Concentrated Solar Power Market Growing At A CAGR Of 9.7% By 2027 Due To Growing Awareness About Renewable Sources Of Energy | Grand View Research, Inc.

March 08 14:56 2021
Concentrated Solar Power Market Growing At A CAGR Of 9.7% By 2027 Due To Growing Awareness About Renewable Sources Of Energy | Grand View Research, Inc.

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As per a report published by Grand View Research, the global concentrated solar power (CSP) market is expected to be driven by the continued concerns over carbon emissions, as well as exertions to decrease air pollution. The current coronavirus pandemic has had a knock-on effect on the overall energy sector; however, the CSP market is expected to show healthy growth over the coming months.

The global concentrated solar power market size is expected to reach USD 9.5 billion by 2027, as per a study by Grand View Research, Inc. The industry is projected to advance at a healthy CAGR of 9.7% over the forecast period. Growing awareness about renewable sources of energy, along with government regulations to reduce the carbon footprint, is driving the market. Additionally, the rapidly expanding trend of adopting clean sources of energy over non-renewable sources is projected to propel the industry growth through 2027. Governments across economies have implemented initiations and regulations on reducing greenhouse gas (GHG) and carbon emissions, which is a crucial aspect for market growth. Favorable government incentives, such as carbon credits and energy certificates, are expected to aid the CSP market over the projected period.

CSP technology can store solar energy during the day and post-sunset periods, which is a supposed advantage shown by proponents over all the other contending technologies. Consistent power supply, coupled with suppleness in usage backing in bridging the supply and demand deficit, faced by various countries, specifically in the developing countries, is driving the CSP demand. Growth in ecological issues based on carbon emissions results in the need to decrease air pollution, thus increasing the demand for renewable energy sources. However, the high cost witnessed throughout CSP energy production, as well as technical difficulties faced during installation and operation, has limited the business growth. Some of the notable technologies that are being utilized in the CSP industry include parabolic trough, linear Fresnel, power tower, and dish. 

Concentrated Solar Power Market Highlights

• A study conducted by Greenpeace International, the European Solar Thermal Electricity Association, and the IEA’s SolarPACES group has found that by 2050, CSP could account for up to 25% of the world’s energy requirements

• The utility application segment held the largest revenue share of 63.9% in 2019 in the concentrated solar power market, which is aided by rising demand from industrial areas for generating renewable power with storage options

• The parabolic trough technology segment dominated the CSP market, accounting for 84.8% share of the total revenue share in 2019, due to high popularity of the design as well as the ease of installation

• Asia Pacific is projected to grow at a significant rate throughout the forecast period, with China expected to account for the maximum regional share in the CSP market over the forecast period

• The COVID-19 pandemic has led to major disruptions in the global power sector, with nationwide lockdowns and border closures severely affecting the demand-supply scenario in the CSP industry. The market is witnessing a slow return to normalcy, with countries gradually starting to ease lockdown norms

• Researchers from the Center for Solar Energy Technologies, Fraunhofer Chile, carried out a comparative analysis of costs and prices of PV-CSP hybrid projects in February 2020, concluding that the lowest LCOE in Chile can be obtained through combination of a large-scale PV and CSP; such researches can be expected to positively aid the CSP industry growth in coming years

• A notable project involving CSP technology is the Mohammed bin Rashid Al Maktoum Solar Park in Dubai. The fourth phase of the project combines CSP and PV solar power, and will be operational in various stages beginning the third quarter of 2021; this is expected to offer 320 thousand residences with clean energy, while reducing 1.6 million tons of annual carbon emissions.

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Concentrated Solar Power Market Segmentation

Grand View Research has segmented the global concentrated solar power market on the basis of application, technology, and region:

Concentrated Solar Power Application Outlook (Volume, MW; Revenue, USD Million, 2016 – 2027)

    • Utility
    • EOR
    • Desalination
    • Others

Concentrated Solar Power Technology Outlook (Volume, MW; Revenue, USD Million, 2016 – 2027)

    • Parabolic Trough
    • Linear Fresnel
    • Dish
    • Power Tower

Concentrated Solar Power Regional Outlook (Volume, MW; Revenue, USD Million, 2016 – 2027)

    • North America
        • U.S.
        • Spain.
        • Italy
    • Asia Pacific
        • China
        • India
    • Central & South America
        • Brazil
        • Argentina
    • MEA
        • Morocco
        • Algeria

List of Key Players of Concentrated Solar Power Market

    • Abengoa
    • BrightSource Energy, Inc.
    • Siemens Energy
    • Acciona
    • Aalborg CSP
    • TSK Fl
    • INITEC Energía
    • Torresol Energy
    • Enel Spa
    • Trivelli Energia srl
    • Grün leben GmbH

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About Grand View Research

Grand View Research is an India & U.S. based market research and consulting company headquartered in San Francisco, which offers syndicated research reports, customized research reports, and consulting services. The company’s rich database includes in-depth analysis across a range of industries including chemicals, materials, energy, healthcare, and technology, among others.  

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