The market is expected to generate an incremental $ opportunity of US$ 31,791.3Mn between 2022 and 2032
Category: Clean Energy & Power Published Date : October 2022 ID: CVC-00442 Format: PDF Pages: 290
Concentrated Solar Power (CSP) Market Size Analysis
According to a recent survey conducted by ChemView Consulting, the Global Concentrated Solar Power (CSP) Market grew at a CAGR of 18.6% between 2017-2021 and is estimated to be US$ 9,423.7Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 15.9% and is expected to reach a valuation of US$ 41,215.0Mn by 2032 end.
Mirrors focus the incoming sunlight into a single spot for concentrated solar power. Here, this energy is transformed into heat that can be used as industrial process heat or to create steam to power a turbine. These systems can incorporate thermal energy storage units, providing electricity when it’s overcast or dark outside. For this technique, several modern tools are accessible, including power towers, fresnel reflectors, and parabolic troughs. The optimum tool can be used based on the circumstances.
GROWING ADOPTION OF RENEWABLE SOURCES FOR POWER GENERATION TO BOOST THE MARKET
Over the past ten years, renewable energy sources have gained attention due to the world’s increasing need for endless energy sources and the requirement to reduce carbon emissions. The global capacity was 1.3 GW at the end of 2010, but due to the expansion of CSP installations, it increased rapidly to more than 6 GW in 2019.
With more and more investments planned in the upcoming years, it is anticipated that this trend of increasing the share of renewable energies in each country’s power mix will continue. Around 29% of the electricity produced worldwide today comes from renewable sources; this percentage is predicted to grow exponentially over the next several years, driving the market’s expansion.
HEAVY CAPITAL INVESTMENT AND HIGHER COST OF ELECTRICITY PER UNIT POSE A THREAT TO MARKET GROWTH
The main market limitation is the significant capital expenditure required to install this facility. Additionally, clients may choose solar PV installation over this technology in residential and commercial settings due to the need for a wide space. A significant flaw in the system is the average cost of electricity produced by CSP, which is USD 0.20/kWh, and solar PV, which is between USD 0.5-0.10/kWh.
PUSH TOWARDS ADVANCED SOLAR ENERGY TECHNOLOGIES WILL ATTRACT INVESTMENT IN THE MARKET
Major industry players are attempting to introduce new cutting-edge technologies, which will raise the existing power generation, as solar energy installations have increased and higher operating efficacies have been documented worldwide. To maximize the heat transfer capability with the least amount of losses, new heat transfer fluids such as high-temperature salts, sCO2, and proppants are being tested. Additionally, scientists are developing new receiver coatings that will lessen the quantity of light deflected away.
Market Segments Covered in Report
By Region and Country:
Which Technology segment contributes most to Concentrated Solar Power (CSP) Market growth?
The most cutting-edge technology now available, the parabolic trough is anticipated to dominate the market. Additionally, it requires less cash than its competitors. 45.5% of the funded projects made use of the parabolic trough technology. Because of their greater effectiveness and improved capacity for storing energy, power towers are anticipated to experience a steady increase.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
The concentrated solar power industry’s competitive landscape shows a market controlled by businesses devoted to technological breakthroughs resulting in higher efficiency and reduced production costs. The regions with the highest CSP installations, Europe and North America, are home to businesses. These businesses aim to gain a strong presence in the market because investments in this technology are anticipated to increase in other regions, including the Middle East and Asia Pacific.
The key developments in the Global Concentrated Solar Power (CSP) Market:
A list of some of the key suppliers present in the market are:
Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Technology, Application, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|