of renewable sectors in countries such as UAE, Saudi Arabia, and South Africa are driving the market for concentrating solar power in this region.
Market Dynamics
Drivers
- Growing Environmental Concerns Over Carbon Emissions and Efforts to Reduce Air Pollution
- Support from Governments to Enable Adoption of Renewable Technologies
- Effective Integration of Csp Systems with Thermal Storage Systems
Restraints
- Higher Cost of Generation Compared with Other Renewable Technologies
Opportunities
- Integration of Csp in Hybrid Power Plants
- Use of Csp in Desalination and Enhanced Oil Recovery Processes
Challenges
- Technical Complexities of Csp Plants
- Solar Pv is Cheaper Than Csp
Companies Mentioned
- Aalborg Csp
- Abengoa
- Acciona Energy
- Acwa Power
- Alsolen
- Archimede Solar Energy
- Atlantica Yield
- Brightsource Energy
- Chiyoda Corporation
- Cobra Energia
- Enel Green Power
- Frenell Gmbh
- General Electric
- Glasspoint Solar
- Heliogen
- Solarreserve
- Solastor
- Soltigua
- Torresol Energy
- Tsk Flagsol Engineering Gmbh
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