Concentrated Solar Power Market Analysis and Global Forecast 2021-2034

Concentrated Solar Power Market Overview

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

Global Concentrated Solar Power Market Synopsis

Global Concentrated Solar Power Market Dynamics

The major factors that have impacted the growth of Concentrated Solar Power are as follows:

Drivers:

⮚     Technological Advancements

Advancements in CSP technology have yielded notable gains in efficiency and cost reduction. The overall performance of CSP systems has improved due to advancements in solar collector designs, heat transfer fluids, and energy storage options. Because of these developments, CSP can now convert energy at higher rates and have longer operating lifetimes than other energy sources.

Restraint:

• Intermittent Energy Production

Even if thermal energy storage can be incorporated into CSP systems, direct sunlight is still necessary for their best performance. Because of this reliance, CSP is vulnerable to seasonal variations in weather and other factors, which can cause intermittency problems. CSP plants may produce less electricity on cloudy days or in areas with reduced solar insolation, which can impact grid stability and reliability, especially in the absence of adequate storage solutions.

Opportunity:

⮚     Job Creation and Economic Development

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.

Concentrated Solar Power Market Segment Overview

By Technology

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.

By Capacity

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.

By Operation type

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.

Global Concentrated Solar Power Market Regional Analysis

Based on region, the market has been divided into North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America. The area of North America is anticipated to dominate the market for the usage of Concentrated Solar Power, followed by those in Asia-Pacific and Europe.

Concentrated Solar Power North America Market

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.

Concentrated Solar Power Asia Pacific Market

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.

Competitive Landscape

The competitive landscape includes key players (tier 1, tier 2, and local) having a presence across the globe. Companies such as Abengoa, BrightSource Energy, SIEMENS, Acciona, and Aalborg CSP are some of the leading players in the global  Concentrated Solar Power Industry. These players have adopted partnership, acquisition, expansion, and new product development, among others as their key strategies.

Key Market Players:

• Abengoa
• BrightSource Energy
• SIEMENS
• Acciona
• Aalborg CSP
• TSK FI
• ACWA POWER
• INITEC Energia
• Enel Spa
• Torresol energy

Key development:

June 2021: ACWA made a discharging contract with Eskom Holdings SOC Ltd and secured several USD million in funding to build the biggest Concentrating Solar Power plant in South Africa. Redstone CSP is directed to have a bearing capacity of 100 MW and is ready to enter financial operations in the 4th quarter of 2023. The plant will have a 12-hour thermal storage system to cater to the power demand of nearly 200,000 homes 24/7.

Scope of the Report

Global Concentrated Solar Power Market, by Technology

• Solar Power Tower
• Linear Concentrating Systems
• Stirling Dish technology
• Others

Global Concentrated Solar Power Market, by Capacity

• Less than 50 MW
• 50 MW to 99 MW
• 100 MW and above

Global Concentrated Solar Power Market, by Operation type

• Stand-alone Systems
• With storage

Global Concentrated Solar Power Market, by Region

• North America
  • US
  • Canada
  • Mexico
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Benelux
  • Nordic
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • South Korea
  • Indonesia
  • Austalia
  • Malaysia
  • India
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of Middle East & Africa

Parameters	Indicators
Market Size	2034: USD 29.65 Billion
CAGR (2021-2034)	25.14%
Base year	2023
Forecast Period	2021-2034
Historical Data	2021 (2017 to 2020 On Demand)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Key Segmentations	Technology, Capacity, Operation type
Geographies Covered	North America, Europe, Asia-Pacific, South America, Middle East, Africa
Key Vendors	Abengoa, BrightSource Energy, SIEMENS, Acciona, Aalborg CSP, TSK FI, ACWA POWER, INITEC Energia, Enel Spa, Torresol energy
Key Market Opportunities	·       New product launches and research & development among various companies
Key Market Drivers	·       Initiatives by the government to enable renewable technologies.

 

REPORT CONTENT BRIEF:

• High-level analysis of the current and future Concentrated Solar Power market trends and opportunities
• Detailed analysis of current market drivers, restraining factors, and opportunities in the future
• Concentrated Solar Power market historical market size for the year 2022, and forecast from 2021 to 2034
• Concentrated Solar Power market share analysis at each product level
• Competitor analysis with detailed insight into its product segment, Government & Defense strength, and strategies adopted.
• Identifies key strategies adopted including product launches and developments, mergers and acquisitions, joint ventures, collaborations, and partnerships as well as funding taken and investment done, among others.
• To identify and understand the various factors involved in the global Concentrated Solar Power market affected by the pandemic
• To provide a detailed insight into the major companies operating in the market. The profiling will include the Government & Defense health of the company’s past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.