Global Concentrating Solar Power Market Insights Forecasts to 2033

• The Global Concentrating Solar Power Market Size was Valued at USD 52.98 Billion in 2023
• The Market Size is Growing at a CAGR of 18.55% from 2023 to 2033
• The Worldwide Concentrating Solar Power Market Size is Expected to Reach USD 290.49 Billion by 2033
• North America is Expected to Grow the fastest during the forecast period.

The Global Concentrating Solar Power Market Size is Anticipated to Exceed USD 290.49 Billion by 2033, Growing at a CAGR of 18.55% from 2023 to 2033.

Market Overview

Concentrating solar power is a technique that uses mirrors to focus sunlight onto receivers to produce solar electricity. In the global market for concentrating solar power, the technology is becoming more and more popular. With the use of CSP technology, solar energy might be captured, transformed into thermal energy for power generation, and then stored to provide electricity when needed. Consequently, this would allow CSP systems to be utilized as a baseload or flexible power supplier. Furthermore, CSP technology might be used to hybridize or back up fossil fuels, making non-renewable energy sources run cleaner by lowering greenhouse gas emissions at the same or lower cost. There are several types of CSP, including dish stirling, power towers, parabolic troughs, and linear fresnels. Because parabolic trough systems are more cost-effective and have better efficiency than other technologies, they are the most popular option for a variety of applications. Heat storage, enhanced performance, high efficiency, low cost, and high capacity factors are provided by power towers, whereas the linear fresnel system comprises ground-based, flat-curved mirrors angled at varying angles. As dish stirling systems don't need cooling systems to remove heat from the exhaust, they are perfect for areas with limited water resources.

Report Coverage

This research report categorizes the market for the global concentrating solar power market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global concentrating solar power market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global concentrating solar power market.

Driving Factors

A lot of countries include aggressive objectives for renewable energy in their efforts to combat climate change. These goals sometimes include a predetermined percentage of solar energy, which can stimulate demand for concentrating solar power installations and encourage technological advances. For developers of concentrating solar power facilities, governments might provide enticing feed-in tariffs or long-term power purchase agreements with fixed electricity rates. These systems guarantee revenue and make concentrating solar power plants profitable. To support concentrating solar power installations, governments may provide financial incentives such as tax breaks, grants, or subsidies. These incentives can lower the levelized cost of energy and upfront expenditures considerably, increasing the projects' competitiveness relative to traditional power sources. Governments frequently set aside funds for the study and advancement of renewable energy technology, such as concentrating solar power initiatives. These expenditures stimulate technical development, encourage innovation, and lower the cost of technologies used in concentrating solar power plants. Therefore, the market is driven by government financing and efforts.

Restraining Factors

Towers, mirrors, and thermal storage systems require being built as part of the significant initial infrastructure investment needed for concentrating solar power (CSP) facilities. These intricate and frequently specially designed components add to project expenses. Large areas of land with access to direct sunshine are usually necessary for plants. It can be costly to find and prepare adequate land, particularly in crowded or urbanized regions. Potential investors may be discouraged and project choices may be postponed due to the unpredictability of government regulations, incentives, and subsidies for renewable energy.

Market Segmentation

The global concentrating solar power market share is classified into technology, operation type, and end-user.

• The solar power tower segment is anticipated to hold the largest market share during the forecast period.

Based on the technology, the global concentrating solar power market is divided into solar power tower, linear concentrating system, and dish stirling. Among these, the solar power tower segment is anticipated to hold the largest market share during the forecast period. Because the steam cycle has better efficiency and can achieve high temperatures for power-generating operations, these factors are driving the market for solar power towers.

• The storage segment is anticipated to hold the largest market share during the forecast period.

Based on the operation type, the global concentrating solar power market is divided into stand-alone and storage. Among these, the storage segment is anticipated to hold the largest market share during the forecast period. The requirement to produce electricity continuously during the night and the capacity to run the plant for extended periods are what propel the market for the storage sector.

• The utilities segment is anticipated to hold the largest share of the market during the forecast period

Based on the end-user, the global concentrating solar power market is divided into utilities and EOR. Among these, the utilities segment is anticipated to hold the largest share of the market during the forecast period. The capacity to store energy for later use and the rising need for energy are factors that propel the utilities sector.

Regional Segment Analysis of the Global Concentrating Solar Power Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

Asia Pacific is anticipated to hold the largest share of the global concentrating solar power market over the predicted timeframe.

Asia Pacific is anticipated to hold the largest share of the global concentrating solar power market over the predicted timeframe. The construction of concentrating solar power systems is booming across the Asia Pacific. The market is expanding as a result of the rising investments in concentrating solar power technology for the relief of grid locations in countries like China. Along with the decline in carbon emissions, some of the causes driving the need for energy are growing pollution levels, fast industrialization, and fast urbanization. The Asia Pacific concentrating solar power industry is expanding due in part to the government's supportive policies that promote the use of clean and green energy.

North America is expected to grow at the fastest pace in the global concentrating solar power market during the forecast period. The market for concentrating solar power has experienced growth due to growing knowledge of the advantages of solar energy and a shift in emphasis toward clean and green energy sources. Furthermore, one important reason that has contributed to the expansion of the concentrating solar power market in North America is the increasing expenditures made toward the adoption of the newest technology.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global concentrating solar power market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Abengoa Solar
• TSK Flagsol Engineering
• Acciona Energy
• GE Renewable Energy
• Enel Green Power
• Suntrace
• Shams Power
• BrightSource Energy, Inc.
• CSP Services
• ACWA Power
• Atlantica Yield PLC
• Therminol
• SolarReserve
• Chiyoda Corporation
• Siemens
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In January 2022, as part of phase IV of the massive Mohammed Bid Rashid AI Maktoum Solar Park project south of Dubai, Abengoa finished building three 200 MW parabolic trough plants. Under a contract with Shanghai Electric Group, a phase IV EPC contractor, the business was in charge of the engineering, technology, design, and construction of the parabolic trough plants.

• In June 2021, building the biggest concentrating solar power facility in South Africa, ACWA received over USD 800 million in finance through an offtake deal with Eskom Holdings SOC Ltd.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global concentrating solar power market based on the below-mentioned segments: 

Global Concentrating Solar Power Market, By Technology

• Solar Power Tower
• Linear Concentrating System
• Dish Stirling

Global Concentrating Solar Power Market, By Operation Type

• Stand-Alone
• Storage

Global Concentrating Solar Power Market, By End-User

• Utilities
• EOR

Global Concentrating Solar Power Market, Regional

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa