Press release
Concentrated Solar Power Market Analysis Report: Size, Share, and Growth 2024 - 2031 | Siemens AG, Genarl Electric, Abengoa
Concentrated Solar Power Market Analysis
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 two major drivers - emergence of renewable energy sources and government support through regulations and incentives. With growing environmental concerns and need to transition to cleaner sources of energy, many countries are increasing their investment in solar energy to meet rising power demand. Additionally, governments across regions are introducing supportive policies like tax rebates, net metering, and renewable portfolio standards to encourage solar power adoption. Growing policy push for solar energy combined with cost competitiveness compared to fossil fuels is anticipated to boost the concentrated solar power market during the forecast period.
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Market Drivers for Concentrated Solar Power
Decreasing Cost Per Kilowatt Hour
One of the key drivers for the growth of the concentrated solar power market has been the significant decrease in the cost per kilowatt hour of electricity generated through this technology over the past decade. According to studies, the levelized cost of electricity from CSP plants declined by around 50% between 2010 to 2020. This downward trend in costs has been driven by factors such as technological improvements, economies of scale in manufacturing and construction as well as increased deployment experience globally. As costs continue their downward trajectory, CSP is becoming increasingly competitive compared to other conventional sources of electricity generation and this is attracting more investments and interest in this renewable market.
Market Opportunity for Concentrated Solar Power
Incorporation of Thermal Energy Storage
One of the major opportunities for the CSP market is the increased focus on incorporating thermal energy storage systems in the project designs. While solar power from PV or CSP is an intermittent source based on sunlight availability, energy storage helps solve the issue of mismatch between energy supply and demand. By storing the thermal energy collected during daylight hours for electricity generation even when the sun is not shining, the storage capability increases the utilization and capacity factors of CSP plants allowing for reliable, grid-scale power production. Countries and project developers are exploring specialized storage technologies like molten salt that increase the viability and competitiveness of CSP. This expands the potential applications of CSP beyond just electricity generation into industrial process heating and cooling as well.
Market Trends in Concentrated Solar Power
Shifting Focus Towards Next Generation Technologies
A key trend observed in the concentrated solar power market has been the increasing research and development as well as deployments of next generation CSP technologies that aim to further reduce costs and increase efficiencies. Technologies being explored include linear Fresnel reflectors, cylindrical parabolic troughs, compact linear Fresnel reflectors, Dish Stirling systems and solar towers with molten salt storage. Countries are supporting pilot and demonstration projects incorporating these advanced systems. There is also a push towards hybridizing CSP plants with other renewables or conventional technologies to maximize resource utilization. These innovative and more efficient systems hold promise to offer lower generation costs and attract greater investments towards commercial and utility scale deployments of concentrated solar power globally.
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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)
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📈 Market Outlook: Get current and future market outlooks, including recent developments, growth opportunities, drivers, challenges, and regional constraints
FAQ:
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Does this report estimate the current market size?
Does the report provide market size in terms of Value (US$ Mn) and Volume (thousand ton/metric ton/cubic meter)?
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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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