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Concentrated Solar Power (CSP) market is projected to grow

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Visiongain has published a new report entitled Concentrated Solar Power (CSP) Market Report 2024-2034: Forecasts by Storage Type (Thermal Energy Storage, Molten Salt Storage, Steam Accumulators), by Application (Utility-scale CSP Plants, Industrial Heating and Desalination, Residential and Commercial Heating, Other), by Component (Solar Collectors, Solar Thermal Storage, Power Block, Heat Transfer Fluid, Other), by Technology (Parabolic Trough, Solar Tower, Fresnel Reflectors, Dish Stirling, Heliostat, Other) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.

The global concentrated solar power (CSP) market was valued at US$6.0 billion in 2023 and is projected to grow at a CAGR of 19.7% during the forecast period 2024-2034.

Technological Advancements and Cost Reduction

Ongoing technological advancements and cost reduction efforts play a crucial role in driving the global CSP market. Improved designs, materials, and manufacturing processes contribute to reducing the overall costs of CSP projects. Innovations such as higher-efficiency receivers and advanced heat transfer fluids enhance the performance and competitiveness of CSP technology. The Noor Ouarzazate Solar Complex in Morocco is an example of how technological advancements have contributed to cost reduction, making CSP increasingly viable on a larger scale.

Storage Capabilities and Grid Integration

The inherent thermal storage capabilities of concentrated solar power systems provide a significant advantage in terms of grid integration and energy storage. CSP plants can store excess heat generated during sunny periods and dispatch electricity during periods of high demand or when sunlight is unavailable, offering grid stability and flexibility. The Crescent Dunes Solar Energy Project in Nevada, USA, exemplifies the integration of molten salt storage, enabling the plant to deliver electricity consistently, even during non-solar hours.

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How has COVID-19 had a significant negative impact on the Concentrated Solar Power (CSP) Market?

The global Concentrated Solar Power (CSP) market, like many other industries, has experienced the impact of the COVID-19 pandemic. The pandemic has led to disruptions in the supply chain, construction delays, and uncertainties in project financing, affecting the development and deployment of CSP projects worldwide. One notable consequence has been the slowdown in project timelines, as restrictions on movement and labour shortages have impeded construction activities. Delays in the completion of CSP projects have, in turn, affected the overall capacity additions and deployment targets set by various governments and organizations.

Furthermore, the economic challenges induced by the pandemic have influenced investment patterns, with some projects facing funding uncertainties. The financial strain on governments and private investors has led to a re-evaluation of priorities, potentially impacting the allocation of funds for renewable energy projects, including CSP initiatives. Additionally, the pandemic has highlighted the importance of resilient and reliable energy systems, which could potentially increase the long-term demand for CSP projects that offer energy storage solutions.

On the positive side, the global focus on green recovery and sustainable development in the aftermath of the pandemic has provided renewed impetus for investments in renewable energy, including CSP. Governments and international organizations are recognizing the role of renewable energy technologies in building a more resilient and sustainable energy future. This recognition may lead to policy support, incentives, and funding opportunities that can drive the growth of the CSP market in the post-COVID-19 era.

How will this Report Benefit you?

Visiongain’s 333-page report provides 112 tables and 153 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global concentrated solar power (CSP) market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Concentrated Solar Power (CSP). Get financial analysis of the overall market and different segments including storage type, application, component, and technology and capture higher market share. We believe that there are strong opportunities in this fast-growing concentrated solar power (CSP) market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.

What are the Current Market Drivers?

Global Expansion of CSP Projects

The global expansion of concentrated solar power projects is driven by the increasing recognition of CSP’s potential in diverse geographical regions. Countries across the Middle East, North Africa, Europe, and Asia are investing in CSP to harness solar energy for power generation. The Shagaya Renewable Energy Park in Kuwait exemplifies the global expansion of CSP, marking a significant step towards establishing renewable energy as a mainstream power source in the region.

Hybridization with Other Energy Sources

The trend towards hybridization, combining CSP with other energy sources, contributes to the growth of the CSP market. Hybrid projects integrate CSP with complementary technologies such as natural gas, biomass, or photovoltaics to enhance overall efficiency and reliability. The Noor Midelt Solar Complex in Morocco is a hybrid CSP-PV project that illustrates the synergies achievable by combining solar technologies, maximizing energy output, and providing a continuous power supply.

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https://www.visiongain.com/report/csp-market-2024/

Where are the Market Opportunities?

Integration of CSP in Hybrid Power Plants Opportunities for the Market

The integration of Concentrated Solar Power (CSP) in hybrid power plants presents significant opportunities for the market. Hybrid power plants combine multiple energy sources to generate electricity, offering a more reliable and flexible power generation solution. The incorporation of CSP into these hybrid systems allows for a more stable and continuous power output by leveraging the complementary nature of different energy sources.

One notable example of this integration is the combination of CSP with conventional fossil fuel-based power plants. In a hybrid setup, CSP can serve as a supplementary power source during periods of peak demand or when the sun is shining brightly. During these times, the concentrated solar energy can be used to generate steam, which can then be integrated into the existing steam cycle of a conventional power plant. This integration enhances the overall efficiency of the power plant and reduces the reliance on fossil fuels during peak periods.

Use of CSP in Desalination and Enhanced Oil Recovery Processes

The use of Concentrated Solar Power (CSP) in desalination and enhanced oil recovery (EOR) processes presents a promising market opportunity, leveraging the unique capabilities of CSP technology for diverse applications.

In desalination, CSP systems can play a crucial role in addressing water scarcity issues by utilizing the abundant solar energy in arid regions to power desalination plants. The concentrated solar heat generated by CSP systems can be employed to facilitate the desalination process, wherein seawater is heated, vaporized, and then condensed to produce fresh water. This integration of CSP with desalination aligns with the increasing global demand for sustainable and efficient water supply solutions, especially in regions where traditional freshwater sources are limited.

Competitive Landscape

The major players operating in the concentrated solar power (CSP) market are Aalborg CSP, ACWA Power, BrightSource Energy, Inc., Cobra Instalaciones y Servicios, Enel Green Power S.p.A., Flabeg Fe GmbH, FRENELL GmbH, GlassPoint Solar, Innova Global Limited, Sener, Shams Power Company, Siemens Gamesa Renewable Energy S.A., Solar Inc., Supcon Solar, TSK Flagsol Engineering GmbH. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.

Recent Developments

  • 04 May 2023, ACWA Power signs MoU with Uzbekistan for developing a 500 MW CSP plant with thermal storage, potentially the largest in Central Asia.
  • 25 Oct 2023, Leading company in decarbonising industrial process heat, GlassPoint, has teamed up with Saudi Arabia’s Ministry of Investment (MISA) to construct a solar manufacturing plant and technology showcase in the Eastern Province of the country.

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Visiongain is one of the fastest-growing and most innovative independent market intelligence providers around, the company publishes hundreds of market research reports which it adds to its extensive portfolio each year. These reports offer in-depth analysis across 18 industries worldwide. The reports, which cover 10-year forecasts, are hundreds of pages long, with in-depth market analysis and valuable competitive intelligence data. Visiongain works across a range of vertical markets with a lot of synergies. These markets include automotive, aviation, chemicals, cyber, defence, energy, food & drink, materials, packaging, pharmaceutical and utilities sectors. Our customised and syndicated market research reports offer a bespoke piece of market intelligence customised to your very own business needs.

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