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Concentrating Solar Power Global Market Report 2022

Concentrating Solar Power Global Market Report 2022

  • August 2022
  • 175 pages
  • ID: 6311702
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major players in the concentrating solar power market are Abengoa S.A., BrightSource Energy Inc., ACWA Power, Aalborg CSP A/S, SolarReserve, Atlantica Sustainable Infrastructure plc, GE Renewable Energy, TSK Flagsol Engineering GmbH, Enel Green Power Corporation, Acciona S.A., Frenell GmbH, Suntrace GmbH, Torresol Energy, Trivelli Energia SRL, Grün Leben GmbH, and Soltigua S.r.l.

The global concentrating solar power market is expected to grow from $4.74 billion in 2021 to $5.38 billion in 2022 at a compound annual growth rate (CAGR) of 13.6%. The concentrating solar power market is expected to grow to $8.93 billion in 2026 at a CAGR of 13.5%.

The concentrating solar power market consists of sales of the concentrating solar power (CSP) technologies by entities (organizations, sole traders, partnerships) that employ mirrors to focus the sun’s energy, which is then used to power traditional steam turbines or engines to generate electricity. Thermal energy concentrated in a CSP plant collects solar radiation using reflecting or transmissive optical elements that focus the radiation to a focal point where it is directly transformed into thermal or electrical energy and is used to deliver heat for industries like water desalination, enhanced oil recovery, food processing, among others.

The main types of concentrating solar power are the parabolic trough, solar power tower, Fresnel reflectors, and dish Stirling.Solar concentrating systems using parabolic collectors composed of reflecting materials are known as parabolic-trough solar concentrating systems.

The collectors reflect incident solar radiation onto its focal line, which is directed toward a receiver, which receives the concentrated solar energy and uses it to heat the fluid inside it.The various capacities of concentrating solar power are less than or equal to 50 MW, greater than 50 MW to less than or equal to 100 MW, greater than 100 MW and the different heat transfer fluids used are molten salt, water-based, oil-based, and other heat transfer fluids.

The energy can be stored with storage, without storage techniques, and is used for utility, EOR (Enhanced Oil Recovery), desalination, and other applications.

North America was the largest region in the concentrating solar power market in 2021.Asia Pacific is expected to be the fastest-growing region in the forecast period.

The regions covered in concentrating solar power market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The concentrating solar power market research report is one of a series of new reports that provides concentrating solar power market statistics, including concentrating solar power industry global market size, regional shares, competitors with a concentrating solar power market share, detailed concentrating solar power market segments, market trends and opportunities, and any further data you may need to thrive in the concentrating solar power industry. This concentrating solar power market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Growing demand for renewable energy is driving the growth of the concentrating solar power market.Renewable energy is collected from renewable resources such as wind, rain, sunlight, tides, waves, and geothermal heat that reduces the effects of global warming and rising issues related to fossil fuels.

The rising demand for electricity coupled with the stringent regulations of greenhouse gas emissions supports the demand and adaption of renewable energy.Concentrating solar power technologies employ mirrors to concentrate (focus) the sun’s light energy and convert it to heat, which drives a turbine that generates electricity.

For instance, according to IEA, a Paris-based autonomous intergovernmental organization, by 2026, global renewable electricity capacity is forecasted to rise more than 60% from 2020 levels to over 4,800 GW equivalent to the present total international power capacity of fossil fuels and nuclear combined.

Technological advancement is a key trend in the concentrated solar power market.Companies are investing in developing new technologies to increase the energy generation capacity.

For instance, in November 2021, SENER Renewable Investments, a subsidiary of the SENER Group that promotes and develops high-tech renewable energy projects, developed the first hybrid solar project in Spain, combining CSP technology with molten salt storage and photovoltaic technology. The SENERtrough® parabolic trough technology, invented and manufactured by SENER, will be used in the CSP facility, together with a molten salt heat storage system with two tanks, providing more than 1900 MWh thermal storage capacity and will be able to generate electricity 24 hours a day.

In March 2021, Cubico Sustainable Investments, a UK-based renewable energy provider acquired Grupo T-Solar for an undisclosed amount.With this acquisition, Cubico’s total operational renewables portfolio increased to more than 500MW in Spain and over 250MW in Italy.

Grupo T-Solar is a Spain-based renewable power producer.

The countries covered in the concentrating solar power market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.

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