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

The North America concentrated solar power market is poised for growth, driven by the region's leadership in renewable energy technology and supportive government policies. Despite challenges such as higher initial investment and operational costs compared to solar PV, the market's expansion is supported by reduced solar technology costs and increased investment in renewable solutions. The Power tower project is anticipated to be a key contributor to the market's development, offering higher efficiency. Mexico presents emerging opportunities for market growth, while the United States remains a dominant force due to its robust support for concentrated solar power research and development.

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Market Size of North America Concentrated Solar Power (CSP) Industry

North America CSP Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
CAGR 2.50 %
Fastest Growing Market North America
Largest Market North America
Market Concentration Medium

Major Players

North America CSP Market Major Players

*Disclaimer: Major Players sorted in no particular order

North America Concentrated Solar Power Market Analysis

North America concentrated solar power (CSP) market is expected to grow at a CAGR of more than 2.5% in the forecast period of 2022-2027. North America is the leading region in the implementation of renewable energy technology. This can be ascribed to the ease of availability of sustainable technologies and infrastructure in the region. During the Covid-19 pandemic, due to lockdown and cross-border restrictions, there were limitations on the movement of manpower and supply of goods & raw materials in North America. Furthermore, the lockdown resulted in lower demand for electricity from commercial and industrial facilities, as these facilities were completely shut down during the pandemic. However, due to the rise in the investment in renewable energy solutions in all major countries in North America, the market is expected to grow in a couple of years. Moreover, the government's supportive policies and reduction in solar energy technology costs are expected to drive the market during the forecast period. However, higher initial investment and operational costs, compared to solar PV technology, are anticipated to hinder the market's growth during the forecast period.

  • The Power tower project is expected to dominate the market during the forecast period. This technology accounts for 60% of the projects. The system provides higher efficiency as the concentration of light is onto a one single receiver which yields higher temperature.
  • According to the International Renewable Energy Agency, Mexico is expected to provide opportunities for CSP market in the near future. The country has potential to generate 60 GW of wind and solar energy by 2030. Futhermore, the country is also aiming to utilize 21% of its the renewable enegry by 2030. To achieve this Mexico need annual addition of 1.7 GW of wind energy, 1.5 GW of solar photovoltaic PV and 100 MW concentrated solar power.
  • The United States has dominated the concentrated solar power market. The government's supportive policies for the research and development of concentrated solar power plants are expected to drive the market in the country.

North America Concentrated Solar Power Industry Segmentation

The Scope of North America concentrated solar power market includes:-

Technology
Parabolic Trough
Linear Fresnel
Power Tower
Dish/Stirling
Geography
Canada
United States
Rest of North America
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North America Concentrated Solar Power (CSP) Market Size Summary

The North America concentrated solar power (CSP) market is poised for growth, driven by the region's leadership in renewable energy technology implementation. The availability of sustainable technologies and infrastructure supports this expansion, despite challenges posed by the Covid-19 pandemic, which temporarily disrupted supply chains and reduced electricity demand. The market's growth is further bolstered by increased investments in renewable energy and supportive government policies, although high initial and operational costs compared to solar photovoltaic technology may pose challenges. Power tower systems are expected to dominate the market due to their higher efficiency and ability to achieve elevated temperatures, which enhance energy conversion efficiency and reduce costs.

The United States leads the North American CSP market, supported by government initiatives and research funding aimed at improving CSP technology performance and reducing costs. The presence of CSP projects since the late 1970s and a focus on reducing carbon emissions have contributed to the region's market development. Mexico also presents opportunities for CSP growth, with plans to increase its renewable energy capacity significantly by 2030. The market is moderately fragmented, with key players including CSP Ultra Lite Solar, BrightSource Energy, Inc., and ACCIONA. Despite a stagnant period, the market is expected to experience significant growth, driven by technological advancements and increased focus on renewable energy solutions.

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North America 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 2027

    3. 1.3 Installed CSP Capacity and Forecast in xMW, till 2027

    4. 1.4 Recent Trends and Developments

    5. 1.5 Government Policies and Regulations

    6. 1.6 Market Dynamics

      1. 1.6.1 Drivers

      2. 1.6.2 Restraints

    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 Geography

      1. 2.2.1 Canada

      2. 2.2.2 United States

      3. 2.2.3 Rest of North America

North America Concentrated Solar Power (CSP) Market Size FAQs

The North America Concentrated Solar Power (CSP) Market is projected to register a CAGR of greater than 2.5% during the forecast period (2024-2029)

CSP Ultra Lite Solar. , BrightSource Energy, Inc., EnergyNest AS., ACCIONA and Abengoa are the major companies operating in the North America Concentrated Solar Power (CSP) Market.

North America Concentrated Solar Power (CSP) Report Snapshots

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