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Concentrated Solar Power Market Size

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

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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.

Concentrated Solar Power (CSP) Market

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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 (CSP) Market Report Attributes
Report Attribute	Details
Base Year:	2022
Concentrated Solar Power (CSP) Market Size in 2022:	31.8 million (USD)
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	13.6%
2032 Value Projection:	4,946.6 million (USD)
Historical Data for:	2019 to 2022
No. of Pages:	310
Tables, Charts & Figures:	472
Segments covered:	Technology, Capacity, Storage
Growth Drivers:	Favorable government initiatives Rising electricity consumption Growing demand for clean energy Declining Levelized Cost of Electricity (LCOE)
Pitfalls & Challenges:	High capital expenditure Availability of other renewable alternatives

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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.