Solar Concentrator Market Research Report Information By Application (Electricity Generation, Heating Fluids, and Others), By Type (Cylindrical Parabolic (2D Hubs), Paraboloid Revolution (3D Hubs), and Others), By Technology (Solar Power Towers, Linear Concentrating Systems, and Dish Sterling Technology), By End Use (Residential, Commercial, and Industrial), and By Region (North America, Europe, Asia-Pacific, and Rest Of The World) – Market Forecast Till 2032

Global Solar Concentrator Market Overview

Solar Concentrator Market Size was valued at USD 5.5 Billion in 2022. The Solar Concentrator market industry is projected to grow from USD 6.5 Billion in 2023 to USD 23.0 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 17.20% during the forecast period (2023 - 2032). Concerns about climate change, efforts to reduce air pollution, and a spike in the use of low-carbon power generation technology are all growing, are the key market drivers enhancing the market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Solar Concentrator Market Trends

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  Growing conservational concerns over carbon emissions and exertions to decrease air pollution is driving the market growth

  
  

The market increase is attributed to growing environmental concerns about carbon emissions and initiatives to reduce air pollution. Government regulations designed to limit the growing carbon footprint and financial incentives to promote the use of alternative energy sources are expected to hasten industry growth. However, the cost of concentrated solar power (CSP) technology could prevent its widespread use unless and until it receives support from institutional and regulatory bodies in the government. The market is expected to grow more quickly due to rising awareness in developing countries in North America and Asia Pacific.

Solar power has surpassed biomass power to become the most popular renewable energy source, spurring investments in solar panel installation and electricity production in nations including India, the U.S., China, and Italy. Due to favorable government laws and measures, including installation cost subsidies and tax credits among other assistance, the size of the U.S. market was estimated at USD 910.4 million in 2019. The United States Department of Energy's (DOE) loan guarantee program is what funds all of the current concentrated solar power plants that have been constructed throughout the country. CSP is a technology that requires a lot of capital. Power blocks, solar fields, heat transfer fluid systems, and thermal energy storage systems are the components used in the parabolic trough. Receiver fields, heliostat fields, thermal energy storage, towers, and power blocks are the primary parts utilized in solar towers. The preliminary venture cost, which makes up about four-fifths of the total cost, subordinates the Levelized Cost of Energy (LCOE) of CSP units. The remaining costs are for the plant's operation, upkeep, and insurance, which presents a problem for the CSP market.

The paraboloid revolution is growing as a result of the rapid adoption of low-carbon power production technology and the expansion of policies adopted by national and international organizations and governments. Additionally, solar is the most advanced green technology with considerable untapped potential and has attracted large investments from both public and private firms. The market is expected to have plenty of room to grow as a result of its ability to capture solar energy and produce energy for final use. One of the main factors fueling the expansion of the worldwide solar concentrators market is the rising demand for and need for power on a global scale. The requirement for power has increased as the population has grown. Because of this, the market need for solar concentrators is rising. On the other hand, the development of the global solar concentrators sector is being hampered by the availability of alternatives like solar and wind power and their effects on the birds. Thus, driving the Solar Concentrator market revenue.

Solar Concentrator Market Segment Insights:

Solar Concentrator Application Insights

The Solar Concentrator Market segmentation, based on application, includes electricity generation, heating fluids, and others. Electricity generation segment dominated the global market in 2022. Significant concentrated solar power project developments, particularly in Saudi Arabia, Morocco, the United Arab Emirates, and China, are what drive the segment's growth in the Middle East, Africa, and Asia Pacific.

Solar Concentrator Type Insights

The Solar Concentrator Market segmentation, based on type, includes cylindrical parabolic (2D hubs), paraboloid revolution (3D hubs), and others. The paraboloid revolution (3D hubs) segment dominated the global market in 2022. This is because the parabolic concentrators can be stacked in an array with tops that are square or hexagonal, increasing the efficiency of power generation in the solar sector.

Solar Concentrator Technology Insights

The Solar Concentrator Market segmentation, based on technology, includes solar power towers, linear concentrating systems, and dish sterling technology. In 2022, the category for solar power towers led the global market for solar concentrators. This is a result of things that have undergone economic evaluation, superior designs, and a variety of additional methods. Power towers need large areas to be constructed, hence the technology is widely used in the market, especially in nations where there is land availability.

Solar Concentrator End Use Insights

The Solar Concentrator Market segmentation, based on end use, includes residential, commercial, and industrial. Industrial segment dominated the Solar Concentrator Market in 2022. This increase in demand can be ascribed to the private sector's increasing investment in combined heat and power as well as the need for heating fluids for industrial applications.

Figure 1: Solar Concentrator Market, by End Use, 2022 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Solar Concentrator Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Solar Concentrator Market dominated this market in 2022 (45.80%). Nuclear and coal-fired power plants are being phased out by the public and commercial sectors. The majority of the market share in North America is held by the United States. Additionally, the U.S. government has put in place strict emission regulations, which has increased the installation of such turbines, particularly in CHP applications. Further, the U.S. Solar Concentrator market held the largest market share, and the Canada Solar Concentrator market was the fastest growing market in the North America region.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: Solar Concentrator Market Share By Region 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Solar Concentrator market accounted for the healthy market share in 2022. Additionally, this area is putting more of an emphasis on the construction of new concentrated solar power facilities. The market for solar concentrators is growing as a result of the government's adoption of many initiatives to minimize carbon emissions. Further, the German Solar Concentrator market held the largest market share, and the U.K Solar Concentrator market was the fastest growing market in the European region

The Asia Pacific Solar Concentrator market is expected to register significant growth from 2023 to 2032. Due to the substantial population in this area, there was a strong demand for and use of power. The growth of the market is significantly impacted by the rise in investments made to build solar thermal power plants in the emerging nations in this region. Solar concentrators are in high demand in nations like India, China, Japan, and others, which presents numerous chances for the market's growth. Moreover, China’s Solar Concentrator market held the largest market share and the Indian Solar Concentrator market was the fastest growing market in the Asia-Pacific region.

Solar Concentrator Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Solar Concentrator market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Solar Concentrator industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Solar Concentrator industry to benefit clients and increase the market sector. In recent years, the Solar Concentrator industry has offered some of the most significant advantages to medicine. Major players in the Solar Concentrator market, including Clique Solar, Acciona SA, Brightsource, Trivelli Energia, Solar Reserve, Siemens AG, Abengoa Solar GmbH, ACWA Power, Torresol Energy, and Abors Green GmbH, are attempting to increase market demand by investing in research and development Applications.

Natural gas is distributed by the energy holding firm New Jersey Resources Corp (NJR). The company offers consumers other retail and wholesale energy services in addition to distributing natural gas through a regulated utility. Additionally, it finances clean energy initiatives and midstream assets. NJR Clean Energy Ventures (CEV) started building an 8.9-MW floating solar system at Millburn, New Jersey, which is expected to be the largest floating array in the US. As part of the project, which uses floating racking technology, 16,510 solar panels will likely be installed on a reservoir at the New Jersey American Water Canoe Brook Water Treatment Plant. The clean energy generated by the array will satisfy over 95% of the facility's annual power needs through a power purchase agreement with CEV.

Electrical equipment is offered by Shouhang High-Tech Energy Co Ltd (Shouhang High-Tech). The business creates, produces, and sells a range of air cooling systems. Its product line includes hydrogen energy utilization systems, ground source heat pumps, water source heat pumps, air source heat pumps, smoke plume elimination systems, equipment for power station air cooling systems, and equipment and components for seawater desalination. Design, operation, manufacture, construction, maintenance, technical advice, project investment, and project general contracting are just a few of the services provided by Shouhang High-Tech. Among other places, it distributes goods in South Korea, West Africa, Australia, Pakistan, and India. Beijing, China serves as the home base for Shouhang High-Tech. For the Jinta 100MW Molten Salt Tower Concentrating Solar Power Project, Shouhang Hightech Energy Technology Co., Ltd. (Shouhang) and the government of Gansu Province signed a Cooperation Agreement on Investment in March 2020. By the end of 2021, the project is anticipated to be completed.

Key Companies in the Solar Concentrator market include

• Clique Solar


• Acciona SA


• Brightsource


• Trivelli Energia


• Solar Reserve


• Siemens AG


• Abengoa Solar GmbH


• ACWA Power


• Torresol Energy


• Abors Green GmbH

Solar Concentrator Industry Developments

March 2022:The California Department of Water Resources, utility Turlock Irrigation District (TID), Marin County, California-based water and energy project developer Solar AquaGrid, and University of California worked together on a trial project dubbed Project Nexus.

In January 2020:Hayward Tyler stated that it has reached an agreement with Shanghai Electric to supply a glandless pump set. The offered equipment would be used to establish a 950MW hybrid solar field project at Bin Rashid Al Maktoum Solar Park Phase IV. For the project, a parabolic basin complex will supply 600 MW, a solar thermal tower 100 MW, and PV panels 250 MW.

Solar Concentrator Market Segmentation

Solar Concentrator Application Outlook

• Electricity Generation


• Heating Fluids


• Others

Solar Concentrator Type Outlook

• Cylindrical Parabolic (2D Hubs)


• Paraboloid Revolution (3D Hubs)


• Others

Solar Concentrator Technology Outlook

• Solar Power Towers


• Linear Concentrating Systems


• Dish Sterling Technology

Solar Concentrator End Use Outlook

• Residential


• Commercial


• Industrial

Solar Concentrator Regional Outlook

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  North America
  
  
  
  • US.
  
  
  • Canada
  
  
  
  


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  Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


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  Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


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  Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America