PUBLISHER: The Business Research Company | PRODUCT CODE: 1648628
PUBLISHER: The Business Research Company | PRODUCT CODE: 1648628
Concentrating solar power employs mirrors to focus the sun's energy, which is then used to power traditional steam turbines or engines to generate electricity. Thermal energy concentrated in a CSP plant collects solar radiation using reflecting or transmissive optical elements that focus the radiation to a focal point where it is directly transformed into thermal or electrical energy and is used to deliver heat for industries.
The main types of concentrating solar power are the parabolic trough, solar power tower, Fresnel reflectors, and dish Stirling. Solar concentrating systems using parabolic collectors composed of reflecting materials are known as parabolic-trough solar concentrating systems. The collectors reflect incident solar radiation onto its focal line, which is directed toward a receiver, which receives the concentrated solar energy and uses it to heat the fluid inside it. The various capacities of concentrating solar power are less than or equal to 50 MW, greater than 50 MW less than or equal to 100 MW, and greater than 100 MW and the different heat transfer fluids used are molten salt, water-based, oil-based, and other heat transfer fluids. The energy can be stored with storage, without storage techniques, and is used for utility, EOR (Enhanced Oil Recovery), desalination, and other applications.
The concentrating solar power market research report is one of a series of new reports from The Business Research Company that provides concentrating solar power market statistics, including concentrating solar power industry global market size, regional shares, competitors with a concentrating solar power market share, detailed concentrating solar power market segments, market trends and opportunities, and any further data you may need to thrive in the concentrating solar power industry. This concentrating solar power market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The concentrating solar power market size has grown rapidly in recent years. It will grow from $7.89 billion in 2024 to $9.38 billion in 2025 at a compound annual growth rate (CAGR) of 19.0%. The growth in the historic period can be attributed to government incentives, environmental concerns, energy security, global energy demand.
The concentrating solar power market size is expected to see rapid growth in the next few years. It will grow to $16.98 billion in 2029 at a compound annual growth rate (CAGR) of 16.0%. The growth in the forecast period can be attributed to cost reductions, storage integration, policy support, climate change mitigation. Major trends in the forecast period include hybridization, advanced storage solutions, technological innovations, global market expansion, corporate commitments to sustainability, focus on decentralized energy production.
The increasing demand for renewable energy is fueling the growth of the concentrating solar power market. Renewable energy is harnessed from sources such as wind, rain, sunlight, tides, waves, and geothermal heat, helping to mitigate the impacts of global warming and the challenges associated with fossil fuels. The rising need for electricity, along with stringent regulations on greenhouse gas emissions, is driving the adoption of renewable energy. Concentrating solar power technologies use mirrors to focus sunlight, converting it into heat to power a turbine that generates electricity. For example, in January 2024, the International Energy Agency (IEA), an autonomous intergovernmental organization based in Paris, reported that 2023 saw a 50% increase in renewable capacity compared to 2022. Over the next five years, renewable energy will experience its fastest growth yet. Additionally, Solar PV and wind will account for 95% of this expansion, with renewables surpassing coal as the largest source of global electricity generation by early 2025. As a result, the growing demand for renewable energy is driving the expansion of the concentrating solar power market.
Increasing investments in research and development are expected to propel the growth of the concentrating solar power market going forward. Investments in research and development (R&D) refer to the financial resources allocated by organizations, governments, or institutions to fund activities aimed at creating new knowledge, products, processes, or technologies. Investments in research and development (R&D) drive advancements in concentrating solar power, leading to improved efficiency, cost reduction, and technological innovations that expand its feasibility and adoption. For instance, in June 2023, according to the International Energy Agency, a France-based intergovernmental organization, public expenditure on energy research and development expanded by 10% in 2022, reaching approximately USD 44 billion, with 80% of the funding allocated to clean energy. Additionally, listed companies in energy-related sectors increased their R&D outlays by 10% in 2022, despite economic uncertainty and higher capital costs. Therefore, increasing investments in research and development are driving the growth of the concentrated solar power market.
Leading companies in the concentrating solar power (CSP) market are leveraging innovations like Gen3 CSP commercial demonstrations to improve energy efficiency and sustainability, addressing the rising demand for renewable energy solutions and supporting global efforts to reduce carbon emissions. Gen3 CSP demonstrations focus on the practical application and testing of advanced third-generation CSP technologies, aimed at increasing efficiency and reducing costs in solar energy generation, thereby promoting broader adoption and investment in renewable solutions. For example, in October 2023, Heliogen Inc., a U.S.-based electric services company, achieved two major product development milestones for its Capella Project, the world's first fully integrated Gen3 CSP commercial demonstration. These milestones include the deployment of the first commercial-scale centrifugal particle receiver for on-sun testing and the successful completion of prototype particle receiver design verification for Capella. This development allows industries to utilize solar energy for high-value processes, reducing dependence on fossil fuels, enhancing economic outcomes, and contributing to efforts to combat climate change.
Major companies operating in the concentrating solar power market are increasing their focus on introducing particle-based concentrating solar power (CSP) systems to gain a competitive edge in the market. A particle-based concentrating solar power (CSP) system is a type of solar thermal technology that uses solid particles, often small ceramic spheres or other materials, as the heat transfer and storage medium within the system. For instance, in February 2023, the U. S. Department of Energy (DOE), a US-based agency, opened a pilot facility at Sandia National Laboratories in New Mexico. The Generation 3 Particle Pilot Plant (G3P3) is the result of a $100 million research effort aimed at developing next-generation concentrated solar power (CSP) plants and showcasing storage technology. The G3P3 pilot is expected to be completed in 2024 and will demonstrate how CSP systems can provide long-duration energy storage while reducing costs and complexity for solar thermal technology. Its goal is to provide one gigawatt of storage for one hour at a single plant.
In September 2024, Masdar, a renewable energy company based in the UAE, acquired Saeta Yield for $1.4 billion. This acquisition is part of Masdar's strategy to accelerate the expansion of clean energy capacity across the Iberian Peninsula and Europe, strengthening its renewable energy portfolio to support the EU's goal of achieving net-zero emissions by 2050. Additionally, this move aligns with Masdar's broader objective of reaching a global capacity of 100GW by 2030. Saeta Yield S.A., a Spain-based company, specializes in the development, ownership, and operation of renewable energy assets.
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 Ingenieria group., Lointek Sistemas Solar Termicos, GlassPoint Solar Inc., Rackam Energy, Soliterm Group GmbH
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
The countries covered in the concentrating solar power market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.
The concentrating solar power market includes revenues earned by entities by providing linear concentrators, dish or engine, and power tower systems. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Concentrating Solar Power Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on concentrating solar power market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for concentrating solar power ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The concentrating solar power market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.