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How has the concentrating solar power market grown over the years?

The market size for concentrating solar power has seen a significant increase in the past few years. The market is projected to expand from $7.89 billion in 2024 to $9.38 billion in 2025, showing a compound annual growth rate (CAGR) of 19.0%. Factors such as government incentives, environmental awareness, energy security, and worldwide energy demand have contributed to the growth observed in the historical period.

What Is the forecasted market size and growth rate for the concentrating solar power market?

The market size of concentrating solar power is anticipated to expand rapidly in the coming years. The forecast predicts that the market will reach $16.98 billion by 2029, increasing at a compound annual growth rate (CAGR) of 16.0%. The predicted growth during this period is largely due to factors such as cost reductions, integration of storage, supportive policies, and mitigation of climate change. The forecast period is likely to witness several trends, including hybridization, advancement in storage solutions, technological innovation, expansion of the global market, corporate devotion to sustainability, and a shift towards decentralized energy production.

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What are the major factors driving growth in the concentrating solar power market?

The surge in demand for renewable energy is fuelling the expansion of the concentrating solar power market. Renewable energy, gathered from recyclable resources such as sunlight, wind, rain, geothermal heat, tides, and waves, mitigates the impacts of global warming and resolves issues associated with fossil fuels. The escalating demand for electricity in conjunction with strict regulations on greenhouse gas emissions promotes the adoption and necessity for renewable energy. Technologies used in concentrating solar power utilise mirrors to concentrate the sun’s light energy, converting it into heat, which then powers a turbine for electricity generation. For example, in January 2024, the IEA, an independent intergovernmental organisation based in Paris, reported that the world added 50% more renewable capacity in 2023 compared to 2022, predicting the forthcoming five years to witness the quickest growth. Moreover, solar PV and wind are responsible for 95% of this increase, enabling renewables to surpass coal as the prime source of global electricity production by early 2025. Hence, the escalating demand for renewable energy propels the expansion in the concentrating solar power market.

What key areas define the segmentation of the global concentrating solar power Market?

The concentrating solar power market covered in this report is segmented –

1) By Technology: Parabolic Trough, Solar Power Tower, Fresnel Reflectors, Dish Stirling

2) By Capacity: Less Than or Equal To 50 MW, Greater Than 50 MW To Less Than or Equal To 100 MW, Greater Than 100 MW

3) By Heat Transfer Fluid: Molten Salt, Water-Based, Oil-Based, Other Heat Transfer Fluids

4) By Storage: With Storage, Without Storage

5) By Application: Utility, EOR, Desalination, Other Applications

Subsegments:

1) By Parabolic Trough: Single-Trough Systems, Dual-Trough Systems

2) By Solar Power Tower: Central Receiver Systems, Integrated Energy Storage Systems

3) By Fresnel Reflectors: Linear Fresnel Systems, Fixed vs. Tracking Systems

4) By Dish Stirling: Stand-Alone Systems, Hybrid Systems

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What are the top market players propelling the growth of the concentrating solar power industry?

Major companies operating in the concentrating solar power market include Abengoa S. A., BrightSource Energy Inc., ACWA Power, Aalborg CSP A/S, General Electric Company, Atlantica Sustainable Infrastructure plc, TSK Flagsol Engineering GmbH, Enel Green Power Corporation, Acciona S. A., Frenell GmbH, Suntrace GmbH, Torresol Energy, Trivelli Energia srl, Soltigua S. r. l, Engie SA, Nextera Energy Inc., Chiyoda Corporation, Heliogen Inc., Siemens Energy AG, SolarReserve LLC, eSolar Inc., Schott AG, Sener Grupo de Ingeniería group., Lointek Sistemas Solar Térmicos, GlassPoint Solar Inc., Rackam Energy, Soliterm Group GmbH

What are the key trends shaping the future of the concentrating solar power market?

Leading businesses in the concentrating solar power (CSP) market are leveraging technological advancements like Gen3 Concentrating Solar Power (CSP) commercial demonstration to boost energy efficiency and sustainability. This move is a response to the increasing need for renewable energy solutions and is contributing to global efforts to cut carbon emissions. The Gen3 CSP commercial demonstration, essentially, applies and tests sophisticated third-generation CSP technologies to improve the efficiency and cost-effectiveness of solar power generation. The aim is to encourage a broader acceptance and investment in renewable energy solutions. For example, Heliogen Inc., a US-based electric services company, marked two significant product development milestones in relation to its Capella Project in October 2023. These milestones were the propagation of the first commercial-scale centrifugal particle receiver for on-sun testing and the finalization of the prototype particle receiver design verification for Capella. Through the launch of this project, industries can harness solar energy for high-value procedures, decrease dependency on fossil fuels, refine economic outcomes, and contribute to climate change mitigation.

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What regions are dominating the concentrating solar power market growth?

North America was the largest region in the concentrating solar power market in 2024. Asia-Pacific is expected to be the fastest-growing region in the concentrating solar power market share during the forecast period. The regions covered in the concentrating solar power market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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