Overview and Scope
Concentrating solar power employs mirrors to focus the sun’s energy, which is then used to power traditional steam turbines or engines to generate electricity. Thermal energy concentrated in a CSP plant collects solar radiation using reflecting or transmissive optical elements that focus the radiation to a focal point where it is directly transformed into thermal or electrical energy and is used to deliver heat for industries.
Sizing and Forecast
The concentrating solar power market size has grown rapidly in recent years. It will grow from $6.63 billion in 2023 to $7.9 billion in 2024 at a compound annual growth rate (CAGR) of 19.2%. The growth in the historic period can be attributed to government incentives, environmental concerns, energy security, global energy demand.
The concentrating solar power market size is expected to see rapid growth in the next few years. It will grow to $14.61 billion in 2028 at a compound annual growth rate (CAGR) of 16.6%. The growth in the forecast period can be attributed to cost reductions, storage integration, policy support, climate change mitigation. Major trends in the forecast period include hybridization, advanced storage solutions, technological innovations, global market expansion, corporate commitments to sustainability, focus on decentralized energy production.
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The concentrating solar power market covered in this report is segmented –
1) By Technology: Parabolic Trough, Solar Power Tower, Fresnel Reflectors, Dish Stirling
2) By Capacity: Less Than or Equal To 50 MW, Greater Than 50 MW To Less Than or Equal To 100 MW, Greater Than 100 MW
3) By Heat Transfer Fluid: Molten Salt, Water-Based, Oil-Based, Other Heat Transfer Fluids
4) By Storage: With Storage, Without Storage
5) By Application: Utility, EOR, Desalination, Other Applications
North America was the largest region in the concentrating solar power market in 2023. Asia-Pacific is expected to be the fastest-growing region in the concentrating solar power market share during the forecast period. The regions covered in the concentrating solar power market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
Growing demand for renewable energy is driving the growth of the concentrating solar power market. Renewable energy is collected from renewable resources such as wind, rain, sunlight, tides, waves, and geothermal heat that reduces the effects of global warming and rising issues related to fossil fuels. The rising demand for electricity coupled with the stringent regulations of greenhouse gas emissions supports the demand and adaption of renewable energy. Concentrating solar power technologies employ mirrors to concentrate (focus) the sun’s light energy and convert it to heat, which drives a turbine that generates electricity. For instance, according to IEA, a Paris-based autonomous intergovernmental organization, by 2026, global renewable electricity capacity is forecasted to rise more than 60% from 2020 levels to over 4,800 GW equivalents to the present total international power capacity of fossil fuels and nuclear combined.
Key Industry Players
Major companies operating in the concentrating solar power market report are Abengoa S. A., BrightSource Energy Inc., ACWA Power, Aalborg CSP A/S, General Electric Company, Atlantica Sustainable Infrastructure plc, TSK Flagsol Engineering GmbH, Enel Green Power Corporation, Acciona S. A., Frenell GmbH, Suntrace GmbH, Torresol Energy, Trivelli Energia srl, Grün leben GmbH, Soltigua S. r. l, Engie SA, Nextera Energy Inc., Chiyoda Corporation, Heliogen Inc., Siemens Energy AG, SolarReserve LLC, Solar Millennium AG, eSolar Inc., Schott AG, Parvolen CSP Technologies, Sener Grupo de Ingeniería group., Lointek Sistemas Solar Térmicos, GlassPoint Solar Inc., Rackam Energy, Soliterm Group GmbH
The concentrating solar power market report table of contents includes:
1. Executive Summary
2. Concentrating Solar Power Market Characteristics
3. Concentrating Solar Power Market Trends And Strategies
4. Concentrating Solar Power Market – Macro Economic Scenario
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31. Global Concentrating Solar Power Market Competitive Benchmarking
32. Global Concentrating Solar Power Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Concentrating Solar Power Market
34. Concentrating Solar Power Market Future Outlook and Potential Analysis
