Concentrating Solar Power Market

The global concentrating solar power market size is estimated to be USD 6.0 billion in 2022 and is projected to reach USD 19.9 billion by 2027; it is projected to grow at a CAGR of 26.9% during the forecast period.. The key drivers for the concentrating solar power market include support from governments to enable the adoption of renewable technologies, and the integrability of CSP systems with thermal storage systems.

The concentrating solar power market is served by a mix of large international players with operational presence across the globe and local players commanding a strong supply network in the domestic market. The leading players in the global concentrating solar power market include Abengoa (Spain), BrightSource Energy (US), ACWA Power (Saudi Arabia), SolarReserve (US), and Aalborg CSP (Denmark). Strategies such as product launches, contracts, agreements, partnerships, collaborations, alliances, acquisitions, and expansions are followed by these companies to increase their market share.

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ACWA Power is a provider of operation and maintenance services to energy and desalinated water plants. The company is also focused on generating electricity and its distribution to commercial, residential, and industrial customers. The company’s plants are based on thermal, solar PV, concentrating solar power, geothermal, and wind energy technologies. ACWA Power formed a joint venture with Vision Invest (Saudi Arabia) and the MADA Group (Saudi Arabia) under the name of ACWA Power Projects in 2004.

ACWA Power provides solar power towers and parabolic troughs under linear concentrating systems as its key concentrating solar power technology. It offers the abovementioned technologies across multiple capacities—less than 50 MW, 50 MW to 99 MW, and 100 MW and above. The company offers stand-alone systems, as well as molten salt thermal energy storage, for end users, such as utilities and EOR. ACWA Power developed the Bokpoort concentrating solar power project of 50 MW capacity on a BOOT (build, own, operate, and transfer) basis in South Africa. Some of the other plants developed by ACWA Power are 160 MW NOORo I CSP Project, 200 MW NOORo II CSP Project, and 150 MW NOORo III CSP Project in Morocco and 100 MW Redstone concentrating solar thermal power plant in South Africa. The company has an operational presence in South East Asia, Southern Africa, the Middle East, North Africa, and 11 countries. Key clients of the company include ECOHZ (Oslo), Dubai Electricity and Water Authority (Dubai), and Shanghai Electric Generation Group (SEGC) (China). The key competitors of the ACWA are Abengoa (Spain), BrightSource Energy (US), Aalborg CSP(Denmark), and Cobra Energia (Spain)

GlassPoint Solar is a producer and distributor of solar energy equipment and also offers solar steam generators for electricity and heat generation. The company focuses on delivering solar energy to power industrial processes at the lowest cost. The company’s solar thermal technology helps provide low-cost, emission-free solar energy to power industrial processes.

The company uses parabolic troughs as its key concentrating solar power technology, which uses solar power to produce zero-carbon steam. Mojave Solar Project (MSP), commissioned in 2014, is a 250 MW solar thermal power facility located in San Bernardino, California, US; it uses GlassPoint Solars trough technology for its concentrating solar power (CSP) plant to focus sunlight on a boiler tube containing water. In 2017, GlassPoint Solar partnered with Aera Energy (US) to build the Belridge Solar CSP project in California, which consists of an 850 MW solar thermal facility. The company also offers stand-alone systems with 100 MW and above capacities for end users, such as EOR and utilities.

The company has a presence in North America, the Middle East, and Asia Pacific. The key competitors of the company in the compensating solar power market are Abengoa (Spain), BrightSource Energy (US), Aalborg CSP (Denmark), ACWA Power (Saudi Arabia), and Cobra Energia (Spain).

Related Reports:

Concentrating Solar Power Market by Technology (Solar Power Tower, Linear Concentrating System, Dish Stirling), Operation Type (Stand-alone, Storage), Capacity (<50 MW, 50-99 MW, 100 MW & Above), End User (Utilities, EOR), Region - Global Forecast to 2027

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