Concentrating Solar Collectors Market Size 2024-2028: A Focus on Growth and Innovations

The concentrating solar collectors (CSC) market is set to experience significant growth, with projections forecasting an increase of USD 3.21 billion, at a CAGR of 10.4% from 2023 to 2028. This growth is driven by rising investments in renewable energy, government initiatives, and the growing demand for sustainable energy solutions.

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Market Segmentation

By End-User:

• Industrial: The industrial segment, particularly in power utilities, is expected to see substantial growth, with large-scale concentrated solar power (CSP) plants generating electricity and reducing greenhouse gas emissions. As of 2023, the industrial sector holds a significant share of the market, driven by renewable energy auctions and increasing adoption in countries like China and India.

• Commercial: The commercial sector continues to adopt solar technology, integrating renewable energy sources for cost efficiency and sustainability.

• Residential: The residential sector’s adoption is growing as consumers seek alternative energy solutions for cost reduction and environmental benefits.

By Geography:

• APAC: Dominates with 46% of global market growth, driven by high energy demands and initiatives like China’s 5 GW CSP target and India’s goal of 100 GW solar power capacity by 2022.

  • China
  • India
  • Japan

• North America: The US market is seeing growth due to the integration of renewable energy sources into the grid and the popularity of hybrid power plants.

  • US

• Europe: Europe is continuing its shift to renewable energy, with increasing investments in CSP technologies.

  • Germany

• South America: Market expansion is focused on sustainability efforts in energy production.

• Middle East and Africa: These regions are adopting concentrating solar collector technologies, especially for industrial and utility-scale applications.

Market Dynamics

Drivers:

• Investments in Renewable Energy: Investments in renewable energy technologies are increasing, with solar and wind power driving growth in hybrid power plants. Feed-in tariffs and renewable energy targets from utilities are supporting investments in concentrating solar collectors.

Trends:

• Emergence of Smart Cities: The rise of smart cities is enhancing the demand for renewable and efficient energy systems, including hybrid power plants that integrate solar energy with other renewable sources.

Challenges:

• Dependency on Fossil Fuels: Despite significant growth in renewable energy, fossil fuels still dominate the energy generation landscape in some regions, making the transition to renewable sources more challenging. Additionally, the high cost of implementation remains a barrier in some markets.

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Key Players:

• Ariston Holding NV
• Canadian Solar Inc.
• CENTROTEC SE
• First Solar Inc.
• Grammer Solar
• GREENoneTEC Solarindustrie GmbH
• Himin Solar Co. Ltd.
• JinkoSolar Holding Co. Ltd.
• juwi AG
• Kingspan Group Plc
• Linuo Paradigma Co. Ltd.
• Nobel International EAD
• Sharp Corp.
• Solar Module SA de CV Av
• SUNRAIN
• Sunshore Solar Energy Co.Ltd.
• Trina Solar Co. Ltd.
• Viessmann Werke GmbH and Co. KG
• Wuxi Suntech Power Co. Ltd.
• Yingli Green Energy Holding Co. Ltd.

Recent Developments:

• The industrial segment has continued to gain momentum, with large-scale CSP plants being installed for electricity generation.
• The market in the US is expanding due to hybrid power plants, combining concentrating solar collectors with photovoltaic systems to meet baseload power demands.