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The Parabolic Trough Concentrated Solar Power Market size is forecast to increase by USD 596.7 million, at a CAGR of 2.06% between 2023 and 2028. Market expansion hinges on various factors, notably shifts in the energy mix towards renewable sources, increased investments in renewable power infrastructure, and a surge in governmental backing for sustainable power initiatives. These dynamics reflect a broader global trend towards eco-friendly practices and a reduced reliance on fossil fuels. The evolving power landscape is fostering innovation and competitiveness among renewable power providers while also driving policy changes aimed at promoting clean power adoption. Government incentives, coupled with growing environmental awareness, are driving businesses and consumers alike towards embracing renewable power solutions, thereby shaping the trajectory of the market.
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A key factor shaping the market growth is the growing application of parabolic trough CSP in seawater desalination. There has been a growing adoption of parabolic trough CSP technology in the process of seawater desalination. One of the key advantages of parabolic trough CSP is its ability to operate at high temperatures, thus making it highly efficient in the desalination process.
Additionally, it is eco-friendly when compared to other traditional desalination methods, as the only byproduct is steam generated from the water. Furthermore, it is very cost-effective in the long run, as it requires only minimal maintenance and has a lifespan of over 25 years. For instance, a significant example of parabolic trough CSP's application in seawater desalination is the Noor Ouarzazate Solar Complex in Morocco. Thus, such advantages are expected to drive the market growth during the forecast period.
The market operates at the nexus of renewable energy and sustainability, offering scalable solutions to address environmental concerns and mitigate carbon emissions. Key players like Abengoa Solar, Sener, and Solar Reserve drive innovation in Concentrated Solar Power technologies, harnessing the abundant resources of solar energy. Additionally, Wind, Hydroelectric, Biomass, and Geothermal sources contribute to a diverse renewable energy portfolio, further reducing reliance on fossil fuels and combating air pollution. The deployment of CSP systems such as Parabolic Troughs and Fresnel Reflectors optimizes solar energy capture, leveraging mirrors to concentrate sunlight and generate heat for steam turbines, supporting both industrial process heat applications and electricity generation.
The market share growth by the less than or equal to 50 MW segment will be significant during the forecast period. This segment of the market mainly focuses on smaller-scale power solutions, thus it is one of the best options for many businesses and residential areas. One of the key advantages of small-scale CSP plants is their flexibility.
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Since these plants are relatively small, they can be installed in different locations, including urban areas. As many countries are facing a shortage of suitable land for power generation, with the help of small-scale CSP plants, we can make use of land that is not suitable for other types of power generation. For instance, the Ivanpah Solar Electric Generating System in California is a 392 MW CSP plant located on undeveloped desert land. This type of land is not compatible with agriculture or other development but is best for CSP plants. Hence, such factors can drive the market growth during the forecast period.
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APAC is estimated to contribute 29% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
Another region significantly contributing to the market growth is Europe. Due to the parabolic trough CSP targets set by various countries in the region, Europe is expected to witness the highest growth in the coming years. Some of the key countries in Europe, such as Spain, Italy, and France, have set targets for solar power. For instance, Spain and Italy have supported a 2030 binding renewable power target of more than 30%. Similarly, France has declared solar power targets of 20.1 GW by 2023 and 31.1-44.0 GW by 2028. Thus such targets are expected to drive the market growth in the region during the forecast period.
The market is driven by a confluence of factors, including increasing environmental concerns such as air pollution and carbon emissions. Technologies like CSP systems harness solar energy, alongside other renewables like wind and hydroelectric power, mitigating global impact. The scalability of CSP, measured in megawatts and gigawatts, underscores its potential to meet energy demands sustainably. However, challenges like demand shocks and turbine efficiency persist, necessitating ongoing innovations in heat transfer and solar grid integration. Industry leaders like Abengoa Solar and Sener are at the forefront, pushing the boundaries of Concentrated Solar Power technology.
One of the key factors driving the market growth is the rise in investments in renewable energy. As per the US Energy Information Administration estimates, renewables will contribute 28.15% to the global net electricity production by 2030. Even though the total cost of producing electricity using renewable power is relatively expensive when compared to conventional power generation, renewable technology is evolving much faster, posing stiff competition to newly built fossil fuel power plants.
For instance, there is an increase in continuous investments in renewable power globally due to low carbon emissions from renewable sources and the competitive cost of producing electricity. Additionally, governments are promoting the use of renewable sources of power by providing grants, incentives, and FIT, as renewable sources such as solar, hydro, and wind are intermittent in nature, making them less ideal for standalone power systems. Thus, such factors are expected to drive the Parabolic Trough Concentrated Solar Power (CSP) Market growth during the forecast period.
Competition from alternative sources of energy is one of the key challenges hindering market growth. As per the IEA, China, the US, and India are the growing wind power markets in terms of power production. Additionally, due to the abundant availability of fossil fuels to generate electricity, numerous countries prefer using fossil fuels rather than renewable energy.
In addition, the preference for non-renewable energy sources is high in the market as the cost of establishing renewable power farms for power production is expensive, and the power output from renewable sources is not at par with the output from fossil fuels. Fuel cells pose a significant threat to the market as fuel cells produce electricity without combustion and generate fewer pollutants than traditional combustion-based electricity generation technologies. Thus, such factors are expected to hamper the market growth during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Atlantica Sustainable Infrastructure plc: The company offers parabolic trough CSPs such as Andasol 1 and 2.
The research report also includes detailed analyses of the competitive landscape of the market and information about 21 market companies, including:
Qualitative and quantitative market growth and forecasting analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. In market growth analysis, data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Million" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
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The market is shaped by a myriad of factors, with environmental concerns at the forefront. As the global focus intensifies on combating air pollution and reducing carbon footprints, CSP systems like Helioscsp and Solar Power Towers gain prominence. These technologies harness solar energy through mirrors or lenses, concentrating sunlight to generate heat, which drives turbines for electricity production. Tax credits, loan programs, and feed-in tariffs incentivize CSP development, fostering a conducive investment environment. The versatility of CSP extends beyond electricity generation, with applications in industrial process heat and energy storage. Innovations in storage technologies mitigate demand shocks, enhancing grid stability and reliability. Capital investment in CSP continues to grow, propelled by advancements in Solar Photovoltaics (PV), Linear Concentrating Systems, and other solar power technologies. Proppants play a role in enhancing heat transfer efficiency, further optimizing CSP performance. As the solar energy industry evolves, Parabolic Trough CSP remains a cornerstone, providing scalable and sustainable solutions to meet the world's energy needs while reducing reliance on fossil fuels.
Moreover, enhanced oil recovery techniques, using CSP-generated heat, highlight the sector's versatility in industrial applications beyond electricity generation. Companies like Abengoa Solar and Solar Reserve lead in megawatt-scale installations, contributing significantly to gigawatt-hours of clean energy production and advancing solar grid integration. The market's evolution hinges on technological advancements, efficient heat transfer fluids like sCO2, and continuous innovations in receivers, mirrors, and solar trackers to enhance performance and cost-effectiveness. Laborers skilled in CSP technologies play a crucial role in driving industry growth, ensuring the seamless operation and maintenance of solar energy installations, thus supporting the transition towards sustainable energy solutions with a global impact.
Furthermore, the market stands at the intersection of renewable energy and technological innovation, offering a promising solution to global energy demands. Amidst growing environmental concerns and the imperative to reduce carbon emissions, CSP technologies like Parabolic Troughs, Fresnel Reflectors, and Dish Stirling systems are gaining traction. These systems harness solar energy effectively, alongside other renewable sources like Hydroelectric, Biomass, and Geothermal energy, diversifying the sustainable energy mix. Auctions, tendering processes, and net metering mechanisms facilitate the integration of CSP projects into existing energy infrastructures, ensuring seamless interconnection and adherence to standards. Solar investment, driven by favorable Levelized Cost of Energy (LCOE), encourages capital inflow into megawatt and gigawatt-scale installations, exemplified by projects like the Ashalim project in Israel.
Market Scope |
|
Report Coverage |
Details |
Page number |
162 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 2.06% |
Market growth 2024-2028 |
USD 596.7 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
2.02 |
Regional analysis |
Europe, North America, APAC, Middle East and Africa, and South America |
Performing market contribution |
APAC at 29% |
Key countries |
Spain, US, China, Germany, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Abengoa SA, Absolicon Solar Collector AB, AGC Inc., ALANOD GmbH and Co. KG, Atlantica Sustainable Infrastructure plc, Carl Zeiss Stiftung, Changzhou Longteng Photothermal Technology Co. Ltd., Greenville Energy and Research Inc., Grupo Ibereolica Renovables, HELIOVIS AG, Industrial Fabricators, Jetstream Energy Technologies Inc., Lanzhou Dacheng Technology Co. Ltd., Masdar, Parvolen CSP Technologies, SENER GRUPO DE INGENIERIA SA, Solabolic Gmbh, Solar Dynamics LLC, Solarlite CSP Technology GmbH, and SOLTIGUA SRL |
Market dynamics |
Parent market analysis, market research and growth , Market forecasting , Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Capacity
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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