The Concentrating Solar Power Market is being driven by Growing global electricity demand
The Concentrating Solar Power Market is expected to grow at a CAGR of 14.4% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 6913.9 million. The global concentrating solar power (CSP) market is experiencing a noteworthy shift towards the advancement of next-generation CSP technologies. This trend is fueled by the business imperatives to boost efficiency, lower costs, and expedite the integration of solar energy into the global energy landscape. In January 2023, the US Department of Energy (DOE) allocated USD25 million to Sandia National Laboratories for the establishment of a one-megawatt demonstration facility. This project, spearheaded by Sandia National Laboratories, aims to test and progress next-generation CSP technologies, with Solex Thermal Science of Calgary serving as a pivotal collaborator. The primary objective of this initiative is to develop a groundbreaking solid-particle-to-supercritical-CO2 heat exchange technology, which holds immense potential to revolutionize the CSP sector.
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The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
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Market Scope |
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Report Coverage |
Details |
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Page number |
215 |
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Base year |
2024 |
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Historic period |
2019-2023 |
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Forecast period |
2025-2029 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 14.4% |
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Market growth 2025-2029 |
USD 6913.9 million |
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Market structure |
market_structure.ucfirst |
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YoY growth 2024-2025(%) |
13.0 |
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Key countries |
US, China, Spain, India, Italy, Australia, Morocco, Japan, South Korea, and Canada |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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The Concentrated Solar Power (CSP) market is focused on renewable technologies, specifically those utilizing high-temperature salts and coatings, to convert sunlight into thermal energy and then into electricity. This zero emission scenario is gaining traction due to the solar energy spectrum's ability to supply consistent power, even during peak demand periods. Parabolic troughs, power towers, and Fresnel reflectors are key solar technologies in this sector. Incentives such as feed-in tariffs, loan programs, and solar investment are driving the growth of renewable energy sources. CSP is used not only for electricity generation but also for industrial process heat, desalination, and thermal energy storage. Applications include power blocks, enhanced oil recovery, and net metering in the power mix. The market for CSP is expanding, with capacity additions through solar set-asides and incentives for renewable power generation. SCO2, proppants, and steam are essential components in the CSP value chain. The industry is also exploring the use of multilayer multi-junction cells and carbon capture, utilization, and storage (CCUS) technologies to further reduce carbon emissions.
The global renewable electricity market encompasses businesses involved in the production and distribution of electricity derived from renewable sources, including independent power producers, gas and power marketing and trading experts, integrated energy merchants, and manufacturers of solar energy infrastructure. The market's expansion is fueled by governmental support and ambitious targets for renewable energy deployment, which have led to a substantial increase in solar energy adoption over the past decade. Solar energy integration into the grid, research and development, and efficiency enhancements are key trends shaping the solar energy industry. The sustainability of solar energy as a viable energy source continues to be a significant focus for businesses and governments alike.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
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