Updated 2025 Market Reports Released: Trends, Forecasts to 2034 — Early Purchase Your Competitive Edge Today!
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What Are The Current And Future Market Size And Growth Predictions For The Concentrating Solar Power Market?
The concentrating solar power market size has witnessed phenomenal growth in recent years. It is projected to grow from $7.89 billion in 2024 to $9.38 billion in 2025, marking a compound annual growth rate (CAGR) of 19.0%. The significant expansion of the market during the historic period was predominantly due to governmental incentives, environmental concerns, energy security, and global energy demand.
However, the forecast suggests even more rapid growth for the concentrating solar power market, potentially reaching $16.98 billion by 2029 at a CAGR of 16.0%. This growth prediction is attributed to factors such as cost reductions, storage integration, policy support, and climate change mitigation. Major trends steering the market in the forecast period comprise hybridization, advanced storage solutions, technological innovations, global market expansion, corporate commitments to sustainability, and a focus on decentralized energy production.
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What Are The Drivers Of The Concentrating Solar Power Market Growth?
The burgeoning demand for renewable energy is driving the growth of the concentrating solar power market. Renewable energy sources, including wind, rain, sunlight, tides, waves, and geothermal heat, offer a sustainable alternative to fossil fuels, helping to combat global warming. The increasing demand for electricity, combined with strict greenhouse gas emission regulations, bolsters the demand for and adoption of renewable energy. Concentrating solar power technologies, which employ mirrors to concentrate sunlight into heat for driving a turbine and generating electricity, are becoming increasingly popular.
How Can We Segregate The Concentrating Solar Power Market?
The concentrating solar power market report is segmented as follows:
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
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Who Are The Major Players In The Concentrating Solar Power Market?
Notable companies operating in the concentrating solar power market encompass 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., and Frenell GmbH, among others.
What Are The Emerging Trends In The Concentrating Solar Power Market?
Major companies in the concentrating solar power (CSP) market are leveraging innovations to enhance energy efficiency and sustainability. For instance, in October 2023, Heliogen Inc. achieved two significant milestones for its Capella Project — the world’s first fully integrated Gen3 Concentrating Solar Power (CSP) commercial demonstration.
Which Region Is Anticipated To Witness Rapid Growth In The Concentrating Solar Power Market?
In 2024, North America commanded the largest share of the concentrating solar power market. However, Asia-Pacific is projected to be the fastest-growing region during the forecast period.
What Does The Concentrating Solar Power Market Report 2025 Offer?
Concentrating solar power employs mirrors to focus the sun’s energy, powering traditional steam turbines or engines to generate electricity. This technology plays a key role in delivering heat for various industries. The Concentrating Solar Power Market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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