Market Scenario, Concentrating solar power system generates power by using mirrors or lenses to concentrate sunlight onto a single point and convert it into heat. Concentrated solar power is generally used for utility-scale projects. The various types of concentrated solar power systems include linear concentrator system, power tower system, dish/engine system, and thermal storage system. The advantages of concentrated solar power include lower investment costs, higher efficiencies, and better hybrid operational capability., The concentrating solar power market size is projected to reach USD 18.41 billion by 2025 from an estimated USD 9.60 billion in 2019 with ~ 11.46% CAGR from 2019 to 2025. The major factors driving the growth of the global concentrating solar power market include growing environmental concerns over carbon emissions and government initiatives to enable renewable technologies. According to EIA, solar surpasses biomass to become the third most prevalent renewable electricity source. This has led to increased investment in countries such as India, China, the US, Italy, and others globally to install solar panels to generate electricity., Additionally, the global concentrating solar power market is projected to grow at a high rate during the forecast period due to the need for the reduction of carbon emission. Solar power is widely used as it is an affordable source of electricity and helps to reduce energy bills along with cutting down the CO2 emissions that affect our environment. For instance, according to Bloomberg New Energy Finance (BNEF), India is building multiple sizeable solar power parks which would include half of the world’s ten largest solar parks, thus, accelerating the demand for concentrating solar power. , , Key players in the concentrating solar power market such as Abengoa SA, Solarreserve, LLC, ACWA Power, Brightsource Energy, Inc., and Esolar, Inc. are actively focusing on signing contracts and agreements to supply concentrating solar powers. For instance, in 2018, Abengoa (Spain) received a contract worth USD 650 million to

Market Scenario

Concentrating solar power system generates power by using mirrors or lenses to concentrate sunlight onto a single point and convert it into heat. Concentrated solar power is generally used for utility-scale projects. The various types of concentrated solar power systems include linear concentrator system, power tower system, dish/engine system, and thermal storage system. The advantages of concentrated solar power include lower investment costs, higher efficiencies, and better hybrid operational capability.

The concentrating solar power market size is projected to reach USD 18.41 billion by 2025 from an estimated USD 9.60 billion in 2019 with ~ 11.46% CAGR from 2019 to 2025. The major factors driving the growth of the global concentrating solar power market include growing environmental concerns over carbon emissions and government initiatives to enable renewable technologies. According to EIA, solar surpasses biomass to become the third most prevalent renewable electricity source. This has led to increased investment in countries such as India, China, the US, Italy, and others globally to install solar panels to generate electricity.

Additionally, the global concentrating solar power market is projected to grow at a high rate during the forecast period due to the need for the reduction of carbon emission. Solar power is widely used as it is an affordable source of electricity and helps to reduce energy bills along with cutting down the CO2 emissions that affect our environment. For instance, according to Bloomberg New Energy Finance (BNEF), India is building multiple sizeable solar power parks which would include half of the world’s ten largest solar parks, thus, accelerating the demand for concentrating solar power.

Key players in the concentrating solar power market such as Abengoa SA, Solarreserve, LLC, ACWA Power, Brightsource Energy, Inc., and Esolar, Inc. are actively focusing on signing contracts and agreements to supply concentrating solar powers. For instance, in 2018, Abengoa (Spain) received a contract worth USD 650 million to provide 3 200 MW parabolic trough plants to the 700 MW DEWA concentrated solar project in Dubai. Moreover, in 2016, Esolar, Inc. (US), received a contract from Aalborg CSP A/S (Denmark) to provide concentrated solar power in Australia. These contracts would propel the growth of concentrated solar power market.

The global concentrating solar power market has been segmented based on technology, components, end-user, and region. Based on technology, the global market has been classified as parabolic trough, power tower, linear Fresnel, and dish/engine system. The parabolic trough segment is expected to dominate the global market during the forecast period. This is because the segment has its application in all the end-use industries, such as enhanced oil recovery, utilities, and mining, and others. Moreover, it is one of the most commercialized technologies for concentrated solar power. Based on components, the global concentrating solar power market has been divided into the solar field, power block, and thermal storage. The thermal storage segment dominates the global market because of its capability to store thermal energy on a large scale, which enables power generation during sunset. On the basis of end-user, the global market has been segregated into utilities, EOR, and others. The utility segment is estimated to register a higher growth rate during the forecast period. The global concentrating solar power market is expected to grow at ~11.46% CAGR during the forecast period.

Market Segmentation

On the basis of region, the global concentrating solar power market has been segmented into Asia-Pacific, North America, Europe, the Middle East & Africa, and South America. Asia-Pacific is expected to be the largest and the fastest-growing market, by region, during the forecast period. This is due to the significant investment in solar power projects in China, Japan, and India. China dominated in Asia-Pacific in terms of market share and growth rate. For instance, in 2018, three concentrated solar projects with a total capacity of 200 MW were completed and connected to the grid.

Moreover, Japan also witnessed growth in the market. For instance, Japan installed 6 GW to 7.5 GW of a solar power plant in 2018. Furthermore, the Ministry of Economy, Trade, and Industry (METI) has revoked approvals for 260,000 solar projects, with 14.6 GW of capacity. Moreover, the market for concentrating solar powers in North America and the Middle East is also expected to grow during the forecast period due to the growing focus on increasing the share of renewable energy in the total power generation and rising opportunity to implement concentrated solar power at utility-scale.

Key Players

The key players operating in the global concentrating solar power market are Abengoa Solar, SA (Spain), Acciona Energy (Spain), GE Renewable Energy (France), TSK Flagsol Engineering GmbH (Germany), Enel Green Power (Italy), BrightSource Energy (US), Atlantica Yield PLC (UK), eSolar Inc. (US), SolarReserve (US), ACWA Power (Saudi Arabia), Chiyoda Corporation (Japan), Alsolen (Morocco), and Soligua (Italy).

Intended Audience



Concentrating solar power component manufacturers



Thermal energy storage manufacturers



Concentrating solar power solution providers



Environmental associations



Regional renewable energy associations



Solar and wind energy associations



Investment banks



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