Published Date : 09 Jan 2023
The global concentrated solar power market size was evaluated at USD 47.35 billion in 2022 and is expected to attain around USD 133.43 billion by 2030, growing at a CAGR of 13.8% from 2022 to 2030.
Mirrors are used in concentrated solar power (CSP) facilities to concentrate solar energy, which is then used to power traditional steam turbines or engines that produce electricity. A CSP plant's concentrated thermal energy may be stored and utilized to produce electricity as needed, day or night. CSP technology uses solar energy to produce electricity. High-temperature heat is created from the concentrated sun's energy and is then sent via a typical generator.
The CSP plant is divided into two components: the first receives solar energy and transforms it into heat, and the second transforms the heat energy into electricity. Thermal storage enables CSP systems to provide solar power on demand, assisting in addressing grid integration issues associated to solar energy variability and allowing solar-generated heat to be stored until the electricity is required. A range of industrial applications, including water desalination, food processing, increased oil recovery, mineral processing, and chemical manufacturing, can employ CSP technology as heat in addition to powering a turbine.
For areas and nations with intense radiation, such as Australia, Southern China, United States, Southern Europe, and the Middle East, concentrated solar power offers a carbon-free source of electricity. As a result, a strong emphasis on renewable energy sources, particularly solar, is considerably boosting demand for concentrated solar power globally and propelling market expansion.
The percentage of renewable energy sources in overall power generation is rising as nations race to reach their goals of having no greenhouse gas emissions. For instance, Spain's national integrated energy and climate strategy sets a target of 120 GW of built renewable energy capacity by 2030, largely solar and wind. Australian federal government policy known as the renewable energy target (RET) is to produce 33,000 GW or more of total power from renewable sources by 2020.
In addition, Canada aims to increase the proportion of zero-emission renewable sources from around 80% in 2016 to 90% by 2030. Additionally, Saudi Arabia has set a new goal of 58.7 GW of sustainable energy by 2030. Therefore, over the projected period, all of these goals that have been set for various nations will continue to spur market expansion for concentrated solar power.
Concentrated Solar Power Market Report Scope
|Market Size in 2022||USD 47.35 Billion|
|Market Size by 2030||USD 133.43 Billion|
|Growth Rate from 2022 to 2030||CAGR of 13.8%|
|Forecast Period||2022 to 2030|
|Segments Covered||By Application, By Technology, By Capacity and By Operation Type|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America and Middle East & Africa|
2021 saw a significant regional market share for concentrated solar power in North America. Currently, there are 1,815 MW worth of CSP plants operating in the US. With rising investments in Spain, Europe also commands a sizeable portion of the worldwide concentrated solar power (CSP) industry. Further bolstering investor confidence in Spanish Concentrated Solar Power ownership are new tariff regulations, the increased need for storage, and proven plant performance.
Due to growing investments in renewable energy sources, the concentrated solar power market in the Asia-Pacific (APAC) region is expected to expand at a significant compound annual growth rate between 2022 and 2030. Players in the CSP market will benefit from the quick adoption of solar energy as the percentage of renewable energy generation rises in nations like China and India.
Recently, focus has switched to the Middle East and North America (MENA) area, where concentrated sun power (CSP) is of interest due to the fact that, in contrast to solar photovoltaic (PV), the latter can readily store thermal energy within enormous tanks of molten salt for use even at night.
High adoption of solar energy to bolster business
With the aid of specially placed mirrors, concentrated photovoltaic power enables the attention of photovoltaic electricity. The idea's ability to use solar energy as efficiently as possible, prevent waste, and have long-lasting effectiveness will increase demand for the product globally. Increased demand for photovoltaic energy consumption has resulted from growing awareness of the harmful effects of excessive carbon emissions.
Focused photovoltaic energy will become more widely employed in many international areas throughout the world as a result of rising environmental air pollution and initiatives to reduce the production of harmful gases. The existence of several massive enterprises in this industry, propelled by the widespread acceptance of the product, will have a significant impact on the market in the near future.
Due to the complex technology and installations, concentrating solar power systems need significant investment. It is thought that this is the main market restraint.
For an operation to be successful, the components are also quite specialized. Major Concentrating Solar Power Systems have used molten salts because they can function at greater temperatures of up to 800°C. However, freezing issues are a drawback of employing molten salt for heat transmission. Some Concentrating Solar Power Systems use liquid metals like sodium, lead, or their alloys. These materials have major safety risks and lower heat capabilities. Alkali metals have the danger of interacting with both air and water, which might result in unintentional fires.
Favorable government regulations to integrate renewable energy throughout the grid network to accelerate the development of CSP power plants
Because of its great thermal energy storage and capacity to operate at higher temperatures, power tower CSP is expected to expand. Strict environmental regulations along with continued government initiatives to support renewable energy will accelerate the uptake of technology. The need for technology will be boosted by the integration of two-axis tracking technology, which will offer excellent operational efficiency and extended production times. The adoption of new technologies will be influenced by power towers becoming more efficient in supplying dependable and efficient power to diverse industries and commercial buildings.
The CSP with storage industry size is anticipated to increase because to its lower Levelized Cost of Electricity (LCOE), greater Capacity Utilization Factor (CUF), and better overall plant efficiency. Growing need for high thermal storage salt throughout the CSP power plants would augment the product demand. The implementation of technology will increase due to ongoing technical developments that enhance the thermal storage and heat transmission capabilities of storage salts. The sector will expand faster thanks to a paradigm shift toward the use of efficient heat and thermal storage devices across renewable power facilities to supply extended heat radiation.
The market share held by concentrated solar power has been significantly influenced by the cost decrease of PV systems. Additionally, level terrain or land with a very low slope are needed for the installation of concentrating solar power systems; an inclination of 1% to 3% is suitable. The cost of the plant will rise on sites with a 3% slope, though. The market players view finding suitable, non-agricultural areas as a major difficulty.
For cooling and cleaning purposes, concentrating solar power plants need a lot of water. Due to direct sunshine and available land, the majority of concentrating solar power plants are situated in arid and semi-arid areas. However, there is a severe water shortage situation in these areas.
Key Market Players
By Operation Type
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