China is actively boosting the growth of the concentrated solar power market to cope up with its severe pollution problems and develop its domestic manufacturing industry. Furthermore, availability of low labour has led to increase in energy production through concentrated solar power, which fuels the growth of the market.
The concentrated solar power consumption is mainly driven by the growing demand for electricity in developing economies. In developed economies like the U.S. roughly 1,815 megawatts (MWac) of CSP plants are in operation. Ivanpah Solar Electric Generating System is one of the known concentrated solar power plant in the U.S. The Ivanpah facility has 392-megawatt solar generation plant consisting of 173,500 heliostats and three power towers with the capacity to offer clean, sustainable power to over 100,000 American homes. With more and more increasing use of solar energy as a renewable source of energy to reduce dependence on coal, the demand for concentrated solar power is expected to increase during the forecast period.
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Growth in environmental issues based on carbon emissions results in focus to decrease air pollution. This in turn raises demand for renewable energy such as solar energy. Thus, these factors are also anticipated to support the expansion of the market. However, high cost experienced during Concentrated Solar Power energy production restraints the market growth during the forecast period. Moreover, rise in investment from different industries in renewable sources provide lucrative opportunity for the market growth.
The report segments the concentrated solar power market on the basis of technology, end user industry, and region. Based on technology, the market is divided into parabolic trough, solar power tower, Fresnel reflectors, and dish Stirling. Based on technology, the parabolic trough segment dominated the market in 2017, owing to growing demand of electricity generation from parabolic trough technology.
Based on the technology, the market of concentrated solar power is segregated as parabolic trough, dish, linear Fresnel, and power tower. The parabolic trough technology segment accounted for the largest revenue share of 84.8% in 2019 owing to high penetration of the design, along with easy installation and convention.
On the basis of end user industry, the market is classified into residential, commercial, and industrial. Based on end use industry, the industrial segment is expected to grow with the highest CAGR during the forecast period.
By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Based on region, Europe holds a dominant position in the global concentrated solar power market share and MEA is attributed to be the fastest growing region. The Asia-Pacific concentrated solar power market offers lucrative opportunities for key manufacturers, owing to rapid installation capacity of solar energy to increase renewable generation.
The key players contributing in the global concentrated solar power market growth include Abengoa, Acciona, SolarReserve, BrightSource Energy, ACWA Power, GE Energy, Suntrace, SCHOTT, Frennel GMBH, and Siemens.
Key Findings of Concentrated Solar Power Market:
The Industrial segment of concentrated solar powers market is predicted to grow with a CAGR 10.6% during 2019-2026.
The Solar Power Tower segment is expected to grow with the highest CAGR in the global Concentrated Solar Power market size in terms of revenue, over the projected period.
The Europe region held a share of over 41% in 2018 and is projected to grow to 10.1% by 2026.
The qualitative data in the report aims on the concentrated solar power market trends, dynamics, and developments in the concentrated solar power industry while the quantitative data provide information of the size in terms of revenue.
COVID-19 impact on the concentrated solar power market
The current COVID-19 epidemic has stuck the power sector globally. Owing to the present scenario, various countries observed interruptions in the construction activity due to disruptions caused in the supply chain, primarily by China. Other measures are taken such as lockdown situations in certain countries, social-distancing rules for workforces, and subsequent funding challenges are posing a threat to the market of concentrated solar power.
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