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

Concentrated Solar Power Market Trends

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

Download Free Sample

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.

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.