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Report Overview
The global concentrated solar power market, valued at USD 5816.00 Million in 2024, has seen substantial growth and offers a renewable, clean source of energy, aiding in the reduction of carbon emissions and dependence on fossil fuels. The market is expected to grow at a compound annual growth rate (CAGR) of 9.00% from 2025 to 2034, potentially reaching USD 13768.59 Million by 2034. This growth could enhance energy security by diversifying energy sources and reducing reliance on imported fuels.
2024
Base Year
2018-2024
Historical Year
2025-2034
Forecast Year
- Industry reports indicate that by the end of 2022, the APAC region, including China, accounted for 59% of global solar power capacity, totalling 692 GW. For Australia, this regional growth presents significant opportunities for CSP projects, improving energy security, reducing costs, and boosting reliance on renewable energy.
- According to the IEA, global renewable capacity grew by nearly 50% in 2023, with annual additions approaching 510 GW. Australia's involvement in this expansion offers opportunities for innovation in CSP, better energy storage solutions, and enhanced infrastructure, aiding the shift towards a cleaner, more sustainable energy future.
- As per ARENA, Australia's solar energy consumption is expected to rise by 5.9% per year, reaching 24 PJ by 2029–30. This growth highlights the increasing demand for renewable energy sources like concentrated solar power, providing economic advantages, and job creation, and supporting the country’s long-term energy independence and sustainability objectives.
Compound Annual Growth Rate
Value in USD Million
9%
2025-2034
Concentrated Solar Power Market Outlook
*this image is indicative*
| Global Concentrated Solar Power Market Report Summary | Description | Value |
| Base Year | USD Million | 2023 |
| Historical Period | USD Million | 2018-2024 |
| Forecast Period | USD Million | 2025-2034 |
| Market Size 2024 | USD Million | 5816.00 |
| Market Size 2034 | USD Million | 13768.59 |
| CAGR 2018-2024 | Percentage | XX% |
| CAGR 2025-2034 | Percentage | 9.0% |
| CAGR 2025-2034 - Market by Region | Asia Pacific | 10.4% |
| CAGR 2025-2034 - Market by Country | India | 11.9% |
| CAGR 2025-2034 - Market by Country | China | 9.9% |
| CAGR 2025-2034 - Market by Technology | Power Tower | 12.3% |
| CAGR 2025-2034 - Market by End Use | Utilities | 12.1% |
| Market Share by Country 2023 | India | 3.5% |
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Global Concentrated Solar Power Market Growth
The growth of the concentrated solar power market improves energy efficiency by using mirrors to concentrate sunlight, making it more effective than conventional solar panels. As the market expands, costs decrease, making solar power more affordable. Concentrated solar power provides a sustainable, renewable energy source that cuts carbon emissions and enhances energy security through diverse energy sources. A recent report from the Institute for Energy Economics and Financial Analysis (IEEFA) and JMK Research predicts that India’s solar PV module capacity will reach 110 gigawatts (GW) by 2026.
The concentrated solar power market revenue is influenced by job creation in manufacturing, installation, and maintenance, which stimulates local economies. It fosters technological innovation, enhancing cost-effectiveness and efficiency. Concentrated solar power plants are scalable and flexible, allowing them to meet demand and be built in rural areas, providing energy independence, and improving access to underserved regions, thus reducing reliance on imported fuels.
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USD 1099
If you choose to purchase the full report at a later stage, the amount already paid will be adjusted, and you will only need to pay the remaining balance.
Purchase the Regional Overview for
USD 1099
If you choose to purchase the full report at a later stage, the amount already paid will be adjusted, and you will only need to pay the remaining balance.
Purchase the Regional Overview for
USD 1099
If you choose to purchase the full report at a later stage, the amount already paid will be adjusted, and you will only need to pay the remaining balance.
Key Trends and Recent Developments
The concentrated solar power market is expanding driven by technological advancements, integration with energy storage, policy, and government support, as well as the adoption of hybrid systems and grid integration.
Technological Advancements is a Significant Trend in the Concentrated Solar Power Market
Continuous innovations in concentrated solar power (CSP) technology, such as enhanced heliostat designs, advanced thermal storage solutions, and more efficient components, are propelling market growth. These advancements improve CSP's competitiveness by reducing costs, boosting performance, and enhancing energy generation efficiency, making it more globally viable.
Integration with Energy Storage Driving the Demand of the Concentrated Solar Power Market
The integration of CSP with thermal energy storage enables continuous power generation, even when sunlight is unavailable. This capacity to deliver 24/7 electricity is a major factor driving the expansion of CSP applications, particularly in areas with a strong need for dependable, renewable energy sources.
Policy and Government Support Fueling Opportunities in the Concentrated Solar Power Market
Governments worldwide are increasing investments in renewable energy and providing policy support for CSP, including subsidies, tax breaks, and research funding. This regulatory support, particularly in regions such as the Middle East, Europe, and North America, is accelerating CSP growth as part of efforts to achieve net-zero carbon emissions by mid-century.
Hybrid Systems and Grid Integration are Boosting the Concentrated Solar Power Market Growth
CSP is increasingly being incorporated into hybrid energy systems that combine it with other renewable sources like wind and solar PV. These hybrid setups better align energy supply with demand, supporting grid stability and positioning CSP as a crucial component for modern, reliable power grids.
Global Concentrated Solar Power Market Trends
The development of the concentrated solar power market is being accelerated as it can be integrated with existing power grids, providing a reliable source of renewable energy. It uses less water than conventional plants, offering environmental benefits. Concentrated solar power plants have long lifespans, require minimal maintenance, and encourage global collaboration in renewable energy. They also help reduce air pollution and greenhouse gas emissions. According to the Australian Energy Council, rooftop solar in Australia is growing, with the latest data from the Clean Energy Regulator (CER) showing that by the end of 2021, an estimated 3.04 million Australian homes and businesses had a rooftop PV system.
The demand of the concentrated solar power market is rising as systems can be combined with other renewable technologies to create sustainable infrastructure. They are adaptable to various locations, particularly in sunny, arid regions. The market is attracting investment, supporting the development of new projects and technologies. Concentrated solar power also provides energy access to off-grid areas, stimulating local economies and delivering affordable, sustainable energy.
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Global Concentrated Solar Power Industry Segmentation
The EMR’s report titled “Global Concentrated Solar Power Market Report and Forecast 2025-2034” offers a detailed analysis of the market based on the following segments:
Market Breakup by Technology
- Parabolic Trough
- Power Tower
- Linear Fresnel
- Dish/Engine System
Market Breakup by Component
- Solar Field
- Power Block
- Thermal Energy Storage System
Market Breakup by End Use
- Utilities
- Enhanced Oil Recovery
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
| CAGR 2025-2034 - Market by | Country |
| India | 11.9% |
| China | 9.9% |
| Canada | 8.7% |
| Germany | 7.4% |
| Italy | 6.3% |
| USA | XX% |
| UK | XX% |
| France | XX% |
| Japan | 6.2% |
| Australia | XX% |
| Saudi Arabia | XX% |
| Brazil | XX% |
| Mexico | XX% |
Global Concentrated Solar Power Market Share
According to the concentrated solar power market analysis, solar fields are crucial in CSP systems, capturing sunlight with mirrors or lenses to generate heat. This heat is then converted into electricity, providing a renewable energy source that lowers greenhouse gas emissions and supports global sustainability goals. In November 2023, Morocco’s Noor CSP plant, located near the Sahara, used thousands of mirrors to direct sunlight onto a central tower, contributing to a renewable energy supply for millions of homes.
The growth of the concentrated solar power market is driven by the power block in CSP systems, which converts thermal energy into electricity using steam turbines. This component boosts efficiency and reliability, ensuring continuous power generation even without sunlight. It is essential for stabilising the energy supply and integrating CSP into the grid. In May 2024, SolStor Energy, a U.S.-based development company, launched projects to deploy CSP with thermal energy storage, focusing on the effective integration of power blocks to provide solar energy overnight.
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Competitive Landscape
The concentrated solar power market key players specialise in both photovoltaic (PV) and concentrated solar power (CSP) technologies, providing innovative solutions for clean, renewable energy generation. These companies are dedicated to developing sustainable energy solutions that contribute to reducing greenhouse gas emissions and reliance on fossil fuels.
Abengoa Solar, S.A.
Headquartered in Seville, Spain, Abengoa Solar was established in 2007. The company focuses on the development, construction, and operation of solar power plants worldwide, specialising in both photovoltaic and concentrated solar power (CSP) technologies. Abengoa aims to contribute to sustainable energy production and environmental solutions.
BrightSource Energy, Inc.
It is based in Oakland, California, and was founded in 2006. Specialising in concentrated solar thermal technology, the company develops large-scale solar power plants that provide clean, renewable energy. BrightSource is known for its innovative heliostat and solar tower designs, aiming to revolutionise global solar energy production.
ACWA Power Reinsurance Co Limited
It was founded in 2008, and is headquartered in Riyadh, Saudi Arabia. The company is a global player in energy and water desalination projects, focusing on renewable energy, including solar and wind. It offers reinsurance services and supports sustainable energy solutions in diverse regions.
eSolar, Inc.
Established in 2007 and based in Burbank, California, focuses on developing modular concentrated solar power (CSP) systems. The company uses innovative heliostat technology to create scalable solar power plants, aiming to reduce costs and increase efficiency, contributing to the growth of the renewable energy sector.
*Please note that this is only a partial list; the complete list of key players is available in the full report. Additionally, the list of key players can be customized to better suit your needs.*
Other key players in the concentrated solar power market report are Solarreserve, LLC, and Aalborg CSP A/S., among others.
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The market is estimated to witness healthy growth in the forecast period of 2025-2034 to reach a value of around USD 13768.59 Million by 2034.
The market is assessed to grow at a CAGR of 9.00% between 2025 and 2034.
The major drivers of the industry, such as the increasing environmental concern, adoption of renewable energy sources, favourable government policies and increased expenditure to promote green energy technologies, and the rising global demand for energy, are expected to aid the market growth.
The key market trends guiding the growth of the industry include the growing research and development activities and the rapid technological advancements.
The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
Parabolic trough, power tower, linear Fresnel, and dish/engine system are the leading concentrated solar power technologies in the industry.
The significant end use segments of concentrated solar power in the market include utilities and enhanced oil recovery, among others.
The major components of the product in the industry are solar field, power block, and thermal energy storage system.
The major players in the industry are Abengoa Solar, S.A., Brightsource Energy, Inc., ACWA Power Reinsurance Co Limited, Esolar, Inc., Solarreserve, LLC, Aalborg CSP A/S., and TSK Flagsol Engineering GmbH, among others.
In 2024, the concentrated solar power market reached an approximate value of USD 5816.00 Million.
Report Summary
Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.
| REPORT FEATURES | DETAILS |
| Base Year | 2024 |
| Historical Period | 2018-2024 |
| Forecast Period | 2025-2034 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Technology |
|
| Breakup by Component |
|
| Breakup by End Use |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
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