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The Parabolic Trough Concentrated Solar Power Market size is estimated to grow at a CAGR of 2.74% between 2022 and 2027. The market size is forecast to increase by USD 786.47 million. The growth of the market depends on several factors, including changes in the energy mix, a rise in investments in renewable energy, and increasing government support for renewable energy.
This Parabolic Trough Concentrated Solar Power Market report extensively covers market segmentation by capacity (less than or equal to 50 MW and more than 50 MW), type (U-shape and V-shape), and geography (Europe, North America, APAC, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The rise in investments in renewable energy is notably driving the market growth, although factors such as competition from alternative sources of energy impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
One of the key factors driving the parabolic trough CSP 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 energy 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 energy 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 energy 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.
A key factor shaping the parabolic trough CSP 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 much 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 Parabolic Trough CSP Market growth during the forecast period.
Competition from alternative sources of energy is one of the key challenges hindering the parabolic trough CSP market growth. As per the IEA, China, the US, and India are the growing wind energy markets in terms of energy 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 energy 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 parabolic trough CSP 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 parabolic trough CSP market growth during the forecast period.
The market 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.
Global Parabolic Trough CSP Market Customer Landscape
Vendors 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 CSP such as Andasol 1 and 2.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
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 energy 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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The less than or equal to 50 MW segment was valued at USD 3,554.08 million in 2017 and continued to grow until 2021. 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 Parabolic Trough Concentrated Solar Power (CSP) Market growth during the forecast period.
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Europe is estimated to contribute 38% 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. 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 energy. For instance, Spain and Italy have supported a 2030 binding renewable energy 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 parabolic trough CSP market growth in the region during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of the global parabolic trough CSP market witnessed a significant slowdown as it halted several operations, such as solar power projects in Europe, resulting in the closure of solar power generation, commercial offices, and outlets. However, in 2021, the initiation of large-scale vaccination drives?lifted the lockdown and travel restrictions, which led to the resumption of end-user operations, and an increase in the demand for sustainable energy sources. Such factors are expected to drive the market during the forecast period.
The Parabolic Trough CSP market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Technavio categorizes the global parabolic trough CSP market as a part of the global renewable electricity market within the global independent power and renewable electricity market. The parent global renewable electricity market covers companies engaged in the generation and distribution of electricity using renewable sources. Our market research report has extensively covered external factors influencing the parent market growth during the forecast period.
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Parabolic Trough CSP Market Scope |
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Report Coverage |
Details |
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Page number |
158 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 2.74% |
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Market growth 2023-2027 |
USD 786.47 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
2.37 |
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Regional analysis |
Europe, North America, APAC, Middle East and Africa, and South America |
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Performing market contribution |
Europe at 38% |
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Key countries |
US, China, Spain, Germany, and France |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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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 |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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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. |
We can help! Our analysts can customize this market research report to meet your requirements.
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 Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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