Global Concentrating Solar Power Market is expected to foresee significant growth. Asia Pacific to lead the growth
Global Concentrating Solar Power Market is expected to reach the market valuation of US$ xx billion by 2027 expanding at a reasonable CAGR of xx% during the forecast period (2021-2027) from US$ xx billion in 2020. Concentrating solar power (CSP) relies on concentrating the sun’s rays through the use of mirrors to create high-temperature heat to drive a steam turbine. In the majority of today’s systems, the sun’s energy is transferred to a fluid, which in turn is passed through heat exchangers to run a traditional electricity steam cycle, similar to the one used in conventional thermal power plants. CSP plants can also have thermal storage systems. Often, a two-tank molten salt storage system is used, but designs vary. Since steam turbines can only be operated economically above a certain minimum size, today’s solar thermal power plants have rated outputs in the range of 50 to 200 megawatts. The main difference to a conventional steam power plant is the solar field, which supplies the heat for the steam generator. As per IRENA, Cumulative CSP installed capacity grew just over five-fold, globally, between 2010 and 2020, reaching around 6.5 GW at the end of 2020. After modest activity in 2016 and 2017 – with annual additions hovering around 100 MW per year – the global market for CSP grew in 2018 and 2019.
The Global Concentrating Solar Power Market is experiencing significant growth due to increasing environmental concerns over carbon emission, policy support from government to adopt renewable technologies, and rise in energy demand along with their inherent thermal storage capacity are the key factors complementing the Concentrating Solar Powers market.
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A CSP plant normally consists of thermal collection, thermal storage, and thermal–work power conversion systems. CSP thermal–work conversion is partially similar to that of a conventional thermal generator unit. Existing mature techniques can be utilized, and thus CSP is especially suitable for large-scale applications. There are different types of mirror shapes and sun-tracking methods to provide useful energy, but all of them work under a same principle of driving a heat engine to generate electricity that can then be fed into the grid. Thus, concentrated solar power energy is a carbon-free source of electricity and is best suited to regions with strong radiation such as Southern Europe, Northern Africa and Middle East, South Africa, parts of India, China, Southern U.S., and Australia.
Based on technology, the market is segmented into Solar Power Tower, Linear Fresnel, Parabolic Trough and Stirling Dish technology. The Solar Power Tower segment grabbed XX% market share of the Global Concentrating Solar Power Market and gathered revenue of USD XX billion in 2020. The segment is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX billion by 2027 owing to their strong concentration of radiation which can generate temperatures in excess of 1000 °C at the receiver.
Based on operation type, the market is segmented into Stand-alone Systems, & With Storage. In 2020, the With Storage segment dominated the Concentrating Solar Power Market and accounted for XX% market share. This segment will witness a considerable CAGR of XX% during the forecast period (2021-2027F) on account of its Lower Levelized Cost of Electricity (LCOE), higher Capacity Utilization Factor (CUF), and high overall plant efficiency.
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Based on End user type, the market is classified into Utilities, EOR, and Others (Others include process heating, mining industry operations, desalination, and district heating). The Utilities segment generated revenue of USD XX billion in 2020. The segment is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX billion by 2027 owing to the favorable government initiatives and regulations on increasing the adoption of renewable energy sources.
The impact of the COVID-19 pandemic is being felt & has impacted the power sector globally. Due to the current scenario, many countries witnessed delays in construction activity due to supply chain disruptions caused mainly by China, lockdown measures across all major economies, social-distancing guidelines for workers, and the subsequent financing challenges.
Like other industries, renewables are exposed to new risks from Covid-19, varying significantly by market sector and technology. Even though countries all over the world began to gradually lift some of these measures in early May, their impacts are still far-reaching.
Restrictions on business activities, travel and border closures have sharply reduced energy demand in transport and industry, decreasing the consumption of renewables production. Emerging macroeconomic challenges may prompt cancellation or suspension of investment decisions for both large and small-scale projects under development. All of these factors may put projects at risk, even if they are at an advanced stage.
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Additionally, the report provides detailed initiatives that are being taken in the field of Concentrating Solar Power market. The market is classified into distinct regions including North America, Europe, Asia Pacific, and the Rest of World. Asia Pacific dominated the Global Concentrating Solar Power Market, accounting for nearly xx% share in 2020 on account of upsurge in installations of concentrated solar power plants in the region.
Global Concentrating Solar Power Market Segmentation
Market Insight, by Technology
- Solar Power Tower
- Linear Fresnel
- Parabolic Trough
- Stirling Dish technology
Market Insight, by Operation Type
- Stand-alone Systems
- With Storage
Market Insight, by Capacity
- Less than 50 MW
- 50 MW to 99 MW
- 100 MW and above
Market Insight, by End User
- Others (Others include process heating, mining industry operations, desalination, and district heating)
Market Insight, by Region
- North America
- Asia Pacific
- Rest of World
Top Company Profiles
- Abengoa, S.A.
- BrightSource Energy, Inc.
- Aalborg CSP
- Siemens Energy
- Acciona, S.A.
- Enel Green Power S.p.A.
- Chiyoda Corporation
- INITEC Energía
- ACWA Power
- GE Renewable Energy