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The global concentrated solar power market exhibited strong growth during 2015-2020. Looking forward, IMARC Group expects the market to grow at a CAGR of 11.3% during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
Concentrated solar power (CSP) refers to a method of generating electricity using sunlight, which is a clean energy source. Also known as solar thermal power, it involves the utilization of sunlight to produce steam and drive a turbine. CSP systems have storage potential that also enables the production of electricity during cloudy days or in the absence of sunlight. At present, there is an increase in the sales of these systems on account of the rising electrification programs in numerous countries worldwide.
A significant rise in the demand for renewable sources for power generation to control carbon emissions across the world represents one of the key factors creating a positive outlook for the market. Solar power has become the predominant renewable power generating source as it is affordable and reduces energy bills. Consequently, several countries are investing in the installation of solar panels for generating electricity. In line with this, the governing agencies of different economies are promoting renewable technologies by offering tax credits and installation cost subsidies. Furthermore, the escalating demand for high thermal storage salt solutions across CSP power plants on account of their high capacity utilization factor (CUF) and lower levelized cost of electricity (LCOE) is also contributing to the market growth. Other major factors, including technological advancements to improve the heat transfer and thermal storage ability of storage salts, coupled with the growing adoption of efficient heat and thermal storage products across renewable power plants, are anticipated to fuel the growth of the market.
IMARC Group provides an analysis of the key trends in each sub-segment of the global concentrated solar power market report, along with forecasts for growth at the global, regional and country level from 2021-2026. Our report has categorized the market based on region, technology and application.
Breakup by Technology:
Breakup by Application:
Breakup by Region:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Aalborg CSP A/S, Abengoa, Acciona, ACWA Power, BrightSource Energy, Inc., Chiyoda Corporation, Enel Spa, INITEC Energía, Siemens Energy (Siemens AG) and Soltigua S.r.l.
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