DUBLIN--(BUSINESS WIRE)--The "Global Concentrated Solar Power (CSP) Market - Forecasts from 2020 to 2025" report has been added to ResearchAndMarkets.com's offering.

Global concentrated solar power (CSP) market was valued at US$1.107 billion in 2019 and is expected to grow at a CAGR of 10.37% over the forecast period to reach a total market size of US$2.001 billion in 2025.

Concentrated solar power (CSP) plants use mirrors to concentrate the sun's energy to run conventional steam turbine or engines that generate electricity. The thermal energy concentrated in a CSP plant can be stored and used to generate electricity as per requirement, day or night. CSP technology generates electricity by focusing on sunlight.

The concentrated sun's energy is converted into high-temperature heat which is then channeled through a conventional generator. The CSP plant consists of two parts: the first one collects the solar energy and converts it into heat, and the second converts the heat energy into electricity. CSP systems are able to supply solar power on-demand through the use of thermal storage, helping to address grid integration challenges related to the variability of solar energy and enabling solar-generated heat to be stored until the electricity is needed. In addition to powering a turbine, CSP technology can also be used as heat in a variety of industrial applications such as water desalination, food processing, enhanced oil recovery, mineral processing, and chemical production.

By type, power towers is the most popular variant

By type, the global concentrated solar power (CSP) market has been segmented into parabolic trough (PT), solar tower (ST), solar dish (SD), and fresnel reflector (FR). Solar power towers segment holds a considerable share in the global concentrated solar power (CSP) market. Solar power towers make the use of flat sun-tracking mirrors on a large field. These mirrors, called heliostats, reflect and concentrate sunlight onto a receiver on the top of a tower. Parabolic trough segment is projected to grow at a decent CAGR during the forecast period.

North America holds a significant share in the global concentrated solar power (CSP) market

By geography, the global concentrated solar power (CSP) market has been segmented into five major regional markets- North America, South America, Europe, Middle East and Africa (MEA), and Asia Pacific (APAC).

North America accounted for a substantial share in the global concentrated solar power market in 2019. Currently, approximately 1,815 MW of CSP plants are in operation in the United States. Europe also holds a noteworthy share in the global concentrated solar power (CSP) market with booming investments in Spain. Furthermore, new tariff legislation, growing need for storage, and proven plant performance have further boosted the investors' confidence in Spanish Concentrated Solar Power ownership. Recently in February 2020, Mitsubishi Corporation entered the concentrated solar power (CSP) market with its investments in four CSP power plants in Spain, held by Spanish solar power giant, Acciona, with owning 15 per cent of its share.

Impact of COVID-19 on the global concentrated solar power (CSP) market

The recent global pandemic outbreak caused due COVID-19 has affected the growth of concentrated solar power market. The demand side has negatively impacted on account of nationwide lockdowns which, in turn, has caused a turmoil in the global economic growth, resulting in declining business spending and investments in new projects. On the supply side, global supply chain disruption along with the falling productivity across manufacturing facilities due to mandatory social distancing measures has also reduced the production of concentrated solar power systems. On the demand side, solar installation have been hit hard by this pandemic with subsequent lockdown and declining business spending leading to postpone of several solar projects.

Companies Mentioned

• Abengoa
• Acciona Energia, S.A.
• BrightSource Energy, Inc.
• TORRESOL ENERGY INVESTMENTS, S.A.
• FRENELL GmbH
• Siemens Energy
• INITEC Energia
• Eni S.p.A.
• SCHOTT North America, Inc.
• Pacific Green Technologies
• Aalborg CSP

Key Topics Covered:

1. Introduction

2. Research Methodology

3. Executive Summary

4. Market Dynamics

4.1. Market Drivers

4.2. Market Restraints

4.3. Market Opportunities

4.4. Porters Five Forces Analysis

4.5. Industry Value Chain Analysis

4.6. Market Attractiveness

5. Global Concentrated Solar Power Market Analysis, By Type

5.1. Introduction

5.2. Parabolic Trough (PT)

5.3. Solar Tower (ST)

5.4. Solar Dish (SD)

5.5. Fresnel Reflector (FR)

6. Global Concentrated Solar Power Market Analysis, By End User

6.1. Introduction

6.2. Commercial

6.3. Industrial

7. Global Concentrated Solar Power Market Analysis, By Geography

7.1. Introduction

7.2. North America

7.3. South America

7.4. Europe

7.5. Middle East and Africa

7.6. Asia Pacific

8. Competitive Environment and Analysis

8.1. Major Players and Strategy Analysis

8.2. Emerging Players and Market Lucrativeness

8.3. Mergers, Acquisitions, Agreements, and Collaborations

8.4. Vendor Competitiveness Matrix

9. Company Profiles

For more information about this report visit https://www.researchandmarkets.com/r/tgq1xr

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