The global concentrated solar power market size reached US$ 5.1 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 9.6 Billion by 2027, exhibiting a growth rate (CAGR) of 10.9% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
Concentrated solar power (CSP) refers to a method of generating electricity using sunlight, which is a clean energy source. Also known as solar thermal power, it involves the utilization of sunlight to produce steam and drive a turbine. CSP systems have storage potential that also enables the production of electricity during cloudy days or in the absence of sunlight. At present, there is an increase in the sales of these systems on account of the rising electrification programs in numerous countries worldwide.
A significant rise in the demand for renewable sources for power generation to control carbon emissions across the world represents one of the key factors creating a positive outlook for the market. Solar power has become the predominant renewable power generating source as it is affordable and reduces energy bills. Consequently, several countries are investing in the installation of solar panels for generating electricity. In line with this, the governing agencies of different economies are promoting renewable technologies by offering tax credits and installation cost subsidies. Furthermore, the escalating demand for high thermal storage salt solutions across CSP power plants on account of their high capacity utilization factor (CUF) and lower levelized cost of electricity (LCOE) is also contributing to the market growth. Other major factors, including technological advancements to improve the heat transfer and thermal storage ability of storage salts, coupled with the growing adoption of efficient heat and thermal storage products across renewable power plants, are anticipated to fuel the growth of the market.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global concentrated solar power market report, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on technology and application.
Breakup by Technology:
Breakup by Application:
Breakup by Region:
Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles of the key players being Aalborg CSP A/S, Abengoa, Acciona, ACWA Power, BrightSource Energy, Inc., Chiyoda Corporation, Enel Spa, INITEC Energ?a, Siemens Energy (Siemens AG) and Soltigua S.r.l.
Key questions answered in this report:
How has the global concentrated solar power market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global concentrated solar power market?
What are the key regional markets?
What is the breakup of the market based on the technology?
What is the breakup of the market based on the application?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global concentrated solar power market and who are the key players?
What is the degree of competition in the industry?