Global Concentrating Solar Power Market- Industry Trends
& Forecast Report 2027
The global concentrating solar power (CSP) market was worth USD 3.25 billion in 2020. It is
further projected to reach USD 8.40 billion by 2027 at a CAGR of 14.6% during
2021-2027 (forecast period). Solar power is generally used because it is a
cost-effective source of energy that helps reduce power bills while also
reducing CO2 emissions that harm our environment. The major factors driving the global
concentrating solar power market forward are the environmental concerns and the
expanding efforts to cut down carbon emissions to a great extent.
Favorable government policies to
promote the adoption of renewable technologies, along with the rising
popularity and success rates of concentrating solar power systems are further
contributing to the growth of the global concentrating solar power market. Additionally,
countries such as China, Italy, Spain, and the United States are increasing
their investments in CSPs, driving up demand for renewable energy generators.
Source: Blueweave Consulting
Global Concentrating Solar Power Market- Overview
Concentrating solar power (CSP) plants utilize mirrors for
concentrating the sun's energy, which is then used to power conventional steam
turbines or engines for generating electricity. CSPs are massive installations
that are best suited for high-end utility-scale projects. Thermal storage systems, power tower
systems, linear concentrator systems, and dish/engine systems are examples of
concentrated solar power systems. Concentrating solar power has several
advantages, including reduced investment costs, greater efficiency, and
enhanced hybrid operational capability.
Global Concentrating Solar Power Market Forecast and
Rising Prevalence for Renewable Sources of Energy will
Drive the Market Forward
Because of growing environmental and carbon-emission
concerns, the renewable energy industry has gained significant traction in
recent years. As a result, concentrating solar power installations have
increased exponentially over the last decade. It is also expected that every country
will increase its budget and attempt to shift toward renewable energy sources,
thereby propelling the demand for concentrating solar power, globally. Countries
are looking for ways to reduce carbon emissions while also being able to
produce energy in large amounts. CSPs are the best choice for doing this
since they generate electricity at high efficiencies while having lower
Consistent Government Support Driving the Growth of the
Government efforts in the promotion of renewable energy
sources are commendable and seem to be generating favorable demand for the
concentrating solar powers. The governments of various countries are financing
solar power installation projects and giving concessions to private companies
operating in this sector. This type of technology is much more effective than
traditional ones in terms of adoption. For example, solar power towers are
extremely effective in supplying power to factories and other commercial
establishments. Its popularity will propel the industry forward as more and
more businesses embrace such technologies, resulting in the market growth in
the coming years.
High Capital Involvement May Hamper the Market Growth for
Solar power systems are very expensive. It also needs to
cover the costs of installation. Due to this, they are only limited to
utilities or are dependent on government funding. If different sectors do not open up to the use of solar
energy, the market will be in a very difficult position to expand.
Additionally, solar power systems are also facing stiff
competition from solar photovoltaic systems, which are more popular in
residential and commercial settings. This is because CSPs not only necessitate
a large capital investment but also necessitate more space than solar photovoltaic
systems. Unless and until this issue is addressed, concentrating solar power
will have limited market growth.
Impact of Covid-19 on Global Concentrating Solar Power
The outbreak of COVID-19 HAS had a very negative impact on
the overall renewable energy industry. As the lockdown was imposed, the
production unit was closed and the supply chains were completely halted. This
created a shortage of raw materials in the market, which impeded the overall
demand for the concentrating solar powers. The manpower requirement for the
installation of solar power systems is very high. Due to safety concerns and
the need to prevent virus transmission, human resources at the premises had to
be limited, resulting in the installations being postponed. Furthermore, many
leading and global projects of thermal energy system installations have been
halted for an unspecified period because imports are no longer possible due to
supply chain disruptions.
Global Concentrating Solar Power Market - By Technology
Based on technology, the global concentrating solar power market is
segmented into the parabolic trough, power tower, and linear Fresnel. The parabolic
trough—one of the first technologies to be used in the concentrating solar
energy industry leads the market. This is the most common type of thermal
panel, which is shaped like a parabola. The size and shape of the parabolic
trough, as well as its ease of installation, are the primary reasons for its
high market demand. However, the power tower has witnessed a substantial growth
rate over the past few years. Therefore, its demand is expected to rise in the
Global Concentrating Solar Power Market - By Application
Based on application, the market is categorized into residential,
non-residential, and utilities. The utility segment has the largest market
share due to factors such as growing power demand and energy supply for
managing various technologies. Utilities are businesses or industries that
provide basic necessities such as electricity, water, and gas, etc. In Western
countries, they are primarily in the hands of private corporations, whereas in
Asian countries, they are under the control of the government's public sector. Furthermore,
since the installation of CSPs is very expensive, they are not very popular in
the residential or non-residential landscape.
Global Concentrating Solar Power Market - Regional
Geographically, the global concentrating solar power market is segmented into North America,
Europe, the Asia-Pacific, Latin America, and the Middle East and Africa. Among all these regions, Europe holds the largest market
share. Several factors favor the concentrating solar power market in Europe,
such as the presence of leading manufacturing companies in this region. Several
solar power projects that have been established in Europe have been extremely
successful, which fuels further development in this region. Because of these
factors, the global concentrating solar power market in Europe is growing
substantially. However, the Asia-Pacific region is emerging as a potential
market for CSPs, with such projects receiving adequate funding, particularly in
India and China.
The leading players of global concentrating solar power
market are Rioglass, BrightSource Energy, Abors Green GmbH, Trivelli Energia, Parvolen CSP Technologies, Siemens, Sener,
Torresol Energy, Abengoa Solar, Solar Reserve, Acciona, Enel Spa, ACWA Power,
INITEC Energia, Aalborg CSP, Cobra Energia, TSK Flagsol Engineering
GmbH, eSolar, GE Renewable Energy, and other prominent players.
To gain a competitive edge, market players have been
continually providing technologically advanced and efficient products that are
also affordable and simple to install. Moreover, market giants such as Siemens,
Abengoa Solar, and others have a large market share and dominate in western
regions such as Europe and North America. Furthermore, private corporations are also taking interest in
renewable sources and are investing a good amount in concentrating solar power.
Through private investments, the market is expected to expand in the upcoming
In April 2021, the 110-MW Cerro
Dominador concentrating solar power (CSP) plant in Chile was successfully synchronized
with the Chilean SEN grid system. This synchronization will enable the solar
thermal plant to inject electricity into the grid over the next few months.
This plant is owned by the Washington-based private equity firm EIG Global
Energy Partners, and it was built by renowned companies Abengoa and Acciona.
In March 2021, Stanwell Energy, a Queensland government-owned
electricity-generating corporation invested a hefty amount for the development
of a 50-megawatt hybrid Concentrating Solar Power project in Mount Isa.
Scope of the Report
Historical data – 2017-2020
Base Year – 2021
Forecast – 2021 – 2027
Revenue in USD Million
North America, Europe, the Asia-Pacific, Latin America,
and the Middle East and Africa
By Product, By Application, By Region
Rioglass, BrightSource Energy, Abors
Green GmbH, Trivelli Energia, Parvolen CSP Technologies, Siemens, Sener, Torresol
Energy, Abengoa Solar, Solar Reserve, Acciona, Enel Spa, ACWA
Power, INITEC Energia, Aalborg CSP, Cobra
Energia, TSK Flagsol Engineering GmbH, eSolar, GE Renewable
Energy, and other prominent players.
Ø Parabolic Trough
Ø Power Tower
Ø Linear Fresnel
Ø North America
Ø Asia-Pacific (APAC)
Ø Latin America (LATAM)
& Africa (MEA)
1. What is the current size of the global concentrating solar
global concentrating solar power market reached 3.25 billion
2. What are the major factors driving
the growth of the global concentrating solar power market?
Answer: The rising popularity of renewable
energy sources, as well as government support for the development of renewable
energy infrastructure, are major factors driving the growth of the global
concentrating solar power market.
3. Who are the key players in the global concentrating solar
key players in the global concentrating solar power market are: Rioglass,
BrightSource Energy, Abors Green GmbH, Trivelli Energia,
Parvolen CSP Technologies, Siemens, Sener, Torresol Energy, Abengoa
Solar, Solar Reserve, Acciona, Enel Spa, ACWA Power, INITEC Energia, Aalborg
CSP, Cobra Energia, TSK Flagsol Engineering GmbH, eSolar, GE Renewable Energy, and other prominent players.
4. Which application segment accounted for the largest share
in the global concentrating solar power market?
utility segment accounted for the largest share in the global concentrating
solar power market.
5. Which region is at the highest growth
rate in the global concentrating
solar power market?
Answer: Europe has the largest share in the
global concentrating solar power market.