Global Concentrated Solar Power (CSP) Market size worth US$2.602 billion by 2027

Knowledge Sourcing Intelligence announces the publication of a new analysis report on the market of “Concentrated Solar Power (CSP) Market – which is forecasted from 2020 to 2027”.

The prime factors propelling the growth of the global Concentrated Solar Power (CSP) market are the high focus on renewable energy, growing energy consumption, and affirmative support from governments.

As per the report, the market Global Concentrated Solar Power (CSP) Market is expected to grow at a moderate pace.  

Concentrated Solar Power (CSP) is a technology that uses mirrors to reflect and concentrate sunlight onto a receiver. The concentrated sunlight then heats up a high-temperature fluid in the receiver. The heat generated through the process of sunlight concentration is then channeled through conventional generators. Afterward, the generators combined with the turbine rotate and produce electricity. The energy generated through CSP is a carbon-free source of electricity, therefore, they help the countries to meet their carbon emission goals. Further, the CSPs assist the user to reduce their dependency on fossil fuels. The global urge to reduce the impact of climate change by replacing fossil fuels with renewable energy is expected to propel the demand for the global concentrated solar power market.

Furthermore, the extensive use of energy for numerous objectives has led to large global energy consumption. As per the IEA World Energy Statistics 2021, the final energy consumption totaled 194 EJ. Thus, the overall energy demand is boosting the demand for concentrated solar power. Moreover, governments all over the globe are taking steps to reduce their carbon footprint by accepting newer CSP technologies in their countries with the help of affirmative government support.

By type, the global concentrated solar power market (CSP) market is divided into Parabolic Trough (PT), Solar Tower (ST), Solar Dish (SD), and Fresnel Reflector. The Parabolic Trough technology uses a curved, mirrored trough. These curved features help to reflect the direct solar radiation onto a glass tube containing fluid. This segment is expected to grow at a moderated CAGR during the anticipated period.

Based on the End-users, the global concentrated solar power market is segmented into commercial users and Industrial users. The demand from industrial users is expected to dominate the market during the forecast period owing to the green initiatives taken by the industries.

Based on geography, the region of North America is forecasted to possess a dominating share of the global Concentrated Solar Power market amidst its state-of-art infrastructure facilities and immense expenditure to reduce the global carbon footprint. Further, the European market also holds a noteworthy share in the CSP market aided by the heavy investments by the EU countries. On the Other hand, the APAC region is also expected to a substantial growth owing to the rapid installation of solar energy in this region.

As a part of the report, the major players operating in the Global Concentrated Solar Power Market, that have been covered are Abengoa S.A., AccionaEnergia, BrightSource Energy, Inc., Q-Energy, FRENELL GmbH, Siemens Energy, Intecsa Industrial S.A., Eni S.p.A., Pacific Green Technologies Inc., and Aalborg CSP A/S.

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This analytics report segments the Global Concentrated Solar Power (CSP) market on the following basis: 

  • By Type

o   Parabolic Trough (PT)

o   Solar Tower (ST)

o   Solar Dish (SD)

o   Fresnel Reflector (FR)

  •  By End-User  

o   Commercial

o   Industrial

  • By Geography
    • North America
      • USA
      • Canada
      • Mexico
    • South America
      • Brazil
      • Argentina
      • Others
    • Europe
      • Germany
      • France
      • United Kingdom
      • Italy
      • Others
    • The Middle East and Africa
      • Saudi Arabia
      • UAE
      • Others
    • Asia Pacific
      • China
      • India
      • Japan
      • South Korea
      • Taiwan
      • Thailand
      • Indonesia
      • Others