A report from MarketsandMarkets™ Research, “Concentrating Solar Power Market by Technology (Parabolic Trough, Power Tower, Linear Fresnel & Dish/Engine system), Components (Solar field, Power Block, and Thermal Storage), End-User (Utilities, EOR & Others ), and Region - Global Forecast to 2021”, the concentrating solar power market is expected to grow at a CAGR of 10.3% from 2016 to 2021, to reach a market size of USD 10.96 billion by 2021. Growing environmental concerns over carbon emissions and efforts to reduce air pollution, policy support from governments to enable adoption of renewable technologies and dispatchability of power are the major drivers of the concentrating solar power market.

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The concentrating solar power market is dominated by a few global players that have an extensive regional presence and are established brand names. Leading players in the concentrating solar power industry include Abengoa Solar (Spain), Aalborg CSP (Denmark), ACWA Power (Saudi Arabia), BrightSource Energy, Inc. (U.S) and eSolar Inc (U.S), among others.

Objectives of the study:
• To define, describe, and forecast the global concentrating solar power market on the basis of system technology, components, end-user, and region
• To provide detailed information regarding the major factors influencing market growth (drivers, restraints, opportunities, and industry-specific challenges)
• To strategically analyze the concentrating solar power market with respect to individual growth trends of manufacturers and service providers, their future expansions, and contribution to the market
• To forecast the growth of the concentrating solar power market with respect to the main regions (Asia-Pacific, Europe, North America, South America and the Middle East & Africa)
• To strategically profile key market players and comprehensively analyze their market shares and core competencies
• To analyze market opportunities for stakeholders and provide details of competitive developments, such as contracts & agreements, mergers & acquisitions, expansions, and new product development/launches, partnerships, joint ventures, and collaborations, in the global concentrating solar power market

The power tower segment is estimated to be the fastest growing market for concentrating solar power from 2016 to 2021. A power tower utilizes many large, sun-tracking mirrors to focus sunlight on a receiver at the top of a tower, a heat transfer fluid in the receiver aids in steam generation generate steam to produce electricity. Parabolic trough segment has maximum market share in total CSP market. The main reason behind maximum share is falling price of solar CSP and at par solar irradiance in Middle East & Africa and Asia-Pacific region.

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Market Dynamics

Drivers
• Growing Environmental Concerns Over Carbon Emissions and Efforts to Reduce Air Pollution
• Policy Support from Governments to Enable Adoption of Renewable Technologies
• The Ability to Supply Dispatchable Power

Restraints
• Higher Cost of Generation Compared to Other Renewable Technologies

Opportunities
• Application in Hybrid Power Plants
• Mining Industry Investing in Renewables
• Applications in Desalination and Enhanced Oil Recovery

Challenges
• Land and Water Requirements
• Technical Challenges

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Utility scale power generation is estimated to be the fastest growing market by end user segment for concentrating solar power market during the forecast period. Concentrating solar power are largely applicable for utility scale power generation owing to the ability of dispatchable power potential. Based on end-user, the utilities segment is estimated to be the fastest growing market during the forecast period. Demand for utilities is mainly driven in off grid areas with high solar irradiance in Asia-Pacific and Middle East & African countries.

The Middle East & African market is projected to be the largest growing for concentrating solar power installations from 2016 to 2021. The Middle East & African market’s growth is driven by power generation, enhanced oil recovery and desalination industry operations. Morocco, Saudi Arabia, UAE, and Oman are expected to witness significant growth during the forecast period. Morocco is one of the most attractive market for CSP installations and has many CSP projects under development and in the pipeline.