The Business Research Company’s report on the Concentrating Solar Power Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
How have key drivers contributed to the rapid growth of the concentrating solar power market?
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 adaptation 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, in January 2024, according to IEA, a Paris-based autonomous intergovernmental organization, the world added 50% more renewable capacity in 2023 than in 2022, and the next five years will see the fastest growth yet. Additionally, Solar PV and wind account for 95% of the expansion, with renewables overtaking coal to become the largest source of global electricity generation by early 2025. Therefore, growing demand for renewable energy is driving growth in the concentrating solar power market.
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How has the concentrating solar power market size evolved, and what are the latest forecasts for its expansion?
The concentrating solar power market size has grown rapidly in recent years. It will grow from $7.89 billion in 2024 to $9.38 billion in 2025 at a compound annual growth rate (CAGR) of 19.0%. 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 $16.98 billion in 2029 at a compound annual growth rate (CAGR) of 16.0%. 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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Which major companies dominate the concentrating solar power market?
Major companies operating in the concentrating solar power market include 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, Soltigua S. r. l, Engie SA, Nextera Energy Inc., Chiyoda Corporation, Heliogen Inc., Siemens Energy AG, SolarReserve LLC, eSolar Inc., Schott AG, Sener Grupo de Ingeniería group., Lointek Sistemas Solar Térmicos, GlassPoint Solar Inc., Rackam Energy, Soliterm Group GmbH
What trends will shape the future of the concentrated milk fat market?
Major companies in the concentrating solar power (CSP) market are harnessing innovations such as Gen3 Concentrating Solar Power (CSP) commercial demonstration to enhance energy efficiency and sustainability, responding to the growing demand for renewable energy solutions and contributing to global efforts in reducing carbon emissions. Gen3 Concentrating Solar Power (CSP) commercial demonstration involves the practical implementation and testing of advanced third-generation CSP technologies to enhance efficiency and cost-effectiveness in solar energy generation, aiming to promote wider adoption and investment in renewable energy solutions. . For instance, in October 2023, Heliogen Inc. a US-based electric services company has completed two key product development milestones related to its Capella Project, the world’s first fully integrated Gen3 Concentrating Solar Power (CSP) commercial demonstration. They are the deployment of the first commercial-scale centrifugal particle receiver for on-sun testing and the completion of the prototype particle receiver design verification for Capella. This launch enables industries to harness solar energy for high-value processes, reducing reliance on fossil fuels and improving economic outcomes while contributing to climate change mitigation.
Which region dominates the concentrating solar power market, and what factors contribute to its leadership?
North America was the largest region in the concentrating solar power market in 2024. 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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How is the concentrating solar power market segmented, and which segment holds the largest share?
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
Subsegments:
1) By Parabolic Trough: Single-Trough Systems, Dual-Trough Systems
2) By Solar Power Tower: Central Receiver Systems, Integrated Energy Storage Systems
3) By Fresnel Reflectors: Linear Fresnel Systems, Fixed vs. Tracking Systems
4) By Dish Stirling: Stand-Alone Systems, Hybrid Systems
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What defines the structure and scope of the concentrating solar power market?
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.
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