Global Concentrated Solar Power Market by Application (Desalination, Utility, EOR) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global concentrated solar power market was worth USD 4.5 billion in 2019. It is projected to grow at a compound annual rate (CAGR of 9.7%) between 2020 and 2027. Market growth can be attributed to increasing conservational concerns about carbon emissions and efforts to reduce air pollution. Market growth is expected to be boosted by stringent government strategies to reduce the carbon footprint and monetary benefits to encourage the adoption of other energy sources. Concentrated solar power (CSP), however, is expensive and may not be adopted unless the regulatory and institutional authorities are strengthened. The market is expected to grow due to increased awareness in North America and Europe as well as emerging countries from Asia Pacific.

Solar power has become the dominant source of renewable power generation. This has led to investment in countries like India, China, the U.S. and Italy to install solar panels and generate electricity. Due to supportive government regulations and initiatives such as tax credits and installation cost subsidies, the U.S. market was valued at USD 9110.4 million in 2019. The loan guarantee program of the United States Department of Energy (DOE), sponsors all the concentrated solar power projects that have been built in the United States.

Due to the need for reducing carbon emissions in the troposphere, the global CSP market will grow at an even faster rate over the forecast period. It is an affordable source of power generation that can also reduce carbon dioxide emissions.

CSP is a capital-intensive technology. The parabolic trough uses power blocks, solar field components, heat transfer fluids, and thermal energy storage system components. Solar towers use mainly receiver fields, heliostat field, thermal energy storage tower, and power block components. The preliminary venture cost is approximately four-fifths of total CSP plant costs. This subjugates the Levelized Cost of Energy. Rest is the cost of operation and maintenance and insurance. This makes it difficult for CSP markets.

Globally, the current COVID-19 crisis has hampered the power sector. Due to the current situation, many countries experienced interruptions in construction activity as a result of disruptions in the supply chain, primarily caused by China. Other measures taken include lockdowns in certain countries and social-distancing rules to workforces. These are all threats to the market.

Application Insights

The market can be divided by application into utility, EOR and desalination. In 2019, the utility segment had a 63.9% revenue share. Concentrated solar power projects in the Middle East, Africa, and Asia Pacific are driving the growth of this segment. These include developments in Saudi Arabia and Morocco, the UAE and China. CSP is also needed by utility areas to meet increasing electricity demand.

Due to favorable government regulations and initiatives to increase the use of renewable energy sources, the utility segment will experience significant growth during the forecast period. The government will present various economic and financial benefits to the utility segment, including tax credits and Feed-in Tariffs. These will increase its growth until 2027.

The Enhanced Oil Recovery segment (EOR), which is rapidly growing in popularity, is expected to account for more than 123.0 MW of capacity by 2027. This application uses steam from concentrated solar power farms to drive oil fields for tertiary extraction. CSP market growth will be encouraged by the adoption of this technology in oil-producing countries. The market's other segment was valued at USD 904.6 million in 2019. It is expected to see significant growth due to ongoing R&D.

Technology Insights

The technology segment of the market can be divided into parabolic trough (dish), linear fresnel (power tower), and dish. Parabolic trough technology accounted for the highest revenue share at 84.8% in 2019, due to its high penetration and easy installation.

In 2019, the power tower concentrated solar energy technology segment was valued in USD 388 millions. It is expected to see an increase in installed capacity over the forecast period. This will be primarily due to economically evaluated products and other aids. The market for power tower technology is seeing a lot of adoption, especially in countries with ample land. Large areas are a key criterion to installing power towers.

By 2027, the segment of linear fresnel tech is expected to grow to USD 652.0 millions. Flat glass mirrors are cheaper and have a simpler design. This is the reason for the segment's growth. These systems also require less concrete support and steel, which indicates their lower installation costs and simple assembly.

Regional Insights

Asia Pacific was the dominant market for CSP in 2019, with a 42.8% revenue share due to an increase in concentrated solar power plant installations. China is expected to grow at a rapid pace between 2020 and 2027. The market is driven by the growing demand for concentrated solar power to alleviate grid locations. The region's market growth is also being driven by the growing demand for renewable power energy to sustain rising fiscal activities. Europe will likely grow at 16.4% revenue-based CAGR between 2020 and 2027, thanks to favorable policies by many countries in the region.

North America was the second largest regional market in 2019, with a value of USD 910.4 millions. MEA will benefit from continued large-scale investments in development and a shift in focus of investors towards green energy options. Morocco is one of the most prominent adopters of concentrated sun power around the world.

Market Share Insights & Key Companies

Due to the presence of many large and small market players, the market is somewhat concentrated. Concentrated solar power producers are closely following developments in renewable energy businesses to develop strategies that would help increase their market share. Diverse players have made significant investments in order to improve their products' adoption and develop new technology. The following are some of the most prominent players in concentrated solar power markets:

• Abengoa

• BrightSource Energy, Inc.

• Siemens Energy

• Acciona

• Aalborg CSP

• TSK Fl

• ACWA POWER

• INITEC Energia

• Torresol Energy

• Enel Spa

• Trivelli Energia srl

• Grun leben GmbH

Up Market Research published a new report titled “Concentrated Solar Power Market research report which is segmented by Application (Desalination, Utility, EOR), By Players/Companies Acciona, Trivelli Energia srl, Gr¼n leben GmbH, Abengoa, Torresol Energy, INITEC Energ­a, Enel Spa, Aalborg CSP, Siemens Energy, BrightSource Energy Inc, TSK Fl, ACWA POWER”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Concentrated Solar Power Market Report Segments:

The market is segmented by Application (Desalination, Utility, EOR).

Concentrated Solar Power Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Concentrated Solar Power Market

Overview of the regional outlook of the Concentrated Solar Power Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Concentrated Solar Power Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Concentrated Solar Power Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Desalination

                2. Utility

                3. EOR

7. Market scenario by region, sub-region, and country.
8. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
9. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
10. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Concentrated Solar Power Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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• Correctly Positioning New Products
• Market Entry Strategies
• Business Expansion Strategies
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• Product & Brand Management
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Reasons to Purchase the Concentrated Solar Power Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.