The global concentrated solar power market size was valued at $6.1 billion in 2022, and is projected to reach $28.2 billion by 2032, registering a CAGR of 16.6% from 2023 to 2032.
Concentrated solar panels (CSP) represent a category of solar technology designed to harness sunlight through mirrors or lenses, concentrating sunlight onto a smaller area to generate electricity or thermal energy. These systems differ from traditional photovoltaic (PV) solar panels, which convert sunlight directly into electricity using semiconductor materials.
Concentrated solar power holds several distinct advantages that position it as a prominent renewable energy source in the global energy landscape. It has the ability to generate electricity efficiently and reliably using sunlight and clean energy. CSP systems use mirrors or lenses to concentrate sunlight onto receivers, heating a fluid to produce steam that drives turbines and generates electricity. Moreover, the scalability of CSP technology is a significant advantage. CSP plants are built at various scales, from small-scale installations to utility-scale power plants covering large areas. This scalability enables flexibility in meeting different energy demands, whether for individual communities or to contribute significantly to a regional power grid.
The environmental benefits of CSP are substantial. It produces electricity without emitting greenhouse gases or other harmful pollutants, contributing significantly to mitigating climate change and reducing air pollution. By displacing fossil fuel-based power generation, CSP helps decrease reliance on non-renewable resources and minimizes the environmental impact associated with conventional energy production. All these factors increase the demand for concentrated solar power during the forecast period.
Hybrid systems combine CSP with conventional power plants or other renewables like wind or PV that offer enhanced reliability and stability to the grid. Coupling CSP with energy storage solutions enables round-the-clock electricity supply and facilitates grid balancing and peak shaving, thereby addressing intermittency challenges associated with solar energy. All these factors are anticipated to offer new growth opportunities for the concentrated solar power market during the forecast period.
The concentrated solar power market is segmented on the basis of technology, end-use industry, and region. By technology, the market is classified into parabolic trough, solar power tower, Fresnel reflectors, and dish stirling. The solar power tower technology accounted for more than half of the global concentrated solar power market revenue in 2022 and is expected to maintain its dominance during the forecast period. Solar power towers have the potential to achieve higher temperatures compared to other CSP technologies. This allows for efficient electricity generation through steam turbines, resulting in higher energy output per unit of installed capacity.
By end-use industry, the market is divided into residential, commercial, and industrial. The industrial segment accounted for half of the concentrated solar power market revenue in 2022 and is expected to maintain its dominance during the forecast period. Industries often require high-temperature heat for various manufacturing processes, such as in the production of cement, steel, chemicals, or desalination. CSP systemsw provide this high-temperature heat efficiently, offering an alternative to fossil fuel-based heating methods. In addition, stringent environmental regulations and corporate sustainability initiatives drive industries to transition towards cleaner energy sources. CSP, being a carbon-neutral and environmentally friendly energy solution, aligns with these goals, helping industries reduce their carbon footprint.
By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. On the basis of region, Asia-Pacific accounted for more than half of the global concentrated solar power market growth revenue in 2022 and is expected to maintain its dominance during the forecast period. The Asia-Pacific region experiences substantial economic growth and industrialization, leading to an increasing demand for energy. CSP presents an opportunity to meet this growing energy demand sustainably, especially in countries facing power shortages or seeking to diversify their energy mix.
Key players in the concentrated solar power industry include Aalborg CSP, Acciona, ACWA Power, Atlantica Sustainable Infrastructure plc., Brightsource, FRENELL GMBH, General Electric, Rioglass Solar Inc., Sener, and Siemens Energy AG. In addition, the market drivers, restraints, and opportunities are explained in the report.
Apart from these major players, there are other key players in the concentrated solar power market analysis. These include Abengoa Solar, SolarReserve, TSK Flagsol Engineering GmbH, Schott AG, Therminol, Cobra Group, Idhelio, Novatec Biosol, and Enel Green Power.
Key findings of the study
On the basis of technology, the Fresnel reflectors segment is expected to grow at a CAGR of 17.6%, in terms of revenue, during the forecast period.
On the basis of end-use industry, the industrial segment is expected to grow at a CAGR of 16.3%, in terms of revenue, during the forecast period.
Region-wise, Asia-Pacific has the highest share in 2022 in terms of revenue.
Concentrated solar panels (CSP) represent a category of solar technology designed to harness sunlight through mirrors or lenses, concentrating sunlight onto a smaller area to generate electricity or thermal energy. These systems differ from traditional photovoltaic (PV) solar panels, which convert sunlight directly into electricity using semiconductor materials.
Concentrated solar power holds several distinct advantages that position it as a prominent renewable energy source in the global energy landscape. It has the ability to generate electricity efficiently and reliably using sunlight and clean energy. CSP systems use mirrors or lenses to concentrate sunlight onto receivers, heating a fluid to produce steam that drives turbines and generates electricity. Moreover, the scalability of CSP technology is a significant advantage. CSP plants are built at various scales, from small-scale installations to utility-scale power plants covering large areas. This scalability enables flexibility in meeting different energy demands, whether for individual communities or to contribute significantly to a regional power grid.
The environmental benefits of CSP are substantial. It produces electricity without emitting greenhouse gases or other harmful pollutants, contributing significantly to mitigating climate change and reducing air pollution. By displacing fossil fuel-based power generation, CSP helps decrease reliance on non-renewable resources and minimizes the environmental impact associated with conventional energy production. All these factors increase the demand for concentrated solar power during the forecast period.
Hybrid systems combine CSP with conventional power plants or other renewables like wind or PV that offer enhanced reliability and stability to the grid. Coupling CSP with energy storage solutions enables round-the-clock electricity supply and facilitates grid balancing and peak shaving, thereby addressing intermittency challenges associated with solar energy. All these factors are anticipated to offer new growth opportunities for the concentrated solar power market during the forecast period.
The concentrated solar power market is segmented on the basis of technology, end-use industry, and region. By technology, the market is classified into parabolic trough, solar power tower, Fresnel reflectors, and dish stirling. The solar power tower technology accounted for more than half of the global concentrated solar power market revenue in 2022 and is expected to maintain its dominance during the forecast period. Solar power towers have the potential to achieve higher temperatures compared to other CSP technologies. This allows for efficient electricity generation through steam turbines, resulting in higher energy output per unit of installed capacity.
By end-use industry, the market is divided into residential, commercial, and industrial. The industrial segment accounted for half of the concentrated solar power market revenue in 2022 and is expected to maintain its dominance during the forecast period. Industries often require high-temperature heat for various manufacturing processes, such as in the production of cement, steel, chemicals, or desalination. CSP systemsw provide this high-temperature heat efficiently, offering an alternative to fossil fuel-based heating methods. In addition, stringent environmental regulations and corporate sustainability initiatives drive industries to transition towards cleaner energy sources. CSP, being a carbon-neutral and environmentally friendly energy solution, aligns with these goals, helping industries reduce their carbon footprint.
By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. On the basis of region, Asia-Pacific accounted for more than half of the global concentrated solar power market growth revenue in 2022 and is expected to maintain its dominance during the forecast period. The Asia-Pacific region experiences substantial economic growth and industrialization, leading to an increasing demand for energy. CSP presents an opportunity to meet this growing energy demand sustainably, especially in countries facing power shortages or seeking to diversify their energy mix.
Key players in the concentrated solar power industry include Aalborg CSP, Acciona, ACWA Power, Atlantica Sustainable Infrastructure plc., Brightsource, FRENELL GMBH, General Electric, Rioglass Solar Inc., Sener, and Siemens Energy AG. In addition, the market drivers, restraints, and opportunities are explained in the report.
Apart from these major players, there are other key players in the concentrated solar power market analysis. These include Abengoa Solar, SolarReserve, TSK Flagsol Engineering GmbH, Schott AG, Therminol, Cobra Group, Idhelio, Novatec Biosol, and Enel Green Power.
Key findings of the study
On the basis of technology, the Fresnel reflectors segment is expected to grow at a CAGR of 17.6%, in terms of revenue, during the forecast period.
On the basis of end-use industry, the industrial segment is expected to grow at a CAGR of 16.3%, in terms of revenue, during the forecast period.
Region-wise, Asia-Pacific has the highest share in 2022 in terms of revenue.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the concentrated solar power market share analysis from 2022 to 2032 to identify the prevailing concentrated solar power market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the concentrated solar power market forecast, and segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global concentrated solar power market trends, key players, market segments, application areas, and market growth strategies.
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- Manufacturing Capacity
- Capital Investment breakdown
- End user preferences and pain points
- Installed Base analysis
- Investment Opportunities
- Technology Trend Analysis
- Go To Market Strategy
- Market share analysis of players by products/segments
- New Product Development/Product Matrix of Key Players
- Regulatory Guidelines
- Strategic Recommedations
- Additional company profiles with specific to client's interest
- Additional country or region analysis- market size and forecast
- Expanded list for Company Profiles
- Key player details (including location, contact details, supplier/vendor network etc. in excel format)
- Market share analysis of players at global/region/country level
- SWOT Analysis
Key Market Segments
By Technology
- Parabolic Trough
- Solar Power Tower
- Fresnel Reflectors
- Dish Stirling
By End Use Industry
- Residential
- Commercial
- Industrial
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- Italy
- Spain
- UK
- France
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
- Siemens Energy AG
- FRENELL GMBH
- ACWA Power
- Acciona
- Atlantica Sustainable Infrastructure plc.
- Brightsource
- Rioglass Solar Inc.
- General Electric
- Aalborg CSP
- Sener
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: CONCENTRATED SOLAR POWER MARKET, BY TECHNOLOGY
CHAPTER 5: CONCENTRATED SOLAR POWER MARKET, BY END USE INDUSTRY
CHAPTER 6: CONCENTRATED SOLAR POWER MARKET, BY REGION
CHAPTER 7: COMPETITIVE LANDSCAPE
CHAPTER 8: COMPANY PROFILES
List of Tables
List of Figures
Samples
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Executive Summary
Concentrated Solar Power (CSP) Market Report, forecasts that the global Concentrated Solar Power market was valued at $ 3,793.0 million in 2018 and is projected to reach $ 8,046.7 million by 2026, growing at a CAGR of 10.3% from 2019 to 2026. The MEA region accounted for nearly 21.0% market share in 2018.CSP is generated in plants that utilize mirrors to focus the sun's energy on panel to create electricity or drive traditional steam turbines or engines. The thermal energy focused in a CSP plant can be used and stored to produce electricity when needed. Growing government support to adopt renewable technologies is expected to boost the demand for concentrated solar power plant. Rise in energy demand & concentrated solar power capability to supply dispatchable power also drives the growth of the market.
Growth in environmental issues based on carbon emissions results in focus to decrease air pollution. This in turn raise demand for renewable energy such as solar energy. Thus, these factors are also anticipated to support the expansion of the market. However, high cost experienced during Concentrated Solar Power energy production restraints the market growth during the forecast period. Moreover, rise in investment from different industries in renewable sources provide lucrative opportunity for the market growth.
The report segments the concentrated solar power market on the basis of technology, end user industry, and region. Based on technology, the market is divided into parabolic trough, solar power tower, Fresnel reflectors, and dish Stirling. Based on technology, the parabolic trough segment dominated the market in 2017, owing to growing demand of electricity generation from parabolic trough technology.
On the basis of end user industry, the market is classified into residential, commercial, and industrial. Based on end use industry, the industrial segment is expected to grow with the highest CAGR during the forecast period.
By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Based on region, Europe holds a dominant position in the global concentrated solar power market share and MEA is attributed to be the fastest growing region. The Asia-Pacific concentrated solar power market offers lucrative opportunities for key manufacturers, owing to rapid installation capacity of solar energy to increase renewable generation. In addition, China is actively boosting the growth of the market to cope up with its severe pollution problems and develop its domestic manufacturing industry. Furthermore, availability of low labor has led to increase in energy production through concentrated solar power, which fuels the growth of the market.
The key players contributing in the global concentrated solar power market growth include Abengoa, Acciona, SolarReserve, BrightSource Energy, ACWA Power, GE Energy, Suntrace, SCHOTT, Frennel GMBH, and Siemens.
Key Findings of Concentrated Solar Power Market:
The Industrial segment of concentrated solar powers market is predicted to grow with a CAGR 10.6% during 2019-2026.
The Solar Power Tower segment is expected to grow with the highest CAGR in the global Concentrated Solar Power market size in terms of revenue, over the projected period.
The Europe region held a share of over 41% in 2018 and is projected to grow to 10.1% by 2026.
The qualitative data in the report aims on the concentrated solar power market trends, dynamics, and developments in the concentrated solar power industry while the quantitative data provide information of the size in terms of revenue.
Companies Mentioned
- Siemens Energy AG
- FRENELL GMBH
- ACWA Power
- Acciona
- Atlantica Sustainable Infrastructure plc.
- Brightsource
- Rioglass Solar Inc.
- General Electric
- Aalborg CSP
- Sener
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 250 |
| Published | December 2023 |
| Forecast Period | 2022 - 2032 |
| Estimated Market Value ( USD | $ 6.1 billion |
| Forecasted Market Value ( USD | $ 28.2 billion |
| Compound Annual Growth Rate | 16.5% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
