What Has Been The Historical And Current Growth Of The Concentrating Solar Power Market?
The concentrating solar power market has seen considerable growth due to a variety of factors.
• The market size for concentrating solar power has experienced fast-paced growth in the past years. It is expected to rise from $7.89 billion in 2024, reaching $9.38 billion by 2025, with a compound annual growth rate (CAGR) of 19.0%.
This substantial rise in the historical period can be linked to governmental incentives, concerns about the environment, energy security, and the global demand for energy.
What Is The Forecast For The Concentrating Solar Power Market By 2029?
The concentrating solar power market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for concentrating solar power is projected to experience a swift expansion in the coming years, with expectations of reaching $16.98 billion by 2029, boasting a compound annual growth rate (CAGR) of 16.0%.
The anticipated growth during this forecast period is believed to be driven by factors such as cost reductions, storage integration, policy backing, and efforts to mitigate climate change. Key trends expected over this period include the hybridization of technologies, advanced storage solutions, technological innovations, global market expansion, corporate sustainability commitments, and an emphasis on decentralized energy production.
What Are The Essential Drivers Behind The Growth Of The Concentrating Solar Power Market?
The rise in demand for renewable energy is propelling the expansion of the concentrating solar power market. Renewable energy, being sourced from sustainable resources like sunlight, rain, tides, wind, waves, and geothermal heat, helps to alleviate the effects of global warming and issues associated with fossil fuels. The heightened need for electricity along with strict greenhouse gas emission regulations bolster the demand for and adoption of renewable energy. Concentrating solar power technologies make use of mirrors to magnify the sun's light energy and turn it into heat, which stimulates a turbine to produce electricity. For example, in January 2024, the IEA, an autonomous intergovernmental organization based in Paris, reported that the world added 50% more renewable capacity in 2023 than in 2022, foretelling the swiftest growth in the subsequent five years. Moreover, Solar PV and wind are responsible for a whopping 95% of this growth, and it is predicted that renewables will surpass coal to become the primary source of global electricity production by early 2025. Consequently, the escalating demand for renewable energy is propelling the progress of the concentrating solar power market.
How Is The Global Concentrating Solar Power Market Divided Into Key Segments?
The concentrating solar power market covered in this report is segmented –
1) By Technology: Parabolic Trough, Solar Power Tower, Fresnel Reflectors, Dish Stirling
2) By Capacity: Less Than or Equal To 50 MW, Greater Than 50 MW To Less Than or Equal To 100 MW, Greater Than 100 MW
3) By Heat Transfer Fluid: Molten Salt, Water-Based, Oil-Based, Other Heat Transfer Fluids
4) By Storage: With Storage, Without Storage
5) By Application: Utility, EOR, Desalination, Other Applications
Subsegments:
1) By Parabolic Trough: Single-Trough Systems, Dual-Trough Systems
2) By Solar Power Tower: Central Receiver Systems, Integrated Energy Storage Systems
3) By Fresnel Reflectors: Linear Fresnel Systems, Fixed vs. Tracking Systems
4) By Dish Stirling: Stand-Alone Systems, Hybrid Systems
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What Trends Are Reshaping The Future Of The Growth Market?
Leading organizations within the concentrating solar power (CSP) market are utilizing innovations, such as the Gen3 Concentrating Solar Power (CSP) commercial demonstration, to boost energy performance and ecological sustainability. This aligns with the rising demand for renewable energy options and aids worldwide endeavors to lower carbon emissions. The commercial demonstration of Gen3 Concentrating Solar Power (CSP) encompasses the practical application and examination of advanced third-generation CSP technologies to augment efficiency and cost-effectiveness in solar energy production. The objective is to foster broader acceptance and investment in renewable energy solutions. For example, in October 2023, US-based electrical services firm Heliogen Inc. achieved two crucial product development milestones relevant to its Capella Project, the world’s initial fully integrated Gen3 Concentrating Solar Power (CSP) commercial demonstration. These milestones included the rollout of the first commercial-scale centrifugal particle receiver for on-sun testing, and the successful completion of the prototype particle receiver design verification for Capella. The introduction of this technology allows industries to capitalize on solar energy for high-value processes, lessening dependence on fossil fuels and enhancing economic results while aiding in climate change mitigation efforts.
Who Are the Key Players in the Concentrating Solar Power Market?
Major companies operating in the concentrating solar power market include:
• Abengoa S. A.
• BrightSource Energy Inc.
• ACWA Power
• Aalborg CSP A/S
• General Electric Company
• Atlantica Sustainable Infrastructure plc
• TSK Flagsol Engineering GmbH
• Enel Green Power Corporation
• Acciona S. A.
• Frenell GmbH
• Suntrace GmbH
• Torresol Energy
• Trivelli Energia srl
• Soltigua S. r. l
• Engie SA
• Nextera Energy Inc.
• Chiyoda Corporation
• Heliogen Inc.
• Siemens Energy AG
• SolarReserve LLC
• eSolar Inc.
• Schott AG
• Sener Grupo de Ingeniería group.
• Lointek Sistemas Solar Térmicos
• GlassPoint Solar Inc.
• Rackam Energy
• Soliterm Group GmbH
What are the Regional Insights into the Concentrating Solar Power Market?
North America was the largest region in the concentrating solar power market in 2024. Asia-Pacific is expected to be the fastest-growing region in the concentrating solar power market share during the forecast period. The regions covered in the concentrating solar power market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
