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Global Solar Concentrator Market Size was valued at USD 5.7 Billion in 2022. The Solar Concentrator market industry is projected to grow from USD 6.7 Billion in 2023 to USD 23.5 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 17.40% during the forecast period (2023 - 2032). Concerns about climate change, efforts to reduce air pollution, and a spike in the use of low-carbon power generation technology are all growing, are the key market drivers enhancing the market growth.
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Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
The market increase is attributed to growing environmental concerns about carbon emissions and initiatives to reduce air pollution. Government regulations designed to limit the growing carbon footprint and financial incentives to promote the use of alternative energy sources are expected to hasten industry growth. However, the cost of concentrated solar power (CSP) technology could prevent its widespread use unless and until it receives support from institutional and regulatory bodies in the government. The market is expected to grow more quickly due to rising awareness in developing countries in North America and Asia Pacific.
Solar energy has surpassed biomass energy to take the top spot among renewable energy sources, encouraging investments in the installation of solar panels and the generation of electricity in countries like India, the U.S., China, and Italy. The size of the U.S. market was predicted to be USD 910.4 million in 2019 due to favourable government regulations and policies, including installation cost subsidies and tax credits among other support. All of the current concentrated solar power plants being built around the nation are being financed by the United States Department of Energy's (DOE) loan guarantee programme. CSP is a technology that costs a lot of money to implement. The parts employed in the parabolic trough are power blocks, solar fields, heat transfer fluid systems, and thermal energy storage systems. The main components of solar towers are receiver fields, heliostat fields, thermal energy storage, towers, and power blocks. The Levelized Cost of Energy (LCOE) of CSP units is subordinated by the preliminary venture cost, which accounts for around four fifths of the overall cost. The remaining expenditures are for running, maintaining, and insuring the plant, which is a challenge for the CSP industry.
The fast adoption of low-carbon power generating technologies and the extension of policies implemented by national and international organisations and governments are driving the paraboloid revolution. Solar is also the most advanced green technology, has a lot of unrealized potential, and has attracted significant investments from both public and private companies. Due to its capacity to collect solar energy and generate energy for use in final applications, the industry is anticipated to have lots of space to expand. The increasing demand for and need for power on a global scale is one of the key reasons driving the growth of the solar concentrators market. As the population has expanded, so has the need for power. As a result, there is an increasing demand on the market for solar concentrators. On the other side, the availability of alternatives like solar and wind power and their effects on the environment are impeding the growth of the worldwide solar concentrators industry. Thus, driving the Solar Concentrator market revenue.
The global Solar Concentrator market segmentation, based on Type, includes cylindrical parabolic (2D hubs), paraboloid revolution (3D hubs), and others. The paraboloid revolution (3D hubs) segment dominated the global market in 2022. This is due to the fact that the efficiency of power generation in the solar industry can be increased by stacking the parabolic concentrators in an array with square or hexagonal tops.
The global Solar Concentrator market segmentation, based on Technology, includes solar power towers, linear concentrating systems, and dish sterling technology. Solar power towers segment dominated the global Solar Concentrator market in 2022. This is a result of things that have undergone economic evaluation, superior designs, and a variety of additional methods. Power towers need large areas to be constructed, hence the technology is widely used in the market, especially in nations where there is land availability.
The global Solar Concentrator market segmentation, based on Application, includes electricity generation, heating fluids, and others. Electricity generation segment dominated the global market in 2022. The Middle East, Africa, and Asia Pacific are the regions that are experiencing the segment's fastest growth, thanks in large part to significant concentrated solar power project developments, particularly in Saudi Arabia, Morocco, the United Arab Emirates, and China.
The global Solar Concentrator market segmentation, based on End Use, includes residential, commercial, and industrial. Industrial segment dominated the global Solar Concentrator market in 2022. The private sector's growing investment in combined heat and power as well as the requirement for heating fluids for industrial applications can be attributed to this rise in demand.
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Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
By region, Insights into the markets in North America, Europe, Asia-Pacific, and the rest of the world are provided by the study. The North America Solar Concentrator Market dominated this market in 2022 (45.80%). The public and private sectors are phasing out nuclear and coal-fired power plants. The United States holds the vast majority of the market share in North America. Additionally, the tight pollution laws implemented by the American government have led to a rise in the installation of such turbines, notably in CHP applications. Further, In the North American area, the U.S. Solar Concentrator market had the biggest market share, while the Canada Solar Concentrator market had the quickest rate of expansion.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
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Europe Solar Concentrator market accounted for the healthy market share in 2022. Additionally, new concentrated solar power facility construction is receiving more attention in this region. The government's approval of numerous programmes to reduce carbon emissions has led to an increase in the market for solar concentrators. Further, In the European region, the German Solar Concentrator market had the biggest market share, and the U.K. Solar Concentrator market had the quickest rate of growth.
The Asia Pacific Solar Concentrator market is expected to register significant growth from 2023 to 2032. The area had a sizable population, which led to a high demand for and consumption of power. The increase in expenditures made to construct solar thermal power plants in the rising nations in this region has a significant impact on the market's growth. The growing demand for solar concentrators in countries like India, China, Japan, and others offers several opportunities for the industry to expand. Moreover, In the Asia-Pacific region, the Indian Solar Concentrator market had the quickest rate of growth while China's Solar Concentrator market had the greatest market share.
Leading industry companies are making significant R&D investments in order to diversify their product offerings, which will drive the Solar Concentrator market's expansion. Important market developments include new product releases, contractual agreements, mergers and acquisitions, greater investments, and collaboration with other organizations. Market participants are also engaging in a number of strategic actions to increase their global footprint. The Solar Concentrator sector needs to provide affordable products if it wants to grow and thrive in a more competitive and challenging market environment.
One of the primary business strategies employed by manufacturers in the worldwide Aerospace Foam industry to assist customers and expand the market sector is local manufacturing to reduce operational costs. Some of the biggest benefits to medicine have recently come from the Solar Concentrator sector. Major players in the Solar Concentrator market, including Clique Solar, Acciona SA, Brightsource, Trivelli Energia, Solar Reserve, Siemens AG, Abengoa Solar GmbH, ACWA Power, Torresol Energy, and Abors Green GmbH, are attempting to increase market demand by investing in research and development Applications.
The energy holding company New Jersey Resources Corp (NJR) distributes natural gas. In addition to delivering natural gas via a regulated utility, the company also provides customers with various retail and wholesale energy services. Additionally, it provides funding for midstream assets and clean energy projects. NJR Clean Energy Ventures (CEV) started building an 8.9-MW floating solar system at Millburn, New Jersey, which is expected to be the largest floating array in the US. As part of the project, which uses floating racking technology, 16,510 solar panels will likely be installed on a reservoir at the New Jersey American Water Canoe Brook Water Treatment Plant. The clean energy generated by the array will satisfy over 95% of the facility's annual power needs through a power purchase agreement with CEV.
Shouhang High-Tech Energy Co Ltd (Shouhang High-Tech) provides electrical equipment. The company designs, manufactures, and markets a variety of air cooling systems. In addition to systems for using hydrogen energy, it also sells equipment for power plant air cooling systems, smoke plume elimination systems, ground source, water source, and air source heat pumps, as well as equipment and desalination of seawater components. Shouhang High-Tech offers a variety of services, including design, operation, production, construction, maintenance, technical consultation, project investment, and project general contracting. It distributes commodities, among other places, in Pakistan, West Africa, Australia, South Korea, and India. Shouhang High-Tech is headquartered in Beijing, China. Shouhang Hightech Energy Technology Co., Ltd. (Shouhang) and the government of Gansu Province signed a Cooperation Agreement on Investment for the Jinta 100MW Molten Salt Tower Concentrating Solar Power Project in March 2020. The project is expected to be finished by the end of 2021.
· Clique Solar
· Acciona SA
· Brightsource
· Trivelli Energia
· Solar Reserve
· Siemens AG
· Abengoa Solar GmbH
· ACWA Power
· Torresol Energy
· Abors Green GmbH
March 2022: The University of California, the Marin County, California-based water and energy project developer Solar AquaGrid, and the California Department of Water Resources collaborated on a test project known as Project Nexus.
In January 2020, According to Hayward Tyler, an agreement has been made with Shanghai Electric for the provision of a glandless pump set. At Bin Rashid Al Maktoum Solar Park Phase IV, the offered equipment would be put to use to build a 950MW hybrid solar field project. A solar thermal tower will provide 100 MW, a parabolic basin complex 600 MW, and PV panels 250 MW for the project.
· Electricity Generation
· Heating Fluids
· Others
· Cylindrical Parabolic (2D Hubs)
· Paraboloid Revolution (3D Hubs)
· Others
· Solar Power Towers
· Linear Concentrating Systems
· Dish Sterling Technology
· Residential
· Commercial
· Industrial
· North America
- U.S.
- Canada
· Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
· Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
· Rest of the World
- Middle East
- Africa
- Latin America
Report Scope
|
Report Attribute/Metric |
Details |
|
Market Size 2022 |
USD 5.7 Billion |
|
Market Size 2023 |
USD 6.7 Billion |
|
Market Size 2032 |
USD 23.5 Billion |
|
Compound Annual Growth Rate (CAGR) |
17.40% (2023-2032) |
|
Base Year |
2022 |
|
Market Forecast Period |
2023-2032 |
|
Historical Data |
2018- 2022 |
|
Market Forecast Units |
Value (USD Billion) |
|
Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
Application, Type, Technology, End Use, and Region |
|
Geographies Covered |
North America, Europe, Asia Pacific, and the Rest of the World |
|
Countries Covered |
The U.S., Canada, German, France, U.K, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
|
Key Companies Profiled |
Clique Solar, Acciona SA, Brightsource, Trivelli Energia, Solar Reserve, Siemens AG, Abengoa Solar GmbH, ACWA Power, Torresol Energy, and Abors Green GmbH |
|
Key Market Opportunities |
Developing economies across the world |
|
Key Market Dynamics |
Growing conservational concerns over carbon emissions and exertions to decrease air pollution and surge in integration of low-carbon power generation technologies |
The global Solar Concentrator Market was valued at USD 5.7 billion in 2022, and it is estimated to reach USD 23.5 billion by 2032.
The global market is projected to grow at a CAGR of 17.40% during the forecast period, 2023-2032.
North America had the largest share in the global market
The key players in the market are Clique Solar, Acciona SA, Brightsource, Trivelli Energia, Solar Reserve, Siemens AG, Abengoa Solar GmbH, ACWA Power, Torresol Energy, and Abors Green GmbH
The Electricity Generation Application dominated the market in 2022
The Paraboloid Revolution (3D Hubs) Type had the largest share in the global market.
Report Code :
RL65194
Published on :
Sep 2023
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