The global concentrating solar power market is projected to grow from an estimated USD 3.5 billion in 2020 to USD 7.6 billion by 2025, at a CAGR of 16.4% from 2020 to 2025.
The environmental concerns over carbon emissions and efforts to reduce air pollution, policy support from governments to enable the adoption of renewable technologies, and the integrability of CSP systems with thermal storage systems are the key factors driving the concentrating solar power market.
The Middle East & Africa and the Asia Pacific are expected to be the largest markets for concentrating solar power during the forecasted year.
The higher cost of generation compared to other renewable technologies are key pain points for concentrating solar power that can restrain the growth of the market during the forecast period.
The solar power towers segment is expected to hold the largest share of the concentrating solar power market, by technology, during the forecast period.
The solar power towers segment is estimated to be the fastest-growing segment of the concentrating solar power market, by technology, from 2020 to 2025.
The solar power tower segment is getting a boost due to 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 the adoption of solar power towers due to a 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.
Asia Pacific: The fastest-growing market for concentrating solar power.
The Asia Pacific region is projected to grow at the fastest rate, from 2020 to 2025, followed by the Middle East & Africa and North America.
The region consists of major CSP installations in countries such as China, Australia, and India. 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 the power grid is driving this country. In addition, the region focuses on the need to generate continuous renewable electricity to support growing economic activities that will drive the concentrating solar power market in the Asia Pacific region.
The key players in the concentrating solar power market include 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).
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