Solar Energy Tower Market Size, Share, Growth and Industry Analysis by Type (Small Power Tower and, Large Power Tower) By Application (Government, Aerospace, Energy Industry, And, Others) Regional Forecast To 2032

Updated On: 04 November 2024

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SOLAR ENERGY TOWER MARKET REPORT OVERVIEW

The Solar Energy Tower Market Size is Projected to be worth US$ 568 Million in 2023. The Market is likely to Surpass US$ 4205.32 Million by 2032 at a CAGR of 22.3% During the Forecast period [2024-2032].

Solar tower electricity harvesting uses a central tower, with a large field of reflecting mirrors called heliostats. These mirrors focus solar heat on a collector at the top of the structure where the extreme temperatures are used to evaporate a working fluid, often molten salt. The heat converts the water into steam and the steam in turn spins a turbine to produce electricity. Such features are promising for a continuous supply of power since this technology has high efficiency and can store the thermal energy for use when the sun’s energy is not available. One of the major benefits associated with solar power technology is its flexibility and its capacity to be adopted for mass production.

COVID-19 impact: Reduction in Construction of Solar Power Plants during Pandemic Decreased Market Growth

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The COVID-19 pandemic affected the solar tower energy projects as it affected the construction of solar power plants and experienced disruptions in the supply chains. Some of the challenges included limited access to human resource due to movement restrictions put in place due to the COVID-19 pandemic, such as restrictions on the mobility of workforce, and restrictions on visiting other geographical locations due to lockdowns. Moreover, the fluctuating economic conditions delayed the investment and financing processes resulting in a low rate of new solar tower construction. Nevertheless the renewable energy continued to be more strategic in terms of a renewal of the energy sources as part of the efficacy of the recovery programmes for the economy. Finally, the governments and industries remained and will remain convinced about the advantages of the solar tower energy in shift towards cleaner energy systems.

LATEST TRENDS

"Introduction in New Designs of Heliostat to Accelerate Market Growth"

The advanced technologies in solar tower energy in the recent past operate in the improvement of efficiency and storage. New designs of the heliostat increase the capabilities of the reflecting surfaces while smart control systems provide additional efficiency. The Smart Energy Storage has advanced, more specifically the storage of high-temperature molten salt has added onto the benefits of increasing energy retention duration and providing more stable power supply. Better reliability utilizing solar towers jointly as well as wind turbines or photovoltaic panels are being incorporate today. Currently, efforts to improve existing materials or develop new ones for receivers and heat exchangers are centered on raising the conversion efficiencies. These innovations are aimed at enhancing the efficiency and reliability of energy produced by solar tower technology so as to range among the most competitive and flexible in the context of renewable energies in the world. All of these factors are increasing the Solar Energy Tower Market growth.

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SOLAR ENERGY TOWER MARKET SEGMENTATION

By Type

Small power tower and, large power tower

• Small Power Tower: Local power towers refer to small-scale plants that generate electricity from renewable resources to meet the local demand from communities or industries. These systems are more efficient off-grid systems, which can be installed in off-grid or remote regions.

• Large Power Tower: Utility scale categorized based on the capacity of energy it produces and can power huge cities or connect with regional and national networks. It is due to this scale that wind and solar power plants can make considerable difference to the renewable energy goals as well as the overall inclusion of large-scale de-carbonization investments.

By Application

Government, aerospace, energy industry, and, others

• Government: Solar energy depends on the support rendered by governments in areas such as policy formulation and implementation, subsidies, and incentives ultimately influencing more innovative research and deployment of sustainable technologies. They also put in place policies that promote clean energy to mitigate the impacts of climate change.

• Aerospace: Thus, using solar tower technology, the aerospace industry searches for new opportunities in its field, for example, to supply products and technologies required for independent energy production in space or in remote terrestrial centers. Solar thermal systems’ application improves on the power solutions that are necessary in the aerospace business.

• Energy Industry: The energy industry adopts solar tower technology as one of the development strategies that can contribute to the development of independent energy portfolios that are not fully dependent on fossil resources. The persistence in this strategy is to improve the stability of the grid, as well as to meet the objectives of sustainable development by developing countless renewable energy projects.

• Others: Other segments like manufacturing and agricultural use solar tower energy for heat and power and this helps in cutting their costs and environmental impact. Solar thermal research on enhancements and new applications is also conducted by research institutions.

DRIVING FACTORS

"Rising Awareness of Need for Clean Energy to Fight Global Warming"" to Propel Market Growth"

Promoters for the development of solar tower energy include the rising awareness of the need for clean energy to fight global warming and curb the emission of greenhouse gases. Recent innovations like advancements in the field of designing heliostat and advanced facilities for thermal storage augments the feasibility of the system. Some of these factors encouraging the development and incorporation of solar tower projects are in form of government policies and incentives. However, the cost of equipment in solar tower energy is further decreasing while at the same time the cost of fossil fuel is rising, which make this an economically viable option. These factors are increasing the Solar Energy Tower Market share.

"Increasing Demand for Energy Security and Energy Self Sufficiency to Propel Market Growth "

Other important drivers of solar tower energy consist of the increasing demand for energy security and energy self sufficiency which is a result of reduced importation of fuels. Other issues that make it necessary to embrace up to date energy sources include pollution of the environment and depletion of resources. The general populace has now become more aware of sustainability and demands for renewable technologies hence research investment. This kind of solar power plant’s versatility affords it applicability in various markets, from small-town installations to industrial utility-level power stations. Cooperation and partnerships between various stakeholders such as private sector, academic institutions as well as different governments ensures that there are required changes and advancements to enhance the utilization of tower solar energy solutions.

RESTRAINING FACTOR

"Intermittency Problems Due to Such Factors as Weather and Daylight to Decrease Market Growth"

Some of the limitations to solar tower energy are that they are very expensive to establish and are also difficult to install and maintain. Premises for this must be large and sunny and so it is expected that there are only a few locations that are suitable for this type of installation. There exist numerous difficulties, including efficiency losses and chemical stability of the materials utilized in the technological platforms, insufficient endurance at high temperatures. The main drawback related to renewable energy sources is associated with intermittency problems due to such factors as the weather and daylight, and the storage of energy can be expensive. Moreover, the approval by the regulatory authorities may take time and in the process put on hold certain activities. The emergence of other renewable energy sources, CHP, photovoltaics, wind, also affects the development of solar tower energy.

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SOLAR ENERGY TOWER REGIONAL INSIGHTS

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

"North America to Dominate Market Share Due to High Density Power of Solar Electricity"

Leading in the solar tower energy is North America, especially the U.S. especially in the Southwest where there is high density power of solar electricity due to the availability of successively abundant solar irradiation and flat land. California and Nevada particularly have some of the world’s most developed solar tower facilities exemplified by the Ivanpah Solar Electric Generating System. The governed support and encouragement together with prodigious capital expenditure in the construction and installation of sophisticated renewable energy solutions ensure the advancement of solar tower technology. Thus, the region at the forefront of competing for solar thermal power, as it fosters innovations and concentrates on sustainability.

KEY INDUSTRY PLAYERS

"Leading Players adopt Acquisition Strategies to Stay Competitive "

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market. This report provides a detailed view on how the industries implement these strategies

LIST OF MARKET PLAYERS PROFILED

• eSolar (U.S.)
• Cobra (Spain)
• Iberdrola (Spain)
• SENER (Spain)
• Solar Euromed (France)
• Solarlite (Germany)
• SolarReserve (U.S.)
• Stirling Energy Systems (U.S.)
• Wizard Power (Australia)
• Aalborg CSP (Denmark)
• Abengoa (Spain)
• Acciona (Spain)
• GlassPoint Solar (U.S.)
• Rackam (Canada)
• Soliterm Group (Germany)
• Sopogy Micro CSP (U.S.)
• Torresol Energy (Spain)
• AREVA Solar (France)
• Novatec Solar (Germany)

INDUSTRIAL DEVELOPMENT

December 2020: In the year 2020, SolarReserve introduced a revolution in the field of utility-scale solar PV technology through the latest solar tower energy storage solution on Molten Salt. This new storage is an innovative battery that greatly expands the ability to store solar energy: by receiving the sun’s rays during the day, a battery can provide a guaranteed power supply for the next 24 hours. This advancement not only optimizes the establishment of solar towers but also makes them a reliable, almost constant power supply thereby being a major boost to the non conventional energy generation.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.