Emphasis on Technology (Solar Power Tower, Linear Fresnel, Parabolic Trough, Stirling Dish technology); Operation Type (Stand-alone Systems, With Storage); Capacity (50 MW, 50 MW-99 MW, 100 MW+); End-User Type (Utilities, EOR, Others); Region and Country
Concentrating Solar Power Market was valued at US$ 5 billion in 2020 and is expected to grow at a CAGR of 12% over the forecast period (2021-2027).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.
Abengoa, S.A., BrightSource Energy, Inc., Aalborg CSP, Siemens Energy, Acciona, S.A. etc. are some of the prominent players operating in the Global Concentrating Solar Power Market. Several M&As along with partnerships have been undertaken by these players to facilitate countries with more innovative Concentrating Solar Power applications.
Insights Presented in the Report
“Amongst technology, Solar Power Tower segment holds the major share.”
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.
“Amongst Operation type, With Storage segment dominated the market in 2020.”
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.
“Amongst Capacity, 100 MW and above segment dominated the market in 2020.”
Based on capacity, the market is segmented into Less than 50 MW, 50 MW to 99 MW & 100 MW and above. In 2020, the 100 MW and above 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 high & reliable power requirements & to maintain efficiency in the plant operation.
“Amongst End User type, Utilities segment dominated the market in 2020.”
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.
“Asia Pacific represents as the largest market in the Global Concentrating Solar Power Market.”
For a better understanding of the market adoption of Concentrating Solar Power, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. Asia Pacific constitutes the largest market for the industry and generated revenue of USD XX billion in 2020 on account of upsurge in installations of concentrated solar power plants in the region.
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1. Market Introduction
2. Research Methodology Or Assumption
3. Market Synopsis (industry At A Glance)
4. Executive Summary
5. Global Concentrating Solar Power Market Covid-19
6. Global Concentrating Solar Power Market Revenue (usd Bn), 2019-2027f
7. Market Insights By Technology
8. Market Insights By Operation Type
9. Market Insights By Capacity
10. Market Insights By Vessel
11. Market Insights By Region
12. Concentrating Solar Power Market Dynamics
13. Concentrating Solar Power Market Opportunities
14. Concentrating Solar Power Market Trends
15. Legal & Regulatory Framework
16. Demand And Supply Side Analysis
17. Value Chain Analysis
18. Competitive Scenario
19. Company Profiled
20. Disclaimer
Analyzing the historical market, estimation of the current market, and forecasting the future of the Global Concentrating Solar Power were the three major steps undertaken to create and analyze the adoption of Concentrating Solar Power across various segments in North America, Europe, Asia Pacific, & Rest of the world. 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 Concentrating Solar Power sector. Post assumption and validation of market numbers through primary interviews, we employed a bottom-up approach to forecast 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 the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detailed secondary study was conducted to obtain the historical market size of the Concentrating Solar Power through company internal sources such as annual report & 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 Concentrating 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 included in the report are as technology, operation type, capacity, and end user. Further regional & country-level analyses were conducted to evaluate the overall adoption of the Concentrating Solar Power in the global context.
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 Concentrating Solar Power. Further, we conducted factor analysis using dependent and independent variables like rise in carbon emissions and the need for renewable energies like Concentrating Solar Power. Historical trends and their year-on-year impact on the market size and share in the recent past was analyzed. Demand and supply side scenario was also thoroughly studied.
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 Concentrating Solar Power Market, and market shares of the segments. All the required percentage 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., bottom-up approach was applied to arrive at the market forecast to 2027 for different segments and subsegments across the major regions globally. The research methodology adopted to estimate the market size encompasses:
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, and Regional Head, Country Head, etc.) across major countries. 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
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Global Concentrating Solar Power Market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of technology, operation type, capacity, and end user verticals.
The main objective of the Concentrating Solar Power Market Study
The current & future market trends of Concentrating Solar Power were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends determine the overall attractiveness of the market at a global & country level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
Deep dive regional & country level analysis of the industry
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Emphasis on By Type (Floor-Mounted Type, and Portable Type); By Application (Agriculture, Commercial Building, Chemical, and Automotive), and Regions (North America (The US, Canada, Rest of North America), Europe (Germany, The UK, France, Italy, Spain, Rest of the Europe), Asia-pacific (China, Japan, India, Rest of the Asia-pacific), Rest of the World)
February 11, 2025
