Press release
Concentrated Solar Power Market to See Incredible Growth During 2024 - 2031 | Siemens AG, Genarl Electric, Abengoa
Concentrated Solar Power Market
The global concentrated solar power market size was valued at US$ 5.29 Bn in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 10.8% from 2023 to 2030.
Market Dynamics:
The concentrated solar power market is expected to witness significant growth over the forecast period owing to growing investments in renewable energy sources and favorable government policies and incentives promoting adoption of solar energy. For instance, according to the International Renewable Energy Agency, global investments in renewable energy reached $501.3 billion in 2020, reflecting continued strong growth despite the economic slowdown induced by the COVID-19 pandemic. Of these, new investments in solar plants and technology was estimated at $160 billion in 2020. In addition, growing concerns regarding environmental pollution and need to minimize reliance on fossil fuels are also expected to support adoption of clean energy technologies such as concentrated solar power over the coming years.
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Major market drivers for increased adoption of Concentrated Solar Power
The declining levelized cost of electricity generation from Concentrated Solar Power plants is a major factor driving increased adoption. Advancements in CSP technology and economies of scale from larger projects have significantly reduced generation costs in recent years. A 2020 report from the International Renewable Energy Agency found the levelized cost of electricity from new CSP plants dropped 13% between 2015 and 2019. With further cost reductions expected this makes CSP increasingly competitive with traditional fossil fuel sources.
Major market opportunity for Concentrated Solar Power growth
Using Concentrated Solar Power technology for large-scale energy storage presents a major market opportunity. CSP plants have a natural synergy with high-temperature thermal energy storage, which involves using the solar heat collected to heat a storage medium like molten salt. This stored heat can then be used to continue generating electricity for several hours after sunset or when solar irradiation is unavailable. Pairing CSP projects with low-cost thermal energy storage opens up opportunities to market them as flexible, dispatchable renewable sources able to meet electricity demand around the clock. It could allow CSP to play a more substantial role complementing variable renewable energy sources like solar and wind power on electricity grids. As energy storage technologies continue advancing, this will be a significant avenue for expanded CSP market adoption.
Major Concentrated Solar Power market trend
The increasing deployment of hybrid solar projects combining CSP with photovoltaics is an important market trend. Hybrid projects offer efficiency and cost advantages over standalone CSP or PV plants. By pairing a CSP plant to produce electricity from concentrated solar heat with an adjacent PV installation, more total electricity can be generated from the same amount of land. The CSP provides power during sunny hours while the PV supplements in periods of partial sun or clouds. Some hybrid plants are also investigating using shared steam turbine and thermal energy storage infrastructure to further maximize efficiencies. As developers look to optimize renewable project returns, hybrid CSP/PV configurations will likely become an increasingly common market trend going forward. This could help accelerate overall CSP capacity additions in the coming decades.
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Top Companies Included in This Report:
★ Siemens AG
★ Genarl Electric
★ Abengoa
★ Acciona S.A.
★ Atlantica Yield plc.
★ Suntrace GmbH
★ BrightSource Energy Inc.
★ SolarReserve LLC.
★ ACWA Power
★ Frenell GmbH
Market Segmentation:
Based on Product Type:
★ By Technology: Parabolic Trough, Solar Power Trough, Fresnel Reflectors, Dish Stirling
★ By End User Industry: Residential, Commercial, Industrial
Key Regions/Countries Classified as Follows:
» North America (U.S., Canada, Mexico)
» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
» South America (Brazil, Argentina, Rest of SA)
» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
Latest Trends in the Navigation Concentrated Solar Power Market:
💡 Surging Demand: Witness a rising demand for navigation Concentrated Solar Power owing to the escalating usage of GPS-enabled devices and the imperative for precise, up-to-date mapping data.
💡 Innovations in Technology: Witness the emergence of novel technologies aimed at enhancing the precision and dependability of navigation Concentrated Solar Power, encompassing real-time traffic updates, 3D mapping, and augmented reality.
💡 Tailored Solutions for Diverse Industries: Companies are tailoring navigation Concentrated Solar Power solutions to cater to the distinct requirements of various sectors such as automotive, aviation, and maritime.
💡 Fusion with Emerging Technologies: Observe the integration of navigation Concentrated Solar Power with cutting-edge technologies like artificial intelligence and the Internet of Things, facilitating the provision of advanced functionalities.
💡 Rise of Mobile Applications: Experience the proliferation of navigation Concentrated Solar Power in the form of mobile applications, offering enhanced convenience and accessibility to users.
💡 Emphasis on Environmental Sustainability: Witness the development of navigation Concentrated Solar Power systems that consider environmental factors such as traffic congestion and air quality, fostering the provision of sustainable transportation alternatives.
Frequently Asked Questions (FAQs) for Global Navigation Concentrated Solar Power Market Research:
What are the critical factors that companies should prioritize when entering the Navigation Concentrated Solar Power market?
What is the growth rate of the Navigation Concentrated Solar Power Market?
What is the current size of the Navigation Concentrated Solar Power Market?
Which region demonstrates the highest growth rate in the Navigation Concentrated Solar Power Market?
Which region commands the largest share in the Navigation Concentrated Solar Power Market?
Who are the key players operating in the Navigation Concentrated Solar Power Market?
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Author Bio:
Vaagisha brings over three years of expertise as a content editor in the market research domain. Originally a creative writer, she discovered her passion for editing, combining her flair for writing with a meticulous eye for detail. Her ability to craft and refine compelling content makes her an invaluable asset in delivering polished and engaging write-ups.
(LinkedIn: https://www.linkedin.com/in/vaagisha-singh-8080b91)
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