Concentrating Solar Power Market: Current Analysis and Forecast (2021-2027)
A CSP plant normally consists of thermal collection, thermal storage, and thermal-work power conversion systems. CSP thermal-work conversion is partially similar to that of a conventional thermal generator unit. Existing mature techniques can be utilized, and thus CSP is especially suitable for large-scale applications. There are different types of mirror shapes and sun-tracking methods to provide useful energy, but all of them work under a same principle of driving a heat engine to generate electricity that can then be fed into the grid. Thus, concentrated solar power energy is a carbon-free source of electricity and is best suited to regions with strong radiation such as Southern Europe, Northern Africa and Middle East, South Africa, parts of India, China, Southern U.S., and Australia. However, some of the restraints in the market include high cost incurred during concentrated solar power energy production, technical complexities of CSP plant along with high cost of components which are some factors impeding the growth of this market all over the world.
Based on technology, the market is segmented into Solar Power Tower, Linear Fresnel, Parabolic Trough and Stirling Dish technology. The Solar Power Tower segment grabbed XX% market share of the Global Concentrating Solar Power Market and gathered revenue of USD XX billion in 2020. The segment is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX billion by 2027 owing to their strong concentration of radiation which can generate temperatures in excess of 1000 °C at the receiver.
Based on operation type, the market is segmented into Stand-alone Systems, & With Storage. In 2020, the With Storage segment dominated the Concentrating Solar Power Market and accounted for XX% market share. This segment will witness a considerable CAGR of XX% during the forecast period (2021-2027F) on account of its Lower Levelized Cost Of Electricity (LCOE), higher Capacity Utilization Factor (CUF), and high overall plant efficiency.
Based on capacity, the market is segmented into Less than 50 MW, 50 MW to 99 MW & 100 MW and above. In 2020, the 100 MW and above segment dominated the Concentrating Solar Power Market and accounted for XX% market share. This segment will witness a considerable CAGR of XX% during the forecast period (2021-2027F) on account of high & reliable power requirements & to maintain efficiency in the plant operation.
Based on End user type, the market is classified into Utilities, EOR, and Others (Others include process heating, mining industry operations, desalination and district heating). The Utilities segment generated revenue of USD XX billion in 2020. The segment is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX billion by 2027 owing to the favorable government initiatives and regulations on increasing the adoption of renewable energy sources.
For a better understanding of the market adoption of Concentrating Solar Power, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. Asia Pacific constitutes the largest market for the industry and generated revenue of USD XX billion in 2020 on account of upsurge in installations of concentrated solar power plants in the region.
Some of the major players operating in the market include Abengoa, S.A., BrightSource Energy, Inc., Aalborg CSP, Siemens Energy, Acciona, S.A. etc. Several M&A's along with partnerships have been undertaken by these players to boost their presence in different regions.