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Global Concentrated Solar Power Market to Grow at 10.9% During 2022-2027, Strengthened by Rising Demand for Renewable Power Sources

Published on Jul 09, 2021

According to the latest report by IMARC Group, titled "Concentrated Solar Power Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global concentrated solar power market reached a value of US$ 5.1 Billion in 2021. Concentrated solar power (CSP) structures generate electricity by using mirrors. These mirrors focus the clean energy obtained from sunlight onto a receiver. The procured heat is channeled through a conventional generator to produce steam and operate a turbine. A CSP plant consists of two devices, amongst which one device converts solar energy into heat and the other converts heat into electricity. It also employs four technological approaches, namely, parabolic trough, linear fresnel, dish, and power tower systems. CSP devices have high storage capacity that enables uninterrupted electricity flow during adverse weather conditions. 

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Global Concentrated Solar Power Market Trends:

The global CSP market is primarily being driven by rising environmental concerns regarding increasing carbon emissions. This is further supported by the provision of monetary benefits, such as tax credits, approvals and subsidies, by governments of various nations to promote the adoption of alternative energy sources. Additionally, the inflating demand for thermal storage systems across CSP power plants, due to their improved capacity utilization factor (CUF) and lower levelized cost of electricity (LCOE), is acting as a growth-inducing factor. Moreover, rapid technological advancements to improve the heat transfer functionality of these systems are creating a positive outlook for the market across the globe. Looking forward, the market is expected to grow at a CAGR of 10.9% during 2022-2027.

Market Summary:

  • Based on the technology, the market has been segmented into parabolic trough, linear fresnel, dish, and power tower.
  • On the basis of the application, the market has been divided into utility, EOR, desalination, and others.
  • On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
  • The competitive landscape of the industry has also been examined, with some 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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