The global concentrating solar power market size is projected to reach a size of USD 7.6 billion by 2025, at a CAGR of 16.4%, from an estimated USD 3.5 billion in 2020. 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.
By technology, the solar power towers segment is the largest contributor in the concentrating solar power market during the forecast period.
The solar power towers segment led 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.
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By end user, the utilities segment is expected to grow at the fastest rate during the forecast period.
The growth of the utilities segment of the market is driven by key CSP project developments in Asia Pacific and the Middle East and Africa regions, mainly in China, Saudi Arabia, the UAE, and Morocco. In addition, the demand for concentrating solar power from the utility sector is driven by the need to generate renewable electricity with storage technology to cater to the increasing power needs of the residential sector.
By capacity, the 100 MW and Above segment is expected to be the largest contributor during the forecast period.
The 100 MW and above segment is estimated to dominate the market from 2020 to 2025. There is an increasing need to concentrating solar power technology in order to meet renewable energy generation targets and for continuous operations, thereby driving the 100 MW and above market during the forecast period.
Asia Pacific is expected to account for the fastest growing market size during the forecast period.
Asia Pacific is expected to dominate the concentrating solar power market during the forecast period as owing to the increase in installations of CSP plants. 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. The figure below shows the projected market sizes of various regions with respective CAGRs for 2025.
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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the key players in the concentrating solar power market such as 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).
