Concentrating Solar Power Market growing popularity emerging trends |Abengoa, BrightSource Energy

The global concentrating solar power market size is projected to reach USD 7.6 billion by 2025 from an estimated value of USD 3.5 billion in 2020, growing at a CAGR of 16.4%. The environmental concerns over carbon emissions and efforts to reduce air pollution, policy support from governments to enable 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 concentrating solar power market is dominated by major players that are established brand names with a wide regional presence, along with many local and regional players in emerging economies. 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, Alsolen, Cobra Energia, Torresol Energy, Acciona Energy, eSolar, and Enel Green Power.

Download PDF Brochure - https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=199506567

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 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 adoption of solar power towers due to 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.

This research report categorizes the concentrating solar power market based on Technology, Operation Type, Capacity, End User, and Region.

Based on the technology :

• Solar Power Tower
• Linear Concentrating Systems
• Stirling Dish technology

Based on the operation type:

• Stand-alone Systems
• With Storage

Based on the capacity:

• Less than 50 MW
• 50 MW to 99 MW
• 100 MW and above

Based on the end user:

• Utilities
• EOR
• Others (Others include process heating, mining industry operations, desalination and district heating)

Based on the region:

• Asia Pacific
• Europe
• North America
• Middle East & Europe
• South America

Speak to Analyst - https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=199506567

The utilities segment of the concentrating solar power market, by end user, is estimated to grow at a faster rate from 2020 to 2025. The growth of the utilities segment of the market is driven by key CSP project developments in Asia Pacific and the Middle East and Africa regions, mainly in China, Saudi Arabia, the UAE, and Morocco. In addition, the demand for concentrating solar power from the utility sector is driven by the need to generate renewable electricity with storage technology to cater to the increasing power needs of the residential sector.

The with storage segment of the concentrating solar power market, by operation type, is estimated to grow at a faster rate from 2020 to 2025. The need to generate power even during nights and to provide continuous supply of electricity due to therma energy storage is driving the operation segment of concentrating solar power market.

The concentrating solar power market has been segmented, by region, into Europe, North America, Asia Pacific, the Middle East & Africa and South America. The Asia Pacific region is projected to grow at the fastest rate, from 2020 to 2025, followed by Middle East & Africa and North America.However, at present Middle East & Africa is the largest market. Countries such as China, India and Australia are the fastest-growing markets in the Asia Pacific region, owing to the increase in installations of CSP plants. 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 power grid is driving this country. In addition, the region focuses on the need to generate continuous renewable electricity to support growing economic activities will drive the concentrating solar power market in Asia Pacific region.

Ask for Sample Pages - https://www.marketsandmarkets.com/requestsampleNew.asp?id=199506567

Recent Developments

• In May 2020,Abengoa formed a consortium with Acciona to build the Cerro Dominador solar thermal plant owned by EIG Global Energy Partners. The consortium has led the melting process of 46,000 tons of salts from the Chilean Atacama Desert having a capacity of 110 MW..
• In December 2019, BrightSource Energy developed a solar-cured coating for DEWA Tower CSP. The coating was designed for longer service lifetime and higher absorptance than the standard Pyromark coating and to help reduce O&M costs..
• In October 2018, ACWA Power expanded by developing a storage technology that enabled utility-scale renewable energy production in Africa. The integration of CSP with thermal storage helps to solve the issues of electricity as the region suffers from energy problems.

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues.