Concentrating Solar Power Market Size was valued at USD 5.9 Billion in 2023. The Concentrating Solar Power market industry is projected to grow from USD 6.91 Billion in 2024 to USD 21.11 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 14.98% during the forecast period (2024 - 2032). Growing environmental concerns over carbon emissions and initiatives by the government to enable renewable technologies are the key market drivers enhancing market growth.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The deployment and expansion growth are driving market CAGR for Concentrating Solar Power. One driving factor behind this expansion is the increasing recognition of CSP's unique advantages, including its ability to provide baseload power, dispatch ability, and potential for hybridization with other energy sources. CSP plants are often integrated with conventional or photovoltaic systems, creating hybrid power plants that offer a more stable and reliable electricity supply.
Moreover, government support through favorable policies and financial incentives has played a crucial role in the market expansion of CSP. Various countries have implemented feed-in tariffs, tax incentives, and renewable energy targets to promote the adoption of CSP technology. These initiatives have attracted investments and encouraged the development of CSP projects, thereby contributing to the market's growth trajectory.
Additionally, one prominent trend in the CSP market is the continuous advancement of technology to enhance capability, reduce costs, and improve the overall performance of CSP systems. Innovations such as advanced receiver designs, heat transfer fluids, and thermal energy storage systems have significantly increased the conversion efficiency and operational flexibility of CSP plants.
Furthermore, research and development efforts are focused on next-generation CSP technologies, such as tower systems with higher temperatures and more efficient photovoltaic-thermal hybrid systems. These advancements are expected to further enhance the competitiveness of CSP in the energy market and contribute to its widespread adoption in the coming years.
Another important trend in the CSP market is the continuous effort to reduce costs and enhance the competitiveness of CSP technology. Historically, the high capital costs associated with CSP projects have hindered their widespread deployment. However, rapid progress has been made in reducing costs through economies of scale, technological advancements, and improved project development practices.
For instance, the CSP market is seeing several major trends shaping the technology's future. These include the increasing deployment of CSP with energy storage, the increasing use of hybrid CSP-PV systems, and the increasing focus on cost reduction. As these trends continue, CSP will likely play a more important role in meeting the world's growing demand for renewable energy driving the Concentrating Solar Power market revenue.
The Concentrating Solar Power market segmentation, based on components, includes solar fields, power blocks, and thermal storage. The solar fields segment dominated the market. The solar field includes mirrors or lenses that concentrate sunlight onto a receiver. This component is crucial for capturing solar energy effectively. It consists of mirrors/lenses, tracking systems, and supporting structures.
The Concentrating Solar Power market segmentation, based on end use, includes utilities, enhanced oil recovery, and others. The utilities category generated the most income, where large-scale power plants supply electricity to the grid. These plants can provide consistent and reliable electricity, making them suitable for meeting the energy demands of cities and regions.
The Concentrating Solar Power market segmentation, based on technology, includes parabolic troughs, power towers, and linear Fresnel and dish/engine systems. The parabolic troughs category generated the most income. It uses curved mirrors arranged in a parabolic shape to concentrate sunlight onto a receiver tube containing a heat transfer fluid. The heated fluid then develops steam and drives a turbine to outgrowth electricity.
Figure 1: Concentrating Solar Power Market, by Technology, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American Concentrating Solar Power market area will have significant growth in the market. The country has several large-scale CSP projects, particularly in the southwestern states with good solar resources. The U.S. government has provided financial incentives and policy support to promote CSP development. In addition, research and development efforts have focused on improving the efficiency and cost-effectiveness of CSP technologies.
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: Concentrating Solar Power Market Share By Region 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe's Concentrating Solar Power market accounts for the second-largest market share due to adopting renewable energy. The region is driven by ambitious renewable energy targets and the need to reduce greenhouse gas emissions. The European Union's support for clean energy initiatives and research programs has further stimulated the growth of the CSP market in the region. Further, the German Concentrating Solar Power market held the largest market share, and the UK Concentrating Solar Power market was the fastest-growing market in the European region.
The Asia-Pacific Concentrating Solar Power Market will dominate the CAGR from 2023 to 2032. The government's strong commitment to reducing carbon emissions and diversifying its energy mix has been a key driver. The region's growing population, industrialization, and need for sustainable energy sources make CSP attractive. Moreover, China’s Concentrating Solar Power market held the largest market share, and the Indian Concentrating Solar Power market was the fastest-growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development to expand their product lines, which will help the Concentrating Solar Power market grow even more. Market participants are also undertaking various strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. The Concentrating Solar Power industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the Concentrating Solar Power industry to benefit clients and increase the market sector. The Concentrating Solar Power industry has offered some of the most significant medical advantages in recent years.
Major players in the Concentrating Solar Power market, including Abengoa Solar SA (Spain), Acciona Energy (Spain), GE Renewable Energy (France), TSK Flagsol Engineering GmbH (Germany), Enel Green Power (Italy), Bright Source Energy (US), Atlantica Yield PLC (UK), eSolar Inc. (US), Solar Reserve (US), ACWA Power (Saudi Arabia), Chiyoda Corporation (Japan), Alsolen (Morocco), and others, are attempting to increase market demand by investing in research and development operations.
Abengoa, S.A., founded in 1941, and located in Seville, Spain, was a Spanish international company in the green infrastructure, energy, and water sectors. It invests in research in sustainable technology and implements the technologies in Spain as well as all over the globe.
The technologies include Concentrating Solar Power and desalination. In January 2022, Abengoa finished the construction of three 200 MW parabolic trough plants as a part of phase 4 of the Mohammed Bid Rashid Solar Park mega-project outside Dubai. The company contracted with the phase IV EPC contractor Shanghai Electric Group and oversaw the parabolic trough plants' technology, design, engineering, and construction.
Bright Source Energy, Inc., founded in 2004 and located in Oakland, California, USA, is a corporation that designs, builds, finances, and operates utility-scale solar power plants. It is one of the top 10 greentech startups in the world. In April 2019, BrightSource Energy, along with General Electric, for the project, had a 121 MW capacity solar field that became useful in 2019. GE was responsible for the solar power station's engineering, procurement, and construction (EPC), with BrightSource providing advanced solar field technology.
June 2021: ACWA made a discharging contract with Eskom Holdings SOC Ltd and secured several USD million in funding to build the biggest Concentrating Solar Power plant in South Africa. Redstone CSP is directed to have a bearing capacity of 100 MW and is ready to enter financial operations in the 4th quarter of 2023. The plant will have a 12-hour thermal storage system to cater to the power demand of nearly 200,000 homes 24/7.
March 2020: Shouhang Hightech Energy Tech. Co., Ltd. accepted the agreement on investment with the government of Gansu Province for the Jinta 100MW Molten Tower CSP Project. The project is to end by 2021.
Vast Solar in Port Augusta Australia has got Australian Renewable Energy Agency (ARENA) funding of $44 million for a 30 MW CSP Plant in February 2023.
In February of 2023, an unknown location tender floated by Engineers India Limited invited technology licensors and suppliers to come up with a new CSP project. Additionally, the company indicated that providers of functional but non-commercialized CSP technologies can take part in the bidding process.
Siemens and Hilscher teamed up in October 2022 to give their clients many communication options that could be appropriately adjusted.
Enel X and Rete Sicomoro came together in April 2022 with an alliance for energy-saving measures implementation.
Spain’s Ministry of Ecological Transition awarded some 220 MW capacity in CSP installation through auctions that would lead to the introduction of CSP projects within Spain. In addition, Spain’s Government declared the intention to hold tenders for another 600MW of CSP capacity by 2025. At its beginning stage, the solar sector is developing new projects due to growing electricity demand and aiming at reducing pollutants by shifting towards renewable energy utilization across Europe. With approximately 2.3 GWs installed as of the end of the year 2022, it is the highest number registered so far among other continents of the world.
In accordance with IRENA projections, Europe will have about four GWs installed by the year2030. For green heating industrial applications, the German Government offered a subsidy of up to fifty-five percent for installing CSP in two thousand twenty-two while at the same time trying to bring down the payback period for CSP technology below three years. This will significantly boost Germany’s installations.
In 2020, Indian Institute of Technology Madras researchers fabricated a low-cost Solar Parabolic Trough Collector (PTC) device for concentrating solar energy for industrial applications such as desalination, space cooling and space heating. It is a lightweight system that was invented and developed in India which is very efficient under various climate and load conditions.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 5.9 Billion |
| Market Size 2024 | USD 6.91 Billion |
| Market Size 2032 | USD 21.11 Billion |
| Compound Annual Growth Rate (CAGR) | 14.98% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, End Use, Technology, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Abengoa Solar SA (Spain), Acciona Energy (Spain), GE Renewable Energy (France), TSK Flagsol Engineering GmbH (Germany), Enel Green Power (Italy), Bright Source Energy (US), Atlantica Yield PLC (UK), eSolar Inc. (US), Solar Reserve (US), ACWA Power (Saudi Arabia), Chiyoda Corporation (Japan), Alsolen (Morocco) |
| Key Market Opportunities | · New product launches and research & development among various companies |
| Key Market Dynamics | · Initiatives by the government to enable renewable technologies |
Concentrating Solar Power Market Highlights:
Frequently Asked Questions (FAQ) :
The Concentrating Solar Power market size was valued at USD 5.9 Billion in 2023.
The market is projected to grow at a CAGR of 14.98% during the forecast period, 2024-2032.
Asia-Pacific had the largest share of the market
The key players in the market are Abengoa Solar SA (Spain), Acciona Energy (Spain), GE Renewable Energy (France), TSK Flagsol Engineering GmbH (Germany), Enel Green Power (Italy), Bright Source Energy (US), Atlantica Yield PLC (UK), eSolar Inc. (US), Solar Reserve (US), ACWA Power (Saudi Arabia), Chiyoda Corporation (Japan) and Alsolen (Morocco).
The solar field category dominated the market in 2022.
Utilities had the largest share of the market.
The parabolic trough segment dominated the market in 2022.
Senior Research Analyst With an experience of over five years in market research industry (chemicals & materials domain), i gather and analyze market data from diverse sources to produce results, which are then presented back to a client. also, provide recommendations based on the findings. as a senior research analyst, i perform quality checks (qc) for market estimations, qc for reports, and handle queries and work extensively on client customizations. also, handle the responsibilities of client proposals, report planning, report finalization, and execution
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
