Concentrated solar power (CSP) Market Size, Share, Growth, and Industry Analysis by Type (Trench Concentrating Solar Power Systems, Tower-type Solar Power Tower Systems, Dish Concentrating Solar Power Systems and Other) by Application (Generate Electricity, Industrial Heating and Other) and Regional Forecast to 2032

Updated On: 09 September 2024

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CONCENTRATED SOLAR POWER (CSP) MARKET REPORT OVERVIEW

The global concentrated solar power (CSP) market size was USD 2.0358 billion in 2023. As per our research, the market is expected to reach USD 5 billion by 2032, exhibiting a CAGR of 9.3% during the forecast period 2024-2032.

The Solar Power (CSP) market focuses on the generation that harnesses sunlight to generate thermal strength that is then used to produce strength. CSP systems use mirrors or lenses to pay attention a big vicinity of sunlight onto a small region. The captured warmth is often used to strain a steam turbine linked to an electrical energy generator. The CSP marketplace is expanding, driven by using the worldwide push for renewable energy, discount of carbon emissions, and improvements in electricity garage answers. Regions with excessive sun radiation, consisting of the Middle East, North Africa, and the southwestern United States, are key markets. However, CSP faces challenges from decreasing charges of photovoltaic (PV) structures and the want for huge, uninterrupted spaces for set up. Despite this, CSP remains a vital part of the renewable power panorama because of its ability to provide solid, dispatchable power.

COVID-19 Impact: Pandemic Negatively Impacted the Market, causing disrupted supply chains, leading to delays in the procurement of essential components

The COVID-19 pandemic has been unprecedented and staggering, concentrated Solar Power (CSP) market with experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The global supply chain was under pressure and there were problems of a lack of raw materials and the delivery of products was difficult.

The COVID-19 pandemic had a splendid terrible effect on the concentrated solar energy (CSP) market growth. The global fitness catastrophe disrupted supply chains, most important to delays in the procurement of critical additives together with mirrors, lenses, and turbines. Many ongoing CSP tasks experienced halts or slowdowns because of lockdowns, tour regulations, and exertions shortages. Additionally, the economic downturn due to the pandemic ended in reduced investments in large-scale renewable energy projects, together with CSP. Uncertainty in financial markets and transferring government priorities toward instant healthcare needs additionally diverted awareness from long-term electricity tasks. Furthermore, the volatility in oil prices during the pandemic made conventional strength sources briefly greater appealing, creating extra challenges for the CSP marketplace. Despite these setbacks, the marketplace is regularly improving as governments renew their commitments to sustainable strength and infrastructure projects.

LATEST TRENDS

"Rise of Hybrid CSP Systems Helps Market to Grow"

One latest trend that has been observed in the concentrated solar power (CSP) market is the developing adoption of hybrid CSP systems, which combine CSP with different renewable strength technologies, in particular photovoltaic (PV) sun panels. Hybrid CSP-PV structures leverage the strengths of both technology, with CSP imparting stable, dispatchable strength and PV presenting price-effective strength generation. This integration enhances usual efficiency, reduces intermittency problems, and allows spherical-the-clock power deliver, particularly while paired with thermal energy storage. The hybrid method is gaining traction because it addresses some of the traditional boundaries of CSP, which include high fees and huge space necessities. Moreover, hybrid systems are increasingly more appealing in regions with excessive sun irradiation, in which maximizing electricity yield is essential. This fashion displays a broader motion within the renewable strength sector toward multi-technology answers that optimize overall performance and financial viability.

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CONCENTRATED SOLAR POWER (CSP) MARKET SEGMENTATION

By Type

Depending on concentrated solar power (CSP) market given are Trench Concentrating Solar Power Systems, Tower-type Solar Power Tower Systems, Dish Concentrating Solar Power Systems and Other.

Trench Concentrating Solar Power Systems: These systems use long parabolic trough mirrors to focus sunlight onto a receiver pipe strolling alongside the focal line, heating a fluid that generates steam to drive generators.

Tower-type Solar Power Tower Systems:  These systems rent numerous mirrors (heliostats) to pay attention daylight onto a principal tower receiver, wherein the extreme warmness produces steam for power technology.

Dish Concentrating Solar Power Systems: These structures encompass a parabolic dish that focuses sunlight onto a primary receiver established at the focal point, in which it heats a fluid to electricity a Sterling engine or turbine.

Other: This category includes emerging and hybrid technology, inclusive of Fresnel reflectors and structures combining CSP with photovoltaic panels, designed to enhance performance and adaptability in various applications.

By Application

The market is divided into Generate Electricity, Industrial Heating and Other.

Generate Electricity:  CSP systems pay attention sunlight to supply high-temperature heat, which drives steam generators or engines to generate energy. This is the primary and most commonplace application of CSP era.

Industrial Heating: CSP provides high-temperature warmth for commercial processes, such as more suitable oil recovery, mineral processing, and chemical production, providing a renewable opportunity to fossil fuels.

Other: CSP can be utilized in desalination, offering thermal strength to transform seawater into potable water, and in hybrid structures, where it helps other renewable energy assets for advanced performance and reliability. 

DRIVING FACTORS

"Government Policies and Incentives Drives the Market"

Supportive authority’s rules and incentives are vital using elements for the CSP market. Many international locations provide subsidies, tax credits, and feed-in price lists to sell the adoption of renewable energy technology, along with CSP. These measures reduce the economic risks related to CSP tasks, making them greater appealing to buyers and developers. Additionally, regulatory frameworks that set renewable strength targets and emissions discount desires in addition stimulate marketplace increase by means of growing favorable surroundings for CSP investments and advancements.

"Technological Advancement Drives the Market"

Innovations in CSP technology, along with improved thermal storage answers and extra green concentrating systems, are using market expansion. Advances in substances and design have stronger CSP performance, decreased costs, and elevated strength output. Enhanced garage technology, like molten salt systems, permit CSP plant life to supply strength even at some point of non-sunny periods, addressing intermittency issues and improving the general reliability of CSP as an electricity source.

RESTRAINING FACTORS

"High Initial Capital Costs Restrain the Market Growth"

One restraining factor is the excessive initial capital expenses related to the era. CSP initiatives require giant investment in infrastructure, which includes massive-scale sun collectors, thermal garage systems, and power generation equipment. The prematurely expenses may be a barrier to access for many investors and builders, specifically in areas with less favorable monetary conditions or smaller power markets. Although CSP gives lengthy-time period blessings and aggressive fees through the years, the big preliminary expenditure can put off assignment approvals and reduce normal marketplace increase.

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CONCENTRATED SOLAR POWER (CSP) MARKET REGIONAL INSIGHTS

The market is primarily segregated into Europe, China, Latin America, South Pacific, North America, and Middle East & Africa.

"Middle East and North Africa to Dominate the Market due to rapid urbanization, growing middle class"

Middle East and North Africa to be the most influential in concentrated solar power (CSP) market share. This is due to excessive solar irradiance tiers, making it best for CSP installations. Countries like Morocco, Saudi Arabia, and the United Arab Emirates are investing directly in CSP projects to expand their energy assets and reduce reliance on fossil fuels. Additionally, supportive government regulations, substantial financial investments, and huge existing land areas similarly decorate the area's capability for CSP growth. Middle East and North Africa dedication to renewable power and sustainability drives its main position in the worldwide CSP marketplace.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage"

Key industrial players influencing the concentrated solar power (CSP) market include Abengoa Solar, recognized for its massive-scale CSP plants and technological improvements; Siemens Energy, which offers superior turbine and thermal technologies; SolarReserve, focusing on molten salt storage answers; and BrightSource Energy, famend for its tower-based totally CSP systems. Acciona Energy and Suntec are also distinguished, contributing to task development and engineering solutions. These agencies are pivotal in advancing CSP era, increasing marketplace attain, and driving the growth of renewable energy projects globally. Their information spans various elements of CSP, from layout and creation to operation and preservation.

 List of Market Players Profiled

• BrightSource Energy (U.S.)
• Solar Millennium AG (Germany)
• Abengoa (Spain)
• Orano (France)
• Siemens (Germany)
• Acciona Energy (Spain)
• ESolar (U.S.)

INDUSTRIAL DEVELOPMENT

April 2024: Abengoa introduced the successful commissioning of its new CSP plant, Solana II, in Spain, which capabilities superior molten salt storage generation to decorate energy dispatchability.

REPORT COVERAGE

The concentrated Solar Power (CSP) market is evolving as a critical component of the global renewable strength panorama. Recent traits highlight the sector’s capacity to provide stable, large-scale energy era through advanced technology inclusive of molten salt storage and hybrid structures. While high initial capital fees and opposition from other renewable sources pose challenges, supportive authority’s guidelines and technological improvements are using growth. Regions with excessive sun irradiance, which includes the Middle East and North Africa, are emerging as leaders in CSP deployment due to their favorable situations and great investments. Companies like Abengoa, Siemens Energy, and BrightSource Energy are at the vanguard, pushing innovation and increasing CSP capability. Despite setbacks from economic and logistical disruptions, the CSP market prolonged-term prospects remain robust, supported through growing call for sustainable energy solutions and ongoing improvements in efficiency and cost-effectiveness.