Concentrated Solar Power Market Soars: 25.14% CAGR

Evolve Business Intelligence has published a research report on the Global Concentrated Solar Power Market, 2021–2034. The global Concentrated Solar Power market is projected to exhibit a CAGR of around 4.41%during the forecast period of 2021 to 2034.

Evolve Business Intelligence has recognized the following companies as the key players in the global Concentrated Solar Power Market: Abengoa, BrightSource Energy, SIEMENS, Acciona, Aalborg CSP, TSK FI, ACWA POWER, INITEC Energia, Enel Spa, Torresol energy.

Market Highlights

The Concentrated Solar Power Market size accounted for USD 6.51 Billion in 2023 and is estimated to account for 7.63 Billion in 2024. The Market is expected to reach USD 29.65 Billion by 2034 growing at a compound annual growth rate (CAGR) of 25.14% from 2024 to 2034. The market for concentrated solar power, or CSP, is the application of solar energy to produce electricity by concentrating sunlight. In CSP systems, sunlight is focused using mirrors or lenses onto a tiny area, usually a receiver. The concentrated heat from the sun produces steam, which powers a turbine that is connected to a generator. This technology is frequently utilized in utility-scale power plants and is especially effective in regions with strong solar insolation. Solar collectors, heat transfer fluids, and energy storage systems—which enable electricity generation even in the absence of sunlight—are essential parts of CSP systems. The market is driven by the increasing need for renewable energy, technological developments, and government policies that assist the reduction of carbon emissions. Among the difficulties are high initial

Segmental Analysis

The global Concentrated Solar Power market has been segmented based on Technology, Capacity, Operation type

Based on the Technology, the market is segmented based on Solar Power Tower, Linear Concentrating Systems, Stirling Dish technology, Other. The 100 MW and larger sector usually has the most share because big-scale plants are more economical, can achieve economies of scale, and are more appropriate for utility-scale energy generation, which can effectively meet enormous energy demands.

Based on the Capacity, the market has been divided into Less than 50 MW, 50 MW to 99 MW, 100 MW and above. Large-scale plants are more efficient, realize economies of scale, and are better suited for utility-scale energy generation, which effectively meets significant energy demands. For these reasons, the sector of 100 MW and above usually dominates.

Based on Operation type , the market has been divided into Stand-alone Systems, With Storage. There may be job opportunities in manufacture, building, operation, and maintenance as a result of the development of CSP projects. These positions can support workforce development and boost regional economies. The economic benefits that communities derive from community solar power (CSP) are expected to garner public support for renewable energy projects, hence augmenting market opportunities.

Regional Analysis

The Concentrated Solar Power market is divided into five regions: North America, Europe, Asia-Pacific, South America, and the Middle East, &Africa. North America dominates the Concentrated Solar Power market due to several factors. The market for concentrated solar power in North America is expected to increase significantly. Numerous expansive CSP projects are in place around the nation, especially in the southwestern areas with abundant solar energy. To encourage the development of CSP, the US government has offered financial incentives and policy support. Furthermore, efforts in research and development have been directed on enhancing the effectiveness and affordability of CSP technology. The Asia-Pacific region has been witnessing remarkable growth in recent years. 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..