Concentrated Solar Power Market: Current Analysis and Forecast (2023-2030)

Report Description

The Concentrated Solar Power market was valued at 6602 MW in 2022 & is expected to grow at a CAGR of 5.6% from 2023-2030. It is mainly owing to the government programs and incentives to promote cleaner renewable and increasing investments in solar power globally. According to IEA, the total Power Produced from CSP is expected to be 34 GWh in 2023. Power from CSP is relatively expensive compared to power from solar and wind. However, recent announcements such as a price of $73/MWh for a 700 MW CSP project in the UAE indicate significant cost savings potential. This pure energy cost comparison does not take into account the CSP’s ability to reschedule generation and provide ancillary services to the power system.

Further reductions in technology costs will depend on speed of deployment and empirical learning, but the high cost compared to other technologies, especially photovoltaics, remains an obstacle. Funding for CSP projects is hampered by a combination of technology risk, country risk, large project scale, and development costs. Ongoing projects rely on generous FITs (China, Israel) and low-cost financing (Middle East and Africa). However, research and development (R&D), technology learning, and large-scale deployment promise significant cost savings potential.

Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst Technology, the parabolic trough and power tower segment held a dominating share of the market in 2022”

Based on Technology, the Concentrated Solar Power market is divided into Beam-Down Tower, Dish, Hybrid CSP-PV, Hybrid, Linear Fresnel, Hybrid, Parabolic Trough, Linear Fresnel, Parabolic Trough, and Power Tower segments. The parabolic trough and power tower segment is expected to experience the highest growth and captured a significant portion of the market as these technologies were generally used to build Concentrated Solar Power Plants. Only around 100 of these concentrated solar power plants are built around the world as it takes massive investment to build and operating expenses to function properly.

“Europe dominated the Concentrated Solar Power market in 2022”

Europe acquired the majority share in the Concentrated Solar Power market due to the rampant development of CSP In Spain and is expected to witness an exponential CAGR in the forecasted period. It is mainly owing to the policies, investment, and research and development that the governments had established to remove carbon emissions which is increasing the usage of solar energy in the upcoming years. For instance: the European Union as a whole, and individual member states such as Germany, have dedicated targets for solar energy. Solar energy plays a key role in the clean energy transition. It will contribute to reaching the objectives of the REPowerEU plan and reduce the EU’s dependence on non-renewable energy. Solar is the source of energy that is growing at the highest pace in the EU. In 2020, the EU solar market grew by 18 GW and 5.2% of the EU’s total electricity production came from solar energy. Solar energy is cheap, clean, modular and flexible. The cost of solar power has decreased by 82% over the last decade, making it the most competitive source of electricity in many parts of the EU.

Concentrated Solar Power Market Report Coverage

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global Concentrated Solar Power market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Concentrated Solar Power Market Analysis (2023-2030)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global Concentrated Solar Power market were the three major steps undertaken to create and analyze the adoption of Concentrated Solar Power in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Concentrated Solar Power market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the Concentrated Solar Power market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Concentrated Solar Power market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as Technology. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Concentrated Solar Power market. Further, we conducted factor analysis using dependent and independent variables such as Technology of the Concentrated Solar Power market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Concentrated Solar Power market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Concentrated Solar Power market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the Concentrated Solar Power market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global Concentrated Solar Power market in terms of technology offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Concentrated Solar Power market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of Technology in the global Concentrated Solar Power market.

The main objective of the Global Concentrated Solar Power Market Study

The current & future market trends of the global Concentrated Solar Power market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the Concentrated Solar Power market in terms of MegaWatt. Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of
• Define and analysis of the regulatory framework for the Concentrated Solar Power industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the Concentrated Solar Power market for the major regions
• Major countries of regions studied in the report include Asia Pacific, Europe, North & South America, and the Middle East & Africa.
• Company profiles of the Concentrated Solar Power market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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