Concentrating Solar Power Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025

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Concentrating Solar Power Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025

Status : July, 2020 | Energy & Mining | PPT format

Report Digest


Global Concentrating Solar Power Market: Overview

Concentrating solar power (CSP) refers to the solar power generation technology that produces electricity by focusing sunlight on receivers with the help of reflecting mediums. The sunlight is used to heat the receivers to a high temperature. The heat thus collected is first transformed into mechanical energy with the help of Stirling engines or turbines and then to electricity. The concentrating solar power technology is more beneficial than the solar photovoltaic technology, which directly converts sun’s rays into electricity using semiconductor materials. 

The CSP technology fares well than the PV technology in terms of higher efficiency, lower cost of investment, and thermal storage capacity than enables the generation of power even after sunset and cloud cover. The technology also features a better capability to operate in a hybrid setup with other fuels to be able to effectively supply power during nights. 

Global Concentrating Solar Power Market: Drivers and Restraints

In the past few years, increased focus on the inclusion of renewable sources in the energy mix of most developing and developed economies has been the key factor to have boosted the overall rate of development in the field of concentrating solar power. Supportive government policies, technology development and the availability of more efficient product designs, fiscal support from governments in developed economies, and purely market-led demand for newer and more sustainable energy resources in developing economies have also collectively driven the market. 

In the next few years, the market is expected to exhibit growth at a remarkable pace as a number of factors contribute to the increased need for finding sustainable, environment-neutral, and reliable power production resources. The market is expected to benefit from the constant rise in electricity consumption across the globe, the focus of developing economies on providing universal and continuous access to electricity to remote areas, and stringent emission regulations. However, for commercial-scale production, the requisition of large areas is sometimes a drawback that hinders the adoption of the CSP technology in some regions. 

Global Concentrating Solar Power Market: Regional Overview

From a geographical perspective, Europe is presently the leading contributor to the global concentrating solar power market owing to the availability of vast subsidies from private and public bodies to encourage the shift from conventional power resources to renewables. North America has also ramped up its solar energy capacity in the past few years and features a conducive growth environment for the concentrating solar power technology, thanks to vast grants from the energy departments of countries such as the U.S. 

Global Concentrating Solar Power Market: Market Potential

In the next few years as well, Europe and North America will continue to account for a significant share in the global market for concentrating solar power. Nevertheless, undersupplied and developing regions such as Asia Pacific and Latin America will be the ones to look out for opportunities with strong returns. In contrast to the heavily subsidized markets in North America and Europe, the market in Asia Pacific and Latin America will be driven purely on the basis of the constantly rising market-led energy demand.

Industry analysts estimate that the established and world’s leading renewables market, Europe, will add nearly 109 GW of renewables to its electricity grid by 2020. India, on the other hand, featuring an increasingly developing and rapidly expanding market for renewables, aims to add 140 GW to its energy mix by 2022. This denotes a compelling opportunity for companies in the concentrating solar power market.

Global Concentrating Solar Power Market: Competitive Dynamics

Owing to stiff competition from solar PV systems, which still continue to take a significant chunk of the global solar power industry owing to the vast reduction in their costs over the years, the market for concentrating solar power witnessed few players. The market dynamic is however, changing at a rapid pace and a decent number of companies are entering the global space. Some of the leading players presently operating in the global concentrating solar power market are NextEra Energy Resources, LLC., GDF SUEZ, TSK Flagsol, Ibereolica Group, SCHOTT Solar AG, Solar Millennium AG, Acciona S.A., BrightSource Energy, Inc., SkyFuel, Inc., eSolar, Inc, Areva Solar, and Abengoa Solar, S.A.

The study presents a granular assessment and quantitative evaluation of:

  • Key growth factors and prominent trends
  • Size and share of key segments in overall market
  • Key challenges and winning imperatives
  • Factors shaping competitive landscape
  • Insights into how contours of market will change in coming years
  • Technological advances
  • New avenues and imminent investment pockets
  • Regulatory landscape shaping current and future strategies of companies

The region-wise assessment includes market dynamics in:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The study is prepared with the help of an extensive primary and secondary research. Primary research includes but not limited to interactions, interviews, surveys, and events. Opinions of policy makers and industry experts are carefully integrated into the insights to complement primary research. Volumes of secondary data gleaned through renowned paid sources, annual statements, reputed journals, and government documents offer insights into current dynamics and key evolution trajectories the market is likely to assume. The research employs various industry-wide analytics methods and well-established methodologies to ascertain the attractiveness of key segments. Further, it evaluates the lucrativeness of key regions and factors underlying their maturity. The insights notably include a detailed analysis of forces behind vendor differentiation and offers insight into investment-decision making by prominent players.

The report strives to enlighten businesses and industry stakeholders on multiple facets of the growth dynamic of the market, the key of which include answers to:

  • Which key factors will shape the competitive landscape?
  • Which trends will stimulate research and development activities in different geographies?
  • Which are the lucrative growth areas and what is the size of potential they are likely contribute to the overall market?
  • Which disruptions in market growth are likely to come with the new business models?
  • Which are some of the recent overhauls in policies that may change the course of the market significantly?
  • Which are the geographies that will form sizable sources of new streams to new and established players alike?
  • How are top players likely to realign their strategy to counter the forces of competition?
  • Which key strategies emerging players are likely to focus on to consolidate their position?
  • Which changes in end-user preferences might affect the status quo held by the leading players?
  • Which are some of the game-changing innovations influencing the projected share and revenue of the market and its segments?

Note: Utmost care has invariably been taken to present data and arrive at statistics at all the TMR Research reports. Meanwhile, some recent developments and new industry trends may take time to be included in the reports.