Global Concentrating Solar Power Market is valued approximately USD 4.77 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 27% over the forecast period 2022-2029. Mirrors are used to focus the incoming sunlight into a single spot for concentrated solar power. Here, the energy is transformed into heat, which can then be used to generate steam to power a turbine or as process heat in industry. These systems include thermal energy storage capabilities that enable them to produce power even when there is no sunlight or when it is cloudy. For this technology, a number of contemporary devices, including parabolic troughs, Fresnel reflectors, and power towers, are available. The best one can be used based on the circumstances. The Concentrating Solar Power market is expanding because of factors such as growing environmental concerns over carbon emissions and efforts to reduce air pollution, support from governments to enable adoption of renewable technologies, effective integration of CSP systems with thermal storage systems. However, higher cost of generation compared with other renewable technologies may halt market growth.

By 2022, the Indian government wants to install 175 GW of renewable energy capacity, of which 60 GW will come from wind, 10 GW from biopower, 100 GW will come from solar, and 5 GW will come from small hydropower. Similarly, the Spanish government increased its goal for renewable energy to 74% by 2030 and plans to add 157 GW of additional renewable energy capacity. The IEA estimates that CSP generation rose by 34% in 2019. This can be accomplished by sustaining legislative support for CSP projects in the Middle East and Africa, Asia Pacific, and North America. As a result, it is anticipated that more concentrating solar power technologies will be installed, which will spur market expansion. Furthermore, integration of CSP in hybrid power plants and use of CSP in desalination and enhanced oil recovery processes a lucrative market growth throughout the forecast period of 2022-2029.

The key regions considered for the Global Concentrating Solar Power Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. Asia Pacific dominated the space in terms of revenue, owing to growing demand for continuous generation of electricity and increasing support from governments to adopt renewable technologies.

Major market players included in this report are:

General Electronics

Abengoa

BrightSource energy

Acwa power

Glasspoint solar

Enel green power

Solarreserve

Aalborg csp

TSK Flagsol engineering gmbh

Alsolen

Recent Developments in the Market:

In January 2022, Part of the Mohammed bin Rashid Al Maktoum Solar Park mega-project south of Dubai, Abengoa has finished building three 200 MW parabolic trough units. The business managed the technology, design, engineering, and construction of the parabolic trough plants while working under a contract with the phase IV EPC contractor Shanghai Electric Group.
In June 2021, ACWA entered into an offtake agreement with Eskom Holdings SOC Ltd to finance the construction of the biggest concentrated solar power facility in South Africa,. Redstone CSP is anticipated to begin commercial operations in the fourth quarter of 2023 and is planned to have a 100 MW generation capacity. The CSP plant will have a 12-hour thermal energy storage system so that it can supply electricity to about 200,000 houses around-the-clock.
In April 2019, The ASHALIM project, a solar field with 121 MW of power that started operating in 2019, was a collaboration between BrightSource Energy and General Electric. The solar power plant's engineering, procurement, and construction (EPC) was handled by GE, and BrightSource provided the cutting-edge solar field technology.
Global Concentrating Solar Power Market Report Scope:

Historical Data: 2019-2020-2021

Base Year for Estimation: 2021

Forecast period: 2022-2029

Report Coverage: Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends

Segments Covered: Technology, Operation Type, Capacity, End User, Region

Regional Scope: North America; Europe; Asia Pacific; Latin America; Rest of the World

Customization Scope: Free report customization (equivalent up to 8 analyst's working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and Technology offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Technology:

Solar Powers Towers

Linear Concentrating Systems

Dish Stirling Technology

By Operation Type:

Stand -Alone

Storage

By Capacity:

Less than 50 MW

50 MW to 99 MW

100 MW and Above

By End User:

Utilities

Enhanced Oil Recovery

Others

By Region:

North America

U.S.

Canada

Europe

UK

Germany

France

Spain

Italy

ROE

Asia Pacific

China

India

Japan

Australia

South Korea

RoAPAC

Latin America

Brazil

Mexico

Rest of the World