Global Concentrated Solar Power Market Size to Value USD

New York, United States, July 11, 2024 (GLOBE NEWSWIRE) — The global solar concentrator market is expected to grow from USD 52.98 billion in 2023 to USD 290.49 billion in 2033, registering a compound annual growth rate (CAGR) of 18.55% during the forecast period.

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Concentrating solar power is a method of generating solar energy by directing sunlight onto receivers using mirrors. This technique is gaining popularity in the global concentrated solar power market. Solar energy can be collected, converted into thermal energy to generate power, and then stored to provide electricity when needed using CSP technology. As a result, base or flexible power can be used in CSP systems. In addition, by reducing greenhouse gas emissions at the same or lower cost, CSP technology can be used to hybridize or supplement fossil fuels, making non-renewable energy sources cleaner. Several countries have set high renewable energy targets as part of their climate change mitigation strategies. A certain percentage of solar energy is sometimes included in these targets, which can promote technical progress and increase demand for concentrating solar power facilities. Governments can provide long-term power purchase agreements with fixed power rates or attractive feed-in tariffs for developers of concentrated solar power projects. These devices enable concentrating solar power facilities to generate profits and provide revenue. Condensing solar power plants require large initial capital expenditures in infrastructure, which includes building towers, mirrors, and thermal storage devices.

Browse key industry information across 200 pages, including 110 tables and graphs of market data from the report “Global Concentrated Solar Power Market Analysis of the size, share and impact of COVID-19 by technology (solar tower, linear concentrating system and Stirling dish), by type of operation (standalone and storage), by end user (utility and EOR) and by region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa), analysis and forecast for 2023-2033.

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The solar tower segment is expected to hold the largest market share during the forecast period.
Based on technology, the global concentrated solar power market is segmented into solar towers, linear concentrating systems, and disk mixers. Of these, the solar tower segment is expected to hold the largest market share during the forecast period. The solar tower market is driven by improved steam cycle efficiency and the ability to achieve high temperatures for power generation.

It is estimated that during the forecast period the warehousing segment will have the largest market share.
Based on the type of operation, the global concentrating solar power market is segmented into standalone and storage. Out of these, the storage segment is estimated to hold the largest market share during the forecast period. The storage industry market is driven by the need for continuous power production at night and the ability to run the plant for a longer period of time.

It is forecasted that in the estimated period the municipal services segment will have the largest market share.
Based on end-user, the global concentrating solar power market is segmented into utility and EOR. Out of these, the utility segment is expected to hold the largest market share over the estimated time frame. The utility sector is driven by two factors: the ability to store energy for later use and the growing demand for energy.

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The Asia-Pacific region is expected to hold the largest share in the global concentrated solar power market during the forecast period..

Asia Pacific is expected to hold the largest share of the global solar energy market during the forecast period. The number of solar power plants is increasing in the Asia Pacific region. Growing investments in solar energy technologies to relieve grid load in countries like China are driving the market expansion. The energy demand is driven by several factors including declining carbon dioxide emissions, rapid industrialization and rapid urbanization, and rising pollution levels. Government policies that encourage the use of clean and green energy are contributing to the growth of the solar energy sector in the Asia Pacific region.

North America is expected to grow the fastest in the global solar energy market during the forecast period. The solar energy market has expanded due to the increased awareness of the benefits of solar energy and a shift towards clean, green energy sources. Moreover, the rising costs associated with implementing the latest technologies have played a significant role in the growth of the solar energy market in North America.

Competitor analysis:

The report offers a proper analysis of the key organizations/companies involved in the global market along with comparative assessment primarily based on their product offerings, business overview, geographical presence, company strategies, segment market share, and SWOT analysis. The report also provides a detailed analysis focusing on the current news and events of the companies including product developments, innovations, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and others. This helps in assessing the overall competition in the market. The major vendors in the global concentrated solar power market are Abengoa Solar, TSK Flagsol Engineering, Acciona Energy, GE Renewable Energy, Enel Green Power, Suntrace, Shams Power, BrightSource Energy, Inc., CSP Services, ACWA Power, Atlantica Yield PLC, Therminol, SolarReserve, Chiyoda Corporation, Siemens, and other key vendors.

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Last changes

• In May 2023 The Redstone CSP IPP project in South Africa was completed by ACWA Power. With a capacity of 100 MW, the project stored thermal energy for up to 12 hours using molten salt technology.

Segment of the market
This study projects revenues at the global, regional, and country levels for the period 2023 to 2033. Spherical Insights has segmented the global solar concentrator market based on the following segments:

Global Concentrated Solar Power Market by Technology

• Solar Tower
• Linear concentration system
• Stirling dish

Global Concentrated Solar Power Market by Operation Type

Global Concentrated Solar Power Market by End User

Global Concentrator Solar Market, Regional Analysis

• Europe
  • Germany
  • Great Britain
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia and Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East and Africa
  • UAE
  • Saudi Arabia
  • runny nose
  • South Africa
  • Rest of Middle East and Africa

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