Concentrated Solar Power Market Size By Technology (Parabolic Trough, Linear Fresnel Reflector, Power Tower), By Capacity (≤ 50 MW, > 50 to ≤ 100 MW, > 100 MW), By Storage (With Storage {Molten Salt}, Without Storage) & Forecast, 2023– 2032

Concentrated Solar Power Market Size

Concentrated Solar Power (CSP) Market size surpassed USD 31.5 million in 2022 and is poised to grow at 13.5% CAGR from 2023 to 2032 driven by strict government regulations and policies pertaining to climate change.
 

An upsurge in electricity consumption is set to promote industry expansion by 2032. The ongoing residential, commercial and industrial boom has increased the requirement for electricity, which has compelled the use of clean energy sources for power generation. Moreover, the cumulative population base and increasing tourism in the Middle East and Latin America are also fueling the demand for clean energy. According to United Nations World Tourism Organization, tourist arrivals grew by 30 to 70% in 2022 after the pandemic.
 

Concentrated Solar Power Market Trends

The demand for CSP technology witnessed a decrease in recent years as a result of a significant increase in the adoption of other technologies, such as solar PV and wind energy. Additionally, utilities diverged towards alternate energy sources over CSP due to their lower levelized costs of electricity (LCOE), resulting in a slow development of the market. Nonetheless, the latest advancements have made limited LCOE a boon for the market as they are more feasible and affordable even with rapidly growing inflation, which is likely to aid business growth avenues.
 

Concentrated Solar Power Market Analysis

The power tower segment is foreseen to account for more than 41% of the concentrated solar power market share by 2032. The adoption of power tower technology is speculated to be boosted by its higher concentration ratios and more effective operations. The extensive use of two-axis solar tracking heliostats and the capacity to operate at higher temperatures is further propelling product demand. A 2022 study described a comprehensive review of cooling tower technology in CSP plants and concluded that the hybrid cooling feature yields better TCS and SIR outcomes in a CASP plant.
 

The concentrated solar power industry with storage systems is projected to attain 15.5% gains between 2023 and 2032. Recently, many CSP projects are developed with storage facilities, including molten salt or others, due to their high efficiency and cost-effectiveness, which is slated to complement segment growth. Moreover, the strong inclination of utility companies towards CSP systems with storage that increases plant flexibility and supplies on-demand power is set to augment product outlook. For instance, in February 2023, renewables developer Vast Solar received funding of over USD 44.5 million from Australian Renewable Energy Agency to build VS1, a CSP plant with storage.
 

The > 50 MW to ≤ 100 MW capacity CSP market is primed to reach USD 1 billion in revenue owing to rising demand for renewable energy production and a booming project pipeline in the Middle East and Asia Pacific is fueling solar energy demand. As per NREL Solarpaces, in January 2022, various state-owned solar developers, along with several Chinese CSP solution providers, introduced bids for a range of CSP projects with capacities ranging from 50 to 100 MW.
 

China concentrated solar power market is estimated to amass 250 MW by 2032, attributed to the high solar irradiance levels as well as lower manufacturing costs compared to other regions. Also, strict pollution regulations are also encouraging the use of clean renewable technologies, including CSP. In 2022, China announced the construction of 30 concentrated solar power projects as a part of gigawatt-scale renewable energy complexes by 2024.
 

Concentrated Solar Power Market Share

• Abengoa S.A
• GE Renewable Energy
• ACCIONA
• Enel Green Power S.p.A
• Atlantica Sustainable Infrastructure plc
• New BrightSource Ltd
• ACWA Power
• Dornier Suntrace GmbH
• Chiyoda Corporation
• Eastman Chemical Company
• Engie
• FRENELL GmbH
   

 TSK, and Grupo Sener are some of the key participants involved in the  concentrated solar power business scenario. These companies are focusing on rigorous R&D programs to deploy efficient and reliable technologies to reduce the overall investment in solar projects.
 

This market research report on concentrated solar power includes in-depth coverage of the industry with estimates & forecasts in terms of “MW” & “USD Million” from 2019 to 2032 for the following segments:

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Market, By Technology

• Parabolic Trough
• Linear Fresnel Reflector
• Power Tower

Market, By Capacity

• ≤ 50 MW
• > 50 MW to ≤ 100 MW
• > 100 MW

Market, By Storage

• With Storage
  • Molten Salt
  • Others
• Without Storage

The above information has been provided for the following countries:

• Greece
• France
• China
• India
• Israel
• UAE
• Kuwait
• Morocco
• South Africa
• Saudi Arabia
• Chile
• Brazil