Solar Concentrator Market Research, 2031
The global solar concentrator market size was valued at $5.2 billion in 2021, and solar concentrator industry is projected to reach $24.6 billion by 2031, growing at a CAGR of 16.8% from 2022 to 2031.
Key Report Highlighters:
- The report depicts detailed insights on the solar concentrator industry trends and new growth opportunities.
- The report provides complete analysis on the market status across key regions and more than 15 countries across the globe in terms of value ($ Million).
- The report identifies the solar concentrator market growth segments and emerging application areas.
- The report provides competitive dynamics by evaluating business segments, product portfolios, target market revenue, geographical presence and key strategic developments by prominent manufacturers.
- The report facilitates strategy planning and industry dynamics to enhance decision making for existing market players and new entrants entering solar concentrator industry.
Solar concentrators are devices that collect solar radiation and concentrate at a single focal point. The devices are mainly comprised of a series of lens or mirror assemblies, heat receivers, and a tracking system.
Solar thermal energy is a form of energy that is harvested from solar concentrators to generate thermal energy using various technologies for industrial use, and in residential and commercial sectors. Solar thermal is anticipated to grow at a gradual rate as direct heating and drying as well as water desalination has a huge demand for solar heating systems which is projected to drive the demand for solar concentrators.
However, for generating electricity from solar energy photovoltaic generators are more suitable and they are already used to build Gigawatt photovoltaic power stations, hence there will be a slight decline in the utilization of solar thermal systems such as the concentrated solar plant in the power generation sector.
The surge in integration of low-carbon power generation technologies coupled with rise in measures by national and international organizations & administrations augment the paraboloid revolution growth. Furthermore, solar is the leading system among the green technologies that have witnessed huge investments from public & private companies and have demonstrated significant untapped potential. The presence of its utilization to trap sun rays and generate energy for final usage is projected to provide ample opportunities for the development of the market.
The rise in demand and need for power all over the world is one of the primary reasons driving the growth of the global solar concentrators market. There is an increase in the need for power owing to expansion of population. As a result, this aspect is increasing market demand for solar concentrators. On the other side, the presence of alternatives such as solar & wind power and their impact on the birds are impeding the growth of the worldwide solar concentrators industry.
The demand for the solar concentrator market is increasing rapidly in the global market owing to the increasing demand for clean energy. Various agreements related to climate change like United Nations Framework Convention on Climate Change (1992) and Kyoto Protocol (1997) have been made to reduce global warming which restricts the use of fuels that emit harmful gasses hence there is an urgent need for a clean energy source to cater to the increasing need for environmental-friendly energy which leads to increase in demand for the market. The above-mentioned factors have a significant impact on the development of the market.
Rise in Use of Solar concentrators in Various Applications
The use of solar concentrators is on a rapid rise in various applications such as in power generation and heating fluids. The rise in the population and urbanization across the globe has led to the demand for renewable power, hence leading to the development of solar concentrators. The recent breakthrough in various technologies and increased awareness among the people regarding the advantages of the utilization of solar concentrators is anticipated to drive the demand for the market.
Solar concentrators are utilized to heat water, in which water is heated to a temperature of 140 to 180 °F (60–83 °C), and then circulated by means of pipes to some type of coil units, such as radiators, located in the various rooms. Increasing hot water demand from various residential applications, including bathing, washing, cleaning, and cooking. Green technologies and sustainability are becoming more significant as numerous states and cities around the country implement regulatory plans to minimize greenhouse gas emissions and energy use in buildings.
In the years ahead, it is anticipated that stringent construction norms and regulations would increase the demand for smart water heating and energy-efficient water heating systems. The market for solar water heaters is anticipated to increase because of favorable measures to improve air quality and growing public awareness regarding the adoption of renewable solutions.
The solar concentrator market forecast is segmented on the basis of type, technology, application, end use, and region. By type, the market is divided into cylindrical parabolic, paraboloid revolution, and others, By technology, the market is divided into solar power towers, linear concentrating systems, and dish sterling technology. By application, it is divided into electricity generation, heating fluids, and others. By end use, it is divided into residential, commercial, and industrial. By region, the market is segmented into North America, Europe, Asia-Pacific, and LAMEA.
On the basis of application, the electricity generation segment accounted for 71.4% of the solar concentrator market share in 2021 and is expected to maintain its dominance during the forecast period. The others segment is estimated to witness the highest CAGR for the forecast period. This application is extremely useful for industries such as desalination and distillation of water.
On the basis of type, the paraboloid revolution segment accounted for 55.1% of the solar concentrator market share in 2021 and is expected to maintain its dominance during the forecast period. This is owing to its parabolic concentrators with square and hexagonal top shapes can be arranged in an array which will improve the efficiency of power generation in the solar industry.
On the basis of technology, the solar power towers segment accounted for 61.1% of the solar concentrator market share in 2021 and is expected to maintain its dominance during the forecast period. The dish sterling technology segment is estimated to witness the highest CAGR for the forecast period. This application is extremely useful for industries such as power generation, desalination and distillation, and other applications.
By end use, it is divided into residential, commercial, and industrial. The industrial segment accounted for the largest revenue share in the global solar concentrator market in 2021. This growth in demand can be attributed to the progression of the investment of the private towards the combined heat and power and the demand for heating fluids in the industrial applications.
Region-wise, Asia-Pacific accounted for the largest market share in the market and is projected to grow at a CAGR of 17.2% during the forecast period. The presence of a huge population in this region led to high electricity demand and consumption. The increase in the investment to develop solar thermal power plants in the developing countries in this region has a significant impact on the development of the market. Countries such as India, China, Japan, and others are experiencing high demand for solar concentrators which provide ample opportunities for the development of the market.
North America region is projected to grow at a significant CAGR throughout the forecast period. The government and private sectors are phasing out nuclear and coal power plants. The U.S. holds the majority of the market share in the North America region. The U.S. government has also implemented stringent emission policies which leads to the high installation of such turbines specifically in CHP applications.
Europe region has several upcoming projects lined up in this market during the forecast period. This region is additionally increasing the focus on the installation of new concentrated solar power plants. The government has adopted several policies to reduce carbon emissions which leads to solar concentrator market growth.
The demand for power supply is increasing significantly in the Middle East and Africa, and Latin America countries which led to investment in renewable energy and desalination plants having a significant impact on market growth.
IMPACT OF COVID-19 ON THE GLOBAL SOLAR CONCENTRATOR MARKET
The COVID-19 pandemic led to a decline in the demand for the solar concentrator market due to a decline in the demand for power generation across the globe. In addition, the shutdown of manufacturing industries and the demand for power from various industries have a significant impact on the market.
Furthermore, the outbreak of the pandemic has created awareness among the people regarding the advantages of the utilization of solar concentrators for power generation and as a power source for the desalination in LAMEA region which has driven the growth of the global solar concentrator market.
Competitive Landscape
Key players in the solar concentrator industry Acciona SA, Abors Green GmbH, Siemens AG, Abengoa Solar GmbH, Trivelli Energia, Bright Source, Solar Reserve, Torresol Energy, Clique Solar, and ACWA Power. These players have adopted various strategies to gain a higher share or retain leading positions in the market.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the solar concentrator market analysis from 2021 to 2031 to identify the prevailing solar concentrator market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the solar concentrator market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global solar concentrator market trends, key players, market segments, application areas, and market growth strategies.
Solar Concentrator Market Report Highlights
| Aspects | Details |
 Market Size By 2031 | USD 24.6 billion |
 Growth Rate | CAGR of 16.8% |
 Forecast period | 2021 - 2031 |
 Report Pages | 272 |
 By Application |
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 By Type |
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 By Technology |
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 By End Use |
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 By Region |
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 Key Market Players | Siemens AG, Brightsource, Acciona SA, Abengoa Solar GmbH, ACWA Power, Torresol Energy, Clique Solar, Trivelli Energia, Abors Green GmbH, Solar Reserve |
Analyst Review
As per CXO perspective, the global solar concentrator market is expected to witness increased demand during the forecast period. The surge in the demand for renewable energy, and heating space in various sectors has a positive impact on market growth.
Solar concentrators are devices that collect solar radiation and concentrate at a single focal point. The devices are mainly comprised of a series of lens or mirror assemblies, heat receivers, and a tracking system.
Increase in government initiatives to shift towards clean energy sources is another factor that is expected to boost the market. However, factors such as high initial investment, consistency in the production of power, and immature technology related to energy storage produced through solar concentrator systems will hamper the development of the market. However, the increase in government investments to innovate and develop various technologies to make solar concentrators produce energy more efficiently will have a positive impact on the solar concentrator market. Furthermore, with rising environmental concerns about global warming, numerous agreements have been formed, that support the expansion of the solar concentrator market in the worldwide market since all other sources of energy generate extremely harmful gases that contribute to global warming. The facts indicate that the solar concentrator market will expand considerably throughout the projected period.
The global solar concentrator market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Among the analyzed regions, Asia-Pacific is likely to account for the highest CAGR throughout the forecast period, followed by Europe, North America, and LAMEA. Asia-Pacific region host some of the fastest developing countries such as China and India where there is a huge demand for eco-friendly power generation, especially for power manufacturing industries. The presence of a huge population and rapid urbanization in these countries has increased the demand for electricity which led to investment in the development of eco-friendly power plants.
Increase in clean energy demand and rapid expansion of the infrastructure industry are the key factors boosting the Solar concentrator market growth.
Industrial application is projected to increase the demand for Solar concentrator Market
Increasing government initiatives to shift towards sustainable energy sources is the Main Driver of Solar concentrator Market.
The market value of Solar concentrator in 2031 is expected to be $24.6 billion
Acciona SA, Abors Green GmbH, Siemens AG, Abengoa Solar GmbH, Trivelli Energia, Bright Source, Solar Reserve, Torresol Energy, Clique Solar, and ACWA Power.
The solar concentrator market analysis is segmented on the basis of type, technology, application, end use, and region. By type, the market is divided into cylindrical parabolic, paraboloid revolution, and others, By technology, the market is divided into solar power towers, linear concentrating systems, and dish sterling technology. By application, it is divided into electric generation, heating fluids, and others. By end use, it is divided into residential, commercial, and industrial. By region, the market is segmented into North America, Europe, Asia-Pacific, and LAMEA.
The outbreak of the pandemic has created awareness among the people regarding the advantages of the utilization of solar concentrators for power generation and as a power source for the desalination in LAMEA region which has driven the growth of the global solar concentrator market.
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