Concentrating Solar Power Market Growth during 2021-2030 | Rise in Demand, Opportunities, Type, Future Analysis

The Global Concentrating Solar Power Market size is estimated to be USD 37.40 billion in 2019 and is projected to reach USD 114.42 billion by 2030 with a CAGR of 10.7% from 2020-2030.

Concentrating Solar Power is a technology that converts energy from sunlight to power a turbine for generating electricity. It uses mirrors or lenses, deployed on a large area to concentrate solar energy on the focal point of a receiver. The receiver either produces steam or hot air to drive the turbine coupled with a generator. The generator produces electricity, which is then stored in grids and is used in various applications. Concentrating solar power is completely carbon free and renewable in nature. The energy derived from concentrating solar power has wide range of industrial applications such as food processing, enhanced oil recovery, water desalination, chemical production, and mineral processing.

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Top Companies: Atlantica Yield, BrightSource, NextEra Energy, SENER Group, Tonopah Solar, Florida Power & Light Co., NRG Energy, Acciona Energia, Reliance Power Ltd., Alphabet, FG Emvelo, ACWA Power, Solafrica Thermal Energy, Terra-Gen, Abengoa Solar and Godavari Green Energy Ltd.

Market Dynamics and Trends

Depletion of conventional sources of energy is the prime reason for emergence of concentrating solar power. The depleting energy sources demanded for more renewable sources of energy and solar energy is available in abundance and is inexhaustible. Hence, there is a growing focus to harness energy from sunlight, thereby boosting the concentrating solar power market during the forecast period. Furthermore, growing awareness on environmental pollution by conventional power plants and increasing rate of global warming are enhancing the growth of concentrating solar power market.

Some other driving factors of the market include stringent environmental regulations and increasing governmental initiatives boost the market growth. However, requirement of high capital cost for deploying concentrating solar power generation plant is anticipated to hinder the market growth. Some of the challenges poised for installation of concentrating solar power generation plant includes availability of large area in high solar radiation zones, access to water resources, and accessible transmission grid.

On the other hand, increased adoption and acceptance of concentrating solar power projects by leading market players coupled with strategic collaborations among players is expected to create lucrative opportunities in the concentrating solar power market in the coming years. The new projects of concentrating solar power plants explore new system designs with innovative concepts for collector and receiver, heat transfer fluids, thermal storage, and power cycle subsystems for new applications. Additionally, concentrating solar power plants can supply solar power on-demand through the existing thermal storage, and thus, assisting to tackle grid integration challenges associated due to variability of solar energy supply after sunsets.

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Market Segmentations and Scope of the Study:

The global concentrating solar power market share is analyzed based on technology, storage, capacity, end user and geography. Based on technology, the market is segmented into Parabolic Trough, Solar Power Tower, Linear Fresnel Reflectors, and Dish/Engine. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis

North America is expected to dominate in the concentrating solar power market in terms of market share, owing to the increased adoption of renewable energy. According to a CSP 2030 Report published by National Renewable Energy Laboratory in January 2019, it is targeted for CSP baseload plants having a minimum 12 hours of energy storage to be $0.05 per kilowatt-hour. Moreover, presence of developed infrastructure in this region further propels the market growth.

Asia-Pacific is anticipated to be the fastest growing region for the concentrating solar power market, owing to presence of number of developing countries. These developing countries are rapidly getting industrialized and thus, the carbon emissions from these countries is estimated to grow tremendous in the coming years. There is growing awareness among the population and government on increasing pollution resulting in global warming from these countries. Hence, government of these countries are emphasizing on increasing investments to deploy infrastructure for renewable sources of energy plants.

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