Concentrated Solar Power Market
Report ID: SQMIG55E2067
Report ID: SQMIG55E2067
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Report ID:
SQMIG55E2067 |
Region:
Global |
Published Date: February, 2025
Pages:
195
|Tables:
91
|Figures:
71
Concentrated Solar Power Market size was valued at USD 9.65 Billion in 2024 and is poised to grow from USD 11.08 Billion in 2025 to USD 33.44 Billion by 2033, growing at a CAGR of 14.8% during the forecast period (2026–2033).
The concentrated solar power market is growing rapidly because of the rising demand for solar energy for the production of electricity. The solar PV is quickly becoming one of the most cost-efficient alternatives for generating electricity globally, boosting the growth of the market. Furthermore, other factors that are fueling the concentrated solar power market growth are the increasing demand for electricity and the rising affordability of solar-powered electricity. Moreover, the concentrated solar power industry also has seen impressive growth because of the rising focus on climate change along with the demand for cleaner and sustainable energy sources. The prominent players in the sector are focusing on developing CSP plants, as well as those that manufacture key components like mirrors, receivers, and thermal storage systems. The concentrated solar power industry has seen impressive growth in response to the growing focus on climate change and the demand for cleaner, more sustainable energy sources. Government support, advancements in technology, and decreasing costs have all played a role in driving this expansion.
Concentrated solar power (CSP) is a renewable energy technology that uses sunlight for creating electricity. In comparison with the regular solar panels that change sunlight into electricity with photovoltaic cells, CSP systems focuses on sunlight onto a small area through mirrors or lenses. This heats up a fluid such as water or molten salt, which then generates steam to power a turbine connected to a generator, ultimately producing electricity. CSP is beneficial in sunny regions and can provide consistent electricity through the use of thermal storage systems, even during cloudy days. CSP also has an advantage over PV cells in that it can create power even when the sun is not shining. This is accomplished using thermal storage devices, which can store heat and use it to generate energy during cloudy or nighttime conditions. As many governments fund renewable energy alternatives to fulfill rising electricity demand while reducing their environmental footprint, the CSP market is expected to experience significant investments.
Key Market Attributes
In September 2024, Masdar made announcement about their plan of acquiring Saeta Yield. It is a prominent independent developer, owner, and operator of renewable energy assets. Moreover, Saeta Yield is offering expertise throughout the value chain of renewable energy projects. However, this acquisition does not have a regulated portfolio of 350 MW of concentrated solar power assets. This will stay under the ownership of Brookfield.
In October 2023, Australian researchers achieved an important breakthrough in the concentrated solar power storage. This was done by with the help of heating ceramic particles to a massive amount of temperature by using concentrated sunlight. This innovation can make way for efficient and dependable solar energy storage solutions. This approach is including dropping ceramic particles through a beam of concentrated sunlight, which is helping them in absorbing and storing thermal energy for long period. This technology offers a potential option for traditional energy storage procedures like lithium-ion batteries, which deals with difficulties like expense, self-discharge, and safety concerns.
In August 2023, Siemens made announcement that they will begin the production of photovoltaic inverters in Kenosha, Wisconsin. This announcement was done along with the visit of President Biden in Wisconsin. The company is producing solar energy components that are especially designed for serving the US market. It is owned and operated by the organization’s long-term manufacturing partner Sanmina. It is a Kenosha plant that is helping in fulfilling the increasing demand for local manufacturing of crucial parts of solar projects.
Market snapshot - 2026-2033
Global Market Size
USD 8.41 billion
Largest Segment
Parabolic Trough
Fastest Growth
Power Tower
Growth Rate
14.8% CAGR
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Global Concentrated Solar Power Market is segmented by Technology, Capacity, Component, End-Use and region. Based on Technology, the market is segmented into Parabolic Trough, Solar Power Tower, Linear Fresnel and Dish/Engine Systems. Based on Capacity, the market is segmented into Less than 50 MW, 50 MW to 99 MW and 100 MW and Above. Based on Component, the market is segmented into Solar Field, Power Block and Thermal Energy Storage System. Based on End-Use, the market is segmented into Residential, Commercial, Industrial and Utilities. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Analysis by Technology
Based on technology, the parabolic trough segment is dominating with the largest concentrated solar power market share. The parabolic trough segment is leading in the market due to the maturity and proven reliability of parabolic trough technology, which uses long, curved mirrors to focus sunlight onto a receiver tube containing a heat transfer fluid. The heated fluid is then used to generate steam, driving a turbine to produce electricity. Parabolic trough systems are well-established, with several large-scale commercial plants operating worldwide. Their ability to integrate thermal energy storage systems, providing consistent power even during non-sunny periods, makes them a preferred choice for utility-scale CSP projects.
The power tower segment is expected to witness significant demand growth during the forecast period. The demand for power tower technology is increasing, particularly in countries with ample land for construction, as power towers require vast spaces to operate. A significant element driving revenue growth in this category during the projection period is the rising popularity of solar power towers because of their many benefits, including lower operating costs, water usage, and increased thermal storage capacity. These factors are contributing to the growth of the segment in the concentrated solar power market. Additionally, its widespread adoption is mainly due to its affordable installation cost and straightforward assembly technique.
Analysis by End User
Based on end user, the utility segment is dominating the concentrated solar power market. The utilities segment is leading in the global concentrated solar power market primarily due to the increasing demand for large-scale renewable energy projects. Utilities are leveraging CSP technology to generate electricity on a commercial scale, benefiting from its ability to provide stable and dispatchable power. CSP plants can integrate thermal energy storage systems, allowing them to supply electricity even during non-sunny periods, which enhances grid stability and reliability. This capability makes CSP an attractive option for utilities aiming to meet renewable energy targets and reduce their carbon footprint.
As per concentrated solar power market analysis, the residential segment is expected to be the fastest growing segment. CSP projects are generally built at remote locations with ample open land and access to direct sunlight. Concentrated solar power projects generate around 50 – 800 MW of electricity which can be transported to nearby towns and communities. Clean energy created a positive environmental impact and creates social value among local communities. The heat produced by CSP's exhaust can be used to warm water for use in homes, dorms or hospitals. The hot water can be used for various purposes, such as cleaning, bathing, cooking, and more. One of the most crucial uses of concentrated solar power in residential segments is heating water and increasing savings in electricity. Additionally, CSP's heat energy can be used for heating spaces in buildings like factories, hospitals, dorms, and homes.
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North America is dominating with the largest concentrated solar power market share. North America is dominating in the concentrated solar power market because of the significant investments in renewable energy infrastructure and supportive government policies. The region's emphasis on reducing greenhouse gas emissions and transitioning to sustainable energy sources has facilitated the expansion of CSP projects. Technological advancements and the presence of major industry players further strengthen the market is also witnessing competitive edge, enabling it to capture a substantial share of the global industry. The U.S. concentrated solar power market held a leading position in 2024, fueled by federal and state-level incentives to promote renewable energy. Key initiatives, such as tax credits and grants, have encouraged investment in CSP technologies, leading to the development of large-scale solar plants.
The region of Europe is anticipated to witness the highest growth during the concentrated solar power market forecast period. Countries including Spain and Italy have been pivotal in advancing CSP technology, supported by robust policy frameworks and funding mechanisms. However, the market faces challenges, including competition from other renewable sources and regulatory hurdles. Nevertheless, Europe’s focus on innovation and its integration of CSP with other renewable technologies indicate a resilient market poised for future growth. Moreover, the increased investments towards the adoption of the latest technologies are a significant factor that has boosted the growth of the concentrated solar power market.
In Asia Pacific is witnessing a gradual growth during the concentrated solar power market forecast period. This growth is mainly because of the increasing energy demands, rapid industrialization, and a growing recognition of the need for sustainable energy solutions. Countries such as China and India are leading the charge, implementing ambitious solar energy targets and investing heavily in CSP projects. The region's unique geographical advantages, such as high solar insulation, further enhance its potential, positioning Asia Pacific as a key player in the global CSP landscape. The favorable government policies to encourage the adoption of green and clean energy are further propelling the growth of the Asia Pacific concentrated solar power market.
The concentrated solar power (CSP) market in Latin America is rapidly expanding, driven by the region's abundant sunlight and commitment to renewable energy. One significant segment is utility-scale CSP plants, which harness solar energy through mirrors or lenses to generate electricity for large grids. Countries like Chile and Mexico are leading the way, implementing CSP projects that enhance energy security and reduce carbon emissions. As investment and technology continue to improve, the CSP market is poised for substantial growth, positioning Latin America as a key player in the global transition to sustainable energy solutions.
Factors such as supportive government policies and increasing efforts to meet power demand using renewable energy sources is contributing to the growth of the market in Middle East & Africa. Moreover, reducing dependency on fossils is also fuelling the market growth in the region. Besides, many ambitious photovoltaic projects are lined up in the forecast period and are expected to drive the concentrated solar power market in Middle East & Africa region in the coming years. The upcoming solar power projects, along with the use of hybrid power solutions in this region, can create immense opportunities for the concentrated solar power market soon. Saudi Arabia is expected to witness significant demand due to the number of ongoing and upcoming projects over the forecast period.
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Concentrated Solar Power Market Driver
Increasing Government Fundings and Initiatives
Rising Emphasis on Energy Storage
Concentrated Solar Power Market Restraints
High Initial Expenses
Availability of Alternate Solutions
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Leading market players are investing heavily in research and development to expand their product lines, which will help the Concentrating Solar Power market grow even more. Market participants are also undertaking various strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. The concentrated solar power industry must offer cost-effective items to expand and survive in a more competitive and rising market climate. Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the Concentrating Solar Power industry to benefit clients and increase the market sector.
Top Player’s Company Profile
Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the concentrated solar power is used for generating steam, which drives a turbine connected to a generator to produce electricity. CSP is popular for its immense potential to store thermal, which helps in the generation of electricity even when there is no sunlight. This is making concentrated solar power a dependable and sustainable energy solution. The global concentrated solar power industry is also growing rapidly because of the increasing transformation towards renewable energy and governmental initiatives for decreasing carbon footprints. Furthermore, factors like increasing efficiency, affordability, and energy storage capabilities are also driving the expansion of the CSP market, positioning it as a key player in the renewable energy sector.
| Report Metric | Details |
|---|---|
| Market size value in 2024 | USD 9.65 Billion |
| Market size value in 2033 | USD 33.44 Billion |
| Growth Rate | 14.8% |
| Base year | 2024 |
| Forecast period | 2026-2033 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
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| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
Methodology
For the Concentrated Solar Power Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Concentrated Solar Power Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Concentrated Solar Power Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Concentrated Solar Power Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
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