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The parabolic trough concentrated solar power (csp) market size is forecast to increase by USD 596.7 million, at a CAGR of 2.06% between 2023 and 2028.
Explore in-depth regional segment analysis with market size data - historical 2018-2022 and forecasts 2024-2028 - in the full report.
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Concentrated Solar Power (CSP) market dynamics continue to evolve as this sustainable energy technology unfolds new applications across various sectors. Parabolic trough collectors, a key component of CSP systems, consume water for cooling purposes during power generation. Solar energy policy and land use regulations significantly impact the market, influencing the location and design of CSP power plants. Power generation through CSP relies on solar irradiance and thermal energy storage, primarily using molten salt, to ensure consistent power output. Steam turbines convert thermal energy into electricity, while performance optimization and industrial process heat applications enhance the technology's efficiency and versatility.
Construction and project development in the CSP industry require careful consideration of capital and operational expenditures. Solar tracking systems and optical efficiency enhancements contribute to improved technology advancements, including the Organic Rankine Cycle and hybrid energy systems. Grid integration and government incentives are crucial for market penetration and growth. Carbon emissions reduction and clean energy initiatives further fuel the demand for CSP technology. Maintenance and operation costs, as well as power plant design and thermal efficiency, remain essential factors in the industry trends. The future outlook for CSP technology is promising, with advancements in heat transfer fluids, thermal storage, and solar field design continuing to drive innovation.
The environmental impact of CSP is a significant consideration, with ongoing efforts to minimize water consumption and reduce land use. In the ever-changing landscape of renewable energy, CSP technology continues to adapt and evolve, offering a sustainable and efficient solution for power generation and industrial process heat applications.
The parabolic trough concentrated solar power (csp) industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The less than or equal to 50 mw segment is estimated to witness significant growth during the forecast period.
The market has experienced notable growth in the less than or equal to 50 MW segment, focusing on flexible small-scale energy solutions. This segment caters to businesses and residential areas, offering advantages such as installation in various locations, including urban areas. The scarcity of suitable land for power generation in several countries is a significant challenge, making small-scale CSP plants an appealing alternative. CSP technology, which includes Parabolic Trough collectors, harnesses solar energy through mirrors that focus sunlight onto a receiver, generating heat. This heat is then used to produce steam, which drives a turbine to generate electricity. Solar irradiance plays a crucial role in the performance of these systems, with optimal efficiency achieved under high solar radiation.
Government incentives and solar energy policies have been instrumental in driving market penetration and the adoption of CSP technology. Industrial process heat applications, such as steam generation for manufacturing industries, are a growing trend, contributing to the market's expansion. Performance optimization and advancements in technology, including solar tracking systems, optical efficiency, and the Organic Rankine cycle, have led to increased thermal efficiency and power output. Thermal energy storage, primarily through molten salt, enables CSP plants to provide consistent power generation and grid integration. The market's future outlook is promising, with hybrid energy systems and the integration of renewable energy sources becoming increasingly prevalent.
Sustainable energy initiatives, carbon emissions reduction targets, and the need for clean energy are key industry drivers. Maintaining and operating CSP plants involves regular upkeep, including the replacement of construction materials and heat transfer fluids. Direct steam generation and the use of efficient power plant designs contribute to lower operational expenditures. The evolving market dynamics include the development of new projects, capital expenditures, and the environmental impact assessment of CSP plants. Despite challenges, the market's potential for growth and its role in providing clean, renewable energy make it an exciting area for innovation and expansion.
The Less than or equal to 50 MW segment was valued at USD 3624.20 million in 2018 and showed a gradual increase during the forecast period.
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.
The European Union (EU) is at the forefront of increasing renewable energy usage in power generation, with Europe anticipated to experience the most significant growth during the forecast period. This growth can be attributed to the parabolic trough CSP targets set by several EU countries, including Spain, Italy, and France. Spain and Italy have committed to a 2030 binding renewable energy target surpassing 30%, while France has established solar power goals of 20.1 GW by 2023 and 31.1-44.0 GW by 2028. The solar PV objectives of the leading European countries, namely, Germany, Italy, the UK, France, and Spain, are poised to boost the adoption of parabolic trough CSP systems.
Parabolic trough collectors, a crucial component of CSP technology, play a significant role in this transition. These collectors concentrate solar irradiance, converting it into heat, which is then used to generate steam. The steam, in turn, drives a turbine connected to a generator, producing electricity. The thermal energy generated can also be used for industrial process heat, further increasing the technology's appeal. Land use for solar energy installations and performance optimization are essential considerations in the development of CSP projects. Solar tracking systems and optical efficiency enhancements are essential for maximizing energy yield. The Organic Rankine cycle and thermal storage technologies are vital for improving thermal efficiency and grid integration.
Government incentives, such as subsidies and tax credits, are crucial for the market's growth. The EU's Renewable Energy Directive and the European Investment Bank's financing initiatives are significant drivers. The future outlook for concentrated solar power is promising, with advancements in technology, including the use of molten salt as a heat transfer fluid and energy storage solutions, enabling the integration of CSP with hybrid energy systems. Project development, capital expenditure, and operational expenditure are essential aspects of the CSP market. Maintenance and operation are crucial for ensuring the longevity and efficiency of CSP power plants. Renewable energy sources, including solar thermal energy, are becoming increasingly important in reducing carbon emissions and addressing environmental impact concerns.
The industry trends towards sustainable energy and clean energy solutions are expected to continue shaping the market dynamics.
Our researchers analyzed the data with 2023 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.
The parabolic trough concentrated solar power (csp) market forecasting 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 parabolic trough concentrated solar power (csp) market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, parabolic trough concentrated solar power (csp) market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the industry.
Abengoa SA - The company specializes in the deployment of advanced parabolic trough concentrated solar power (CSP) technologies, including PS10 and Gemasolar. Leveraging cutting-edge engineering and design, we deliver sustainable energy solutions that maximize thermal efficiency and minimize environmental impact. Our CSP systems harness the power of the sun to generate electricity, providing a reliable and renewable energy source. By focusing on innovation and efficiency, we contribute to a cleaner, more sustainable future for all.
The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. 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.
Dive into Technavio's robust research methodology, blending expert interviews, extensive data synthesis, and validated models for unparalleled Parabolic Trough Concentrated Solar Power (CSP) Market insights. See full methodology.
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Market Scope |
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Report Coverage |
Details |
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Page number |
162 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 2.06% |
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Market growth 2024-2028 |
USD 596.7 million |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
2.02 |
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Key countries |
Spain, US, China, Germany, and France |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
We can help! Our analysts can customize this parabolic trough concentrated solar power (csp) 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 Opportunity/Restraints
11 Competitive Landscape
12 Competitive 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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