The Global Concentrating Solar Power Market was worth US$ 6.85 billion in 2023 and is projected to reach a valuation of US$ 27.59 billion by 2029 from US$ 8.64 billion in 2024 and is predicted to register a CAGR of 26.14% during 2024-2029.
The generation of electricity utilizing mirrors to concentrate the sunrays to temperatures ranging from 400 to 1,000 degrees Celsius is known as concentrated solar power energy. This energy is subsequently used in a variety of applications, such as heating a fluid, most commonly water or oil, to produce steam or hot air. To generate electricity, the steam is utilized to power turbines that are connected to a generator. To supply useable energy, various mirror designs, and sun-tracking technologies are used, but they all work on the same premise of operating a heat engine to generate power that can then be sent into the grid.
Because carbon emissions in the troposphere must be reduced, the worldwide CSP market is predicted to develop at a faster rate throughout the forecast period. Solar power is a cost-effective form of energy that helps reduce energy expenditures and carbon dioxide emissions.
The combustion of fossil fuels such as oil, coal, and gas, as well as the chopping down and burning of trees, are the primary sources of carbon emissions. To reduce air pollution, various concrete steps are being taken, such as conserving energy at home or at work, purchasing "spill-proof" portable gasoline containers, taking public transportation, and using renewable energy sources such as solar energy, hydro energy, wind energy, geothermal energy, tidal energy, and biomass energy. As a result, the market for concentrating solar power is booming.
Government policies aimed at reducing the expanding carbon footprint, as well as monetary incentives to encourage the adoption of alternative energy sources, are expected to drive the expansion of concentrating solar power market.
Solar concentrating technology is a capital-intensive technology. Solar fields, power blocks, thermal energy storage systems, and heat transfer fluid systems are among the components utilized in parabolic troughs. Heliostat fields, receiver fields, power blocks, thermal energy storage, and the tower are all important components of solar towers. The initial investment cost, which accounts for about four-fifths of the overall cost, dominates the Levelized Cost of Energy (LCOE) of concentrating solar power plants. The remaining costs are for plant maintenance and operation, as well as plant insurance. As a result, it poses the greatest threat to the concentrating solar power sector.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2023 to 2029 |
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Base Year |
2023 |
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Forecast Period |
2024 to 2029 |
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CAGR |
26.14% |
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Segments Covered |
By Technology, Capacity, End User, and Region. |
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Various Analyses Covered |
Global, Regional, and country-level analysis; Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
Abengoa, BrightSource Energy, ACWA Power, Aalborg CSP, SolarReserve, Flagsol Engineering GmbH, Alsolen, Cobra Energia, Torresol Energy, and Others. |
From 2024-2029, the solar power towers sector led the concentrating solar power market in terms of technology. The solar power tower segment benefits from higher temperatures, which can improve the efficiency of the steam cycle and reduce the amount of water used to cool the condenser. The higher temperature allows for schedulable power generation by utilizing thermal energy storage. As a result of the lower cost of solar power towers or the ability to store more energy for the same price, the solar power tower category will grow at the fastest rate over the period (2024-2029)
From 2024 to 2029, the 100 MW and above segment is expected to dominate the market. During the projection period, there will be an increased need for concentrating solar power technology in order to achieve renewable energy generation targets and maintain continuous operations, which will drive the 100 MW and above market.
Key CSP project developments in the Asia Pacific, Middle East, and Africa regions, primarily in China, Saudi Arabia, the United Arab Emirates, and Morocco, are driving market growth in the utility category. Furthermore, the utility industry's demand for concentrating solar power is driven by the necessity of generating renewable electricity with storage technology to meet the growing power demands of the residential sector.
Due to a rise in CSP plant installations, Asia Pacific is likely to lead the concentrating solar power market throughout the forecast period. From 2024 to 2029, China is expected to grow at the fastest rate. This is primarily owing to the country's rising investment in CSP for grid stabilization. Furthermore, the region emphasizes the necessity for sustained renewable electricity generation to support expanding economic activities.
Spain is the region's leading country in concentrated solar installations. The country's lion's share in the worldwide market is due to the presence of top global firms and the high success rate of first initiatives.
North America has the most operational concentrated solar installations after Europe. In 2016, Europe and North America together accounted for almost 3/4 of the worldwide market, a figure that will drop to around 60% in 2021. The United States has multiple CSP projects in North America, with a total installed capacity of 1,741 MW.
Morocco, UAE, and South Africa are the primary contributors to the growth of the Concentrating Solar Power (CSP) Market in the Middle East. The region's market expansion is being fuelled by the growing demand to create continuous renewable energy to support rising economic activity.
Companies playing a prominent role in the global concentrating solar power market include Abengoa, BrightSource Energy, ACWA Power, Aalborg CSP, SolarReserve, Flagsol Engineering GmbH, Alsolen, Cobra Energia, Torresol Energy, and Others.
By Technology
By Capacity
By End-User
By Region
Frequently Asked Questions
In 2023, the global market for concentrating solar power was valued at US$ 6.85 billion.
The concentrating solar power market is being driven by environmental concerns about carbon emissions and efforts to minimise air pollution, government policy support to encourage the adoption of renewable technologies, and the ability of CSP systems to integrate with thermal storage systems.
Due to an increase in CSP plant installations, Asia Pacific will be the fastest-growing area during the anticipated year, with nations such as China, India, and Australia leading the way.
CSP plants employ mirrors to concentrate the sun's energy, which is then used to power traditional steam turbines or engines to generate electricity. A CSP plant's concentrated thermal energy can be stored and used to generate electricity whenever it is needed, day or night.
The market for concentrated solar power is divided into four categories: technology, capacity, end user and geography.
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