Concentrated Solar Power Market

The global Concentrated Solar Power Market is Propelled by Increasing Demand for Renewable Energy Sources

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Concentrated solar power systems utilize mirrors or lenses to concentrate sunlight onto receivers that collect and convert the sunlight into heat, or use the sunlight to produce photovoltaic solar electricity. The high heat from concentrated sunlight is then used to drive conventional steam-based or hybrid power towers. Concentrated solar power systems offer advantages such as storage capability allowing for electricity generation when the sun is not shining, higher capacity factors than photovoltaic systems, and less land use compared to solar photovoltaic farms. As concerns grow over rising energy costs and climate change have accelerated the need for cleaner energy sources, concentrated solar power provides utility-scale renewable electricity for customers.

The global Concentrated Solar Power Market is estimated to be valued at US$ 5.86 Bn in 2023 and is expected to exhibit a CAGR of 10.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The increasing demand for renewable energy sources has been a major driver for the concentrated solar power market over the past decade. Government incentives and initiatives promoting renewable power along with corporate sourcing goals have encouraged greater adoption of concentrated solar power projects. Utilities seeking cost-competitive sources of renewable baseload power are turning to concentrated solar power as the technology reaches grid parity with fossil fuel alternatives in many regions. Concentrated solar power capacity worldwide has grown significantly and is poised to continue expanding rapidly to meet sustainability targets and reduce reliance on polluting energy sources.

SWOT Analysis

Strength: Concentrated solar power utilizes renewable solar energy. It can store solar energy and continue power generation even when the sun is not shining.

Weakness: Concentrated solar power plants require huge amount of land and have high initial capital costs. Maintenance of huge reflectors and solar tracking system also increases operating expenses.

Opportunity: Government incentives and subsidies in many countries are promoting installation of renewable energy projects including concentrated solar power. Growing focus on reducing dependence on fossil fuels is also creating market opportunity.

Threats: Intermittency of solar energy availability poses challenges in maintaining continuous power supply. Solar radiation levels vary with weather conditions which can impact power output. Technology developments in other renewable sources like solar PV and wind energy pose competition.

Key Takeaways

The Global Concentrated Solar Power Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The market size for 2023 is estimated to be US$ 5.86 Bn and is projected to grow at a CAGR of 10.8% during the forecast period.

Regional analysis: Europe is currently dominating the concentrated solar power market with major share due to favorable government subsidies and policies supporting renewable energy installations in countries like Spain, Italy, Portugal and France. Asia Pacific region is expected to be the fastest growing market attributed to increasing investments in renewable energy projects in China, India and Middle East countries.

Key players: Key players operating in the concentrated solar power market are Siemens AG, Genarl Electric, Abengoa, Acciona S.A., Atlantica Yield plc., Suntrace GmbH, BrightSource Energy, Inc., SolarReserve, LLC., ACWA Power, Frenell GmbH. These companies are focused on capacity expansion, technology innovation and geographical expansion to strengthen their market position.

*Note:
1.      Source: Coherent Market Insights, Public sources, Desk research
2.      We have leveraged AI tools to mine information and compile it 
Ravina
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Ravina Pandya,  Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.