The global concentrating solar power market size is projected to grow at a CAGR of 16.4%, from 2020 to 2025
NEW YORK, Aug. 13, 2020 /PRNewswire/ --
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The concentrating solar power market is projected to grow from an estimated USD 3.5 billion in 2020 to USD 7.6 billion by 2025, at a CAGR of 16.4% from 2020 to 2025. The environmental concerns over carbon emissions and efforts to reduce air pollution, policy support from governments to enable adoption of renewable technologies, and the integrability of CSP systems with thermal storage systems are the key factors driving the concentrating solar power market. Middle East & Africa and Asia Pacific are expected to be the largest markets for concentrating solar power during the forecasted year. The higher cost of generation compared to other renewable technologies are key pain points for concentrating solar power that can restrain the growth of the market during the forecast period.
The solar power towers segment is expected to hold the largest share of the concentrating solar power market, by technology, during the forecast period.
The solar power towers segment is estimated to be the fastest-growing segment of the concentrating solar power market, by technology, from 2020 to 2025.The solar power tower segment is getting a boost due to the the higher temperatures that can allow higher efficiency of the steam cycle and decrease water consumption for cooling the condenser.
The higher temperature uses thermal energy storage for achieving schedulable power generation. Thus, increasing adoption of solar power towers due to reduction in cost or allowing greater storage for the same price is expected to drive the solar power tower segment at the highest pace during the forecast period.
Asia Pacific: The fastest growing market for concentrating solar power.
The Asia Pacific region is projected to grow at the fastest rate, from 2020 to 2025, followed by Middle East & Africa and North America.The region consists of major CSP installations in countries such as China, Australia and India.
China is projected to grow at the highest CAGR from 2020 to 2025.This is mainly due to the increasing investment in CSP for stabilizing power grid is driving this country.
In addition, the region focuses on the need to generate continuous renewable electricity to support growing economic activities will drive the concentrating solar power market in Asia Pacific region..
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
• By Company Type: Tier 1- 55.0%, Tier 2- 26.1%, Tier 3- 18.9%
• By Designation: C-Level Executives- 43.1%, Managers- 37.9%, Others- 19.0%
By Region: Asia Pacific- 26.2%, Middle East & Africa- 41.5%, Europe- 18.4%, North America- 0.7% and South America- 0.5%
Note: The tier of the companies has been defined based on their total revenue; as of 2017: Tier 1 = >USD 5 billion, Tier 2 = USD 1 billion to USD 5 billion, and Tier 3 =
The key players in the concentrating solar power market include Abengoa (Spain), BrightSource Energy (US), ACWA Power (Saudi Arabia), Aalborg CSP (Denmark), and SolarReserve (US) and other players such as TSK Flagsol Engineering GmbH (Germany), Alsolen (Morocco), Cobra Energia (Spain), Torresol Energy (Spain), Acciona Energy (Spain), eSolar (US), and Enel Green Power (Italy).
Study Coverage:
The report provides a complete view of the concentrating solar power market across the power industry and regions.It aims at estimating the market size and future growth potential of the market across different segments such as technology, operation type, capacity, end user, and region.
Furthermore, the report includes an in-depth competitive analysis of the key players in the market, along with their company profiles, recent developments, and key market strategies.
The market has been segmented based on technology, operation type, capacity, end user, and region, with a focus on industry analysis (industry trends). The market ranking analysis of the top players, supply chain analysis, and company profiles, which together comprise and evaluate the basic views on the competitive landscape, emerging and high-growth segments of the concentrating solar power market.
Key Benefits of Buying the Report
1. The report identifies and addresses key markets for the implementation of a concentrating solar power in various industries, which would help manufacturers review the growth in demand.
2. The report helps solution providers understand the pulse of the market and provide insights into drivers, opportunities, restraints, and challenges.
3. The report will help key players understand the strategies of their competitors better and will help in making strategic decisions.
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