Concentrated Solar Power Market size to reach $4.5 Bn by 2032

Concentrated Solar Power (CSP) Market size is projected to reach over USD 4.5 billion by 2032, according to the latest research report by Global Market Insights Inc.
 

Favorable government initiatives are poised to act as a major factor driving the industry growth. The increased need to curb burgeoning carbon emissions and climate change is encouraging the government to emphasize renewable and sustainable energy sources, including CSP technology. Moreover, various tax credits and incentives to promote the utilization of solar power for electricity generation is fueling the concentrated solar power market growth.
 

Consistent improvements in the technology to increase parabolic trough segment share

The industry size from parabolic trough technology is anticipated to garner more than USD 2.5 billion by 2032 propelled by its ease of installation, lower costs, and ongoing advancements in the field. In a 2022 study, a group of researchers from the Harbin Institute of Technology, China, used a helically convex absorber tube to enhance heat transfer and flow performance, which improved by 34% compared to traditional PTC.
 

High funding for large-scale solar projects to push demand for >100MW capacity CSP systems

The  >100MW CSP market is expected to record an annual addition of over 550 MW by 2032. One of the main factors bolstering the deployment of CSP projects with a capacity of more than 100 MW is the reduction in specific costs brought about by economies of scale, coupled with the advanced reflective surface area leading to higher operational temperatures. Moreover, major utilities are increasing investments in large-scale CSP projects, thus propelling product adoption. For instance, in January 2023, the Emirates Water and Electricity Company issued a tender for a 1.5 GW Solar photovoltaic project in Abu Dhabi.
 

Browse key industry insights spread across 300 pages with 444 market data tables & 28 figures & charts from the report, “ Concentrated Solar Power Market Size By Technology (Parabolic Trough, Linear Fresnel Reflector, Power Tower), By Capacity (≤ 50 MW, > 50 to ≤ 100 MW, > 100 MW), By Storage (With Storage {Molten Salt}, Without Storage) & Forecast, 2023– 2032” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/concentrated-solar-power-market
 

Low installation prices to augment the demand for CSP systems without storage

The concentrated solar power industry from the without storage segment is poised to depict substantial growth during 2023-2032. Several factors, including lower material costs, reduced installation prices, and lower complexity, are complementing the extensive espousal of CSP projects without storage. Their limited space and low maintenance requirements are also set to further support sector growth. A 2022 research review on the LCA of a CSP in tower installation found that without thermal energy storage, solar plants produce electricity during the day and reduce fossil fuel usage while saving operational costs.
 

Abundance of solar resources to impel product penetration in Chile

The Chile concentrated solar power market is speculated to exceed USD 1 billion in revenue by 2032. The country is a noteworthy supplier of energy owing to the presence of adequate solar resources. According to research organization SolarPACES, the country has a Direct Normal Irradiance (DNI) of 3,614 kWh/m², indicating a high potential for solar technology adoption over the upcoming years. In addition, rising electricity consumption and government initiatives to boost the proportion of renewable energy in the fuel mix are also benefitting market growth in Chile.
 

Promising agreements among companies to remain a major growth tactic

Top participants involved in the concentrated solar power market report include Abengoa S.A., GE Renewable Energy, ACCIONA, Atlantica Sustainable Infrastructure plc, Dornier Suntrace GmbH, Eastman Chemical Company, and others.
 

The competitive landscape of the industry is witnessing a series of deployment agreements and strategic acquisitions by industry players. For instance, in February 2023, ACCIONA, a renewable energy and infrastructure firm, signed a power purchase agreement (PPA) with Zimmer Biomat, a medical technology firm, to supply 100% renewable electricity in Spain for the next 12 years. The company is set to provide energy derived from Cristo Bailone’s hybrid photovoltaic plant.