Concentrated Solar Power (CSP) Market Size (2024 - 2029)

The Concentrated Solar Power market is projected to experience growth over the forecast period, driven by the decreasing costs of related technologies. Despite potential challenges from the rising adoption of solar photovoltaics and other renewable technologies, advancements in technology and the integration of concentrated solar power into hybrid power plants are expected to offer significant opportunities. The market's expansion is anticipated to be particularly pronounced in Europe, where new projects are emerging to meet increasing electricity demand and a commitment to renewable energy sources, thereby enhancing the market's scale and reach.

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Market Size of Concentrated Solar Power (CSP) Industry

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Concentrated Solar Power (CSP) Market Summary
Study Period 2019-2029
Base Year For Estimation 2023
CAGR (2024 - 2029) 6.93 %
Fastest Growing Market Asia-Pacific
Largest Market Europe
Market Concentration High

Major Players

Concentrated Solar Power (CSP) Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Concentrated Solar Power (CSP) Market Analysis

The Concentrated Solar Power Market size is estimated at 10.36 gigawatt in 2024, and is expected to reach 14.49 gigawatt by 2029, growing at a CAGR of 6.93% during the forecast period (2024-2029).

  • Over the long term, the declining cost of concentrated solar power technologies is expected to drive the market.
  • On the other hand, the increasing adoption of solar photovoltaics and other renewable technologies is expected to hinder the market growth during the forecast period.
  • Nevertheless, technology improvements and integration of concentrated solar power in hybrid power plants. This will positively impact the environment, and climate change is expected to create several opportunities for Concentrating the solar power market in the future.
  • Europe is expected to dominate the market as the solar sector in the region is witnessing new projects at the outset of growing electricity demand and focusing on using renewable energy sources to curb pollution levels, therefore resulting in increasing demand for CSP during the forecast period.

Concentrated Solar Power (CSP) Industry Segmentation

Concentrated Solar Power (CSP) is the technology developed to generate electricity by transforming concentrated sunlight into solar thermal energy. Mirrors reflect solar radiation to a thermal receiver. The collected solar energy is then absorbed and used to heat the heat-transfer fluid (HFT). The heat retained in the fluid is accumulated, which powers a turbine to generate electrical energy.

The concentrated solar power market is segmented by technology, heat transfer fluid, and geography. By technology, the market is segmented into parabolic trough, linear fresnel, power tower, and dish/stirling. Heat transfer fluid: the market is segmented into molten salt, water-based, oil-based, and other heat transfer fluids. The report also covers the market size and forecasts for the concentrated solar power (CSP) market across major regions, such as Asia-Pacific, North America, Europe, South America, and the Middle East and Africa. 

For each segment, the market sizing and forecasts have been done based on revenue (USD).

Technology
Parabolic Trough
Linear Fresnel
Power Tower
Dish/Stirling
Heat Transfer Fluid
Molten Salt
Water-based
Oil-based
Other Heat Transfer Fluids
Geography
North America
United States
Mexico
Rest of North America
Europe
Germany
Italy
France
Spain
Rest of Europe
Asia-Pacific
China
India
South Korea
Rest of Asia-Pacific
South America
Brazil
Chile
Rest of South America
Middle-East and Africa
United Arab Emirates
Saudi Arabia
South Africa
Rest of Middle East and Africa
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Concentrated Solar Power (CSP) Market Size Summary

The concentrated solar power (CSP) market is poised for growth, driven by the declining costs of CSP technologies and advancements in hybrid power plant integrations. Despite the competitive pressure from solar photovoltaics and other renewable energy sources, CSP is expected to benefit from technological improvements and its role in mitigating climate change. Europe is anticipated to lead the market, fueled by increasing electricity demand and a strong focus on renewable energy to reduce pollution. The region's commitment to CSP is further supported by initiatives like MUSTEC and Solaris ERIC, which aim to enhance CSP project development and research. Additionally, government incentives in countries like Germany and Spain are expected to boost CSP installations, reinforcing Europe's dominant position in the market.

Parabolic trough collectors (PTCs) are among the most widely deployed CSP configurations globally, utilized in various applications such as industrial heating and power generation. Despite the complexity of their maintenance, PTCs are favored for their efficiency and versatility. Innovations, such as the low-cost PTC developed by the Indian Institute of Technology Madras, highlight the ongoing advancements in CSP technology. The market is moderately consolidated, with key players like ACWA Power and Engie SA driving growth. Recent developments, including funding for new CSP projects in Australia and tender invitations in India, indicate a robust pipeline of CSP initiatives, ensuring the market's expansion during the forecast period.

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Concentrated Solar Power (CSP) Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD billion, till 2028

    3. 1.3 Installed CSP Capacity and Forecast in MW, till 2028

    4. 1.4 Recent Trends and Developments

    5. 1.5 Government Policies and Regulations

    6. 1.6 Market Dynamics

      1. 1.6.1 Drivers

        1. 1.6.1.1 Declining Cost of Concentrated Solar Power Technologies

      2. 1.6.2 Restraints

        1. 1.6.2.1 Supportive Government Policies for Other Renewable Energy Sources

    7. 1.7 Supply Chain Analysis

    8. 1.8 Porter's Five Forces Analysis

      1. 1.8.1 Bargaining Power of Suppliers

      2. 1.8.2 Bargaining Power of Consumers

      3. 1.8.3 Threat of New Entrants

      4. 1.8.4 Threat of Substitutes Products and Services

      5. 1.8.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Technology

      1. 2.1.1 Parabolic Trough

      2. 2.1.2 Linear Fresnel

      3. 2.1.3 Power Tower

      4. 2.1.4 Dish/Stirling

    2. 2.2 Heat Transfer Fluid

      1. 2.2.1 Molten Salt

      2. 2.2.2 Water-based

      3. 2.2.3 Oil-based

      4. 2.2.4 Other Heat Transfer Fluids

    3. 2.3 Geography

      1. 2.3.1 North America

        1. 2.3.1.1 United States

        2. 2.3.1.2 Mexico

        3. 2.3.1.3 Rest of North America

      2. 2.3.2 Europe

        1. 2.3.2.1 Germany

        2. 2.3.2.2 Italy

        3. 2.3.2.3 France

        4. 2.3.2.4 Spain

        5. 2.3.2.5 Rest of Europe

      3. 2.3.3 Asia-Pacific

        1. 2.3.3.1 China

        2. 2.3.3.2 India

        3. 2.3.3.3 South Korea

        4. 2.3.3.4 Rest of Asia-Pacific

      4. 2.3.4 South America

        1. 2.3.4.1 Brazil

        2. 2.3.4.2 Chile

        3. 2.3.4.3 Rest of South America

      5. 2.3.5 Middle-East and Africa

        1. 2.3.5.1 United Arab Emirates

        2. 2.3.5.2 Saudi Arabia

        3. 2.3.5.3 South Africa

        4. 2.3.5.4 Rest of Middle East and Africa

Concentrated Solar Power (CSP) Market Size FAQs

The Concentrated Solar Power Market size is expected to reach 10.36 gigawatt in 2024 and grow at a CAGR of 6.93% to reach 14.49 gigawatt by 2029.

In 2024, the Concentrated Solar Power Market size is expected to reach 10.36 gigawatt.

Concentrated Solar Power (CSP) Market Report Snapshots

Concentrated Solar Power Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)