Home > Energy & Power > Renewable Energy > Concentrated Solar Power > Concentrated Solar Power Market

Concentrated Solar Power Market Analysis

Report ID: GMI1164
Published Date: Apr 2023
Report Format: PDF

Download Free Sample

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.

Learn more about the key segments shaping this market

Download Free Sample

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.

Authors: Ankit Gupta, Vishal Saini

Frequently Asked Questions (FAQ) :

The market size of concentrated solar power recorded a valuation of USD 31.5 million in 2022 and is poised to expand 13.5% CAGR from 2023 to 2032 propelled by strict government regulations and policies applicable to climate change.

The storage segment is slated to witness 15.5% growth between 2023 and 2032 as a result of the strong inclination of utility companies towards CSP projects with storage that increases plant flexibility and supplies on-demand power.

The power tower sector is anticipated to capture more than 41% share by 2032 owing to the extensive use of two-axis solar tracking heliostats and the capacity to operate at higher temperatures.

The China concentrated solar power industry size is expected to reach over 250 MW by the 2032 accredited to high solar irradiance levels, along with lower manufacturing costs compared to other regions.