Published Date : 14 Oct 2022
The global concentrated solar power market size is expected to expand around USD 133.43 billion by 2030 from USD 41.73 billion in 2021, growing at a CAGR of 13.8% during the forecast period from 2022 to 2030.
Through the use of mirrors to reflect and concentrate sunlight onto receivers, CSP technology produces solar energy. The market for concentrating solar power is growing for the technology. With the use of CSP technology, solar energy might be captured, transformed into thermal energy for generating electricity, and then stored to provide electricity as needed. As a result, CSP systems might be employed as a baseload source of power or as a flexible electricity supplier. CSP technology might also be used as a fossil fuel backup or hybridization, enabling non-renewable projects to function more efficiently by lowering their greenhouse gas emissions, all while maintaining the same or lower operating costs.
CSP can take the shape of a parabolic trough, linear fresnel, power tower, or dish-and-stirling system. Because they are more effective and less expensive than other technologies, parabolic troughs are the most popular option in many applications. Power towers provide heat storage, enhanced performance, high efficiency, low cost, and high capacity factors, whereas linear fresnels are made up of ground-based reflectors with various angular orientations and flat-curved mirrors. Dish/Stirling systems are perfect for areas without access to water since they don't need cooling systems to remove heat. Due to growing concerns about the negative consequences of fossil fuels and increasing government regulations for lowering greenhouse gas emissions, the worldwide market for concentrating solar power is anticipated to see considerable expansion during the projected period.
In 2021, Asia Pacific is anticipated to lead the market for concentrated solar power. Due to the favourable government policies implemented in many of the region's countries, this increase is quantified. Other than Asia Pacific, the bulk of demand is anticipated to come from nations like Spain, Germany, the United Kingdom, etc., and this area is also anticipated to see the market's fastest growth for concentrated solar power.
Concentrated Solar Power Market Report Scope
|Market Size in 2021||USD 41.73 Billion|
|Market Size by 2030||USD 133.43 Billion|
|CAGR From 2022 to 2030||13.8%|
|Forecast Period||2022 to 2030|
By Operation Type
What are the Market Dynamics of the Concentrated Solar Power Market?
The market for concentrated solar power is expanding as a result of government support for the adoption of renewable technology. Renewable energy sources come in a variety of forms, including solar, wind, hydropower, biomass, geothermal, tidal, and wave power. Governments in many nations are providing tax credits, subsidies, and loan programmes to stimulate the production of renewable energy, which has prompted investors and project developers to switch to renewable energy sources. These beneficial activities have also aided in the commercialization of these technologies as they have matured.
Concentrated solar power industry expansion is being hampered by higher production costs compared to other renewable technologies.
Solar power concentrating is a technology that requires a lot of cash. Heliostat fields, receiver fields, power blocks, towers and thermal energy storage are some of the components utilised in solar towers. Solar fields, thermal energy storage systems, power plants, and fluid systems for heat transport are among the main elements employed in parabolic troughs. Approximately four-fifths of the overall cost, or the initial investment expenditures, make up the majority of the Levelized Cost of Energy (LCOE) of concentrating solar power facilities. The most costly part of parabolic trough technology, according to IRENA, is the solar field, which accounts for 35–49% of the overall installed expenses of the projects. 8–11% of the overall expenses for the projects under consideration are attributable to the heat transfer fluid. The market for concentrated solar electricity was hence most severely constrained.
The market for concentrated solar power has seen rising demand thanks to the use of CSP in desalination and better oil recovery procedures. Saline water is difficult for people to drink, but via a process known as desalination, saline water may be transformed into water that is appropriate for human consumption. The method is commonly used to acquire drinkable water all over the world. The process of extracting oil after it has not been recovered using secondary or primary oil recovery techniques is referred to as enhanced oil recovery (EOR), sometimes known as tertiary recovery. In the MENA (Middle East and North Africa) area, the combination of CSP with EOR and desalination helps to alleviate the water deficit and even prolong the lifespan of oil fields.
The Emirates Solar Industry Association (ESIA) predicts that by 2026, Saudi Arabia's domestic oil consumption would surpass exports. Even in remote areas, CSP can help with power generation and integration with EOR. By 2030, this technology is expected to contribute 20% of all oil output, which will help oil fields last longer. 5% of the people in the Middle East and North Africa region are able to get by on less than 1% of the freshwater that is given. Governments in the area prioritise having access to freshwater, therefore desalination is a desirable solution. As a result, coupling CSP with desalination helps to save expenses and guarantee a plentiful supply of clean water. Governments throughout the Middle East and the Pacific, like the Australian government, are taking proactive measures to ensure clean water by approving a number of desalination projects. Parabolic trough technology with thermal energy storage in molten salt is used in the Israeli Ashalim project. This project's focus is on large-scale water desalination and the production of solar energy. By 2025, the project—which is now under development—will be ready for use. The market for concentrating solar power is anticipated to expand considerably throughout the projected period as a result of more such projects being in the works.
The process of converting light (photons) to electricity is known as photovoltaics (voltage). PV modules, one or more batteries, a charge regulator or controller, an inverter, wiring, mounting hardware, and a framework are just a few of the parts that make up a photovoltaic system. Energy investors are more attracted to utilise PV since it is cheaper than CSP even if CSP is more effective at conserving energy. The US built 3.6 GW of solar PV capacity in the first quarter of 2020, bringing its total installed capacity to 81.4 GW, or enough to power 15.7 million US households. Over the past few decades, solar PV installation costs have decreased by more than 70%. This is a significant issue for the leading participants in the market for concentrated solar power since it will force the PV sector to grow into new areas and result in the installation of thousands of systems globally.
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