Global Concentrated Solar Power (CSP) Market Size, Share & Trends Analysis Report, Forecast Period, 2023-2030

The Concentrated Solar Power (CSP) market is experiencing robust expansion, with market size projected to increase from 2024 to (21.11 Billion) 2030, demonstrating a consistent year-over-year growth rate of 14.9% Concentrated Solar Power (CSP) Market Size, Share, Competitive Landscape and Trend Analysis Report, , by applications (Utilities, EOR, Desalination, Others) ,by Technology (Parabolic Trough, Power Tower, Linear Fresnel) And regions (North America(United States, Canada, Mexico), South America(Brazil, Argentina, Chile, Rest of South America), Europe(Germany, France, Italy, United Kingdom, Benelux, Nordics, Rest of Europe), Asia Pacific(China, Japan, India, South Korea, Australia, Southeast Asia, Rest of Asia-Pacific), MEA(Middle East, Africa)) : Industry Forecast and Opportunity Analysis for 2024 - 2030

CSP, or Concentrating Solar Power, is a technology that produces energy, mostly electric, from the sun. Technology, as used in its working, comes with the design, implementation, and utilization of concentric solar power technologies. In CSP systems, sunlight is oriented to the receiver by either mirrors or lenses. The concentrated solar rays are then turned into heat energy by the receiver before being passed on for generating steam that turns turbines for energy production. There are many drivers of this market, including brands’ increasing focus on climate change, the shift to the clean energy paradigm, and the introduction of long-lasting electrical energy storage capabilities. As the world is in the process of decarbonization, the growing demand for renewable energy can be met with a technology such as concentrated solar power.

Concentrated Solar Power (CSP) Report Highlights

Report Metrics	Details
Forecast period	2019-2030
Base Year Of Estimation	2023
Growth Rate	CAGR of 14.9%
Forecast Value (2030)	USD 21.11 Billion
Key Market Players	ACWA POWER Abengoa Siemens Energy TSK Fl INITEC Energía Enel Spa Grün leben GmbH BrightSource Energy, Inc. Aalborg CSP Torresol Energy Trivelli Energia srl Acciona
By Region	North America(United States, Canada, Mexico) South America(Brazil, Argentina, Chile, Rest of South America) Europe(Germany, France, Italy, United Kingdom, Benelux, Nordics, Rest of Europe) Asia Pacific(China, Japan, India, South Korea, Australia, Southeast Asia, Rest of Asia-Pacific) MEA(Middle East, Africa)

Concentrated Solar Power (CSP) Market Trends

The worldwide concentrated solar power (CSP) industry is presently undergoing a transformation towards more efficiency and larger sizes of power plants, mainly due to the CSP technology improvements. Better and more effective heat storage systems, such as molten salts and phase change materials storage capabilities in the CSP plants, make it possible for these plants to hold energy for longer periods of time, enabling them to provide more reliable electricity even at night or when there is persistent cloud cover. In addition, there is a rising trend in hybridizing CSP with other technologies such as solar PV or natural gas, which helps improve energy generation efficiency and the credibility of the grid. Another notable trend is the upsurge in investment spending on utility-scale CSP facilities, all the more in places with high solar irradiance, for instance, the Middle East and North Africa and some countries of the United States and Australia. This is especially true because concentrating solar power (CSP) is becoming one of the renewable energy sources included in the national plans for these regions, where developers receive funds and other support. Over the last couple of years, the pressure to reduce carbon output has been increasing, and also there is a transformation to cleaner, sustainable energy sources; hence CSP is widely accepted as a feasible means of energy generation as well as thermal energy for industrial heating, thereby becoming an important aspect of the world’s renewable energy balance.

Concentrated Solar Power (CSP) Market Leading Players

The key players profiled in the report are ACWA POWER, Abengoa, Siemens Energy, TSK Fl, INITEC Energía, Enel Spa, Grün leben GmbH, BrightSource Energy, Inc., Aalborg CSP, Torresol Energy, Trivelli Energia srl, Acciona

Growth Accelerators

What is more, increasing the utilization of renewable energy sources and mitigating the emission of greenhouse gases encourages the growth of the global concentrated solar power (CSP) market. In light of the aggressive goals that governments and institutions across the world are establishing to fight global warming, CSP provides a seizing opportunity in its smart utilization of solar energy. By means of thermal energy storage, electricity can be produced even during night hours in CSP plants. Therefore, every energy user should put CSP plants at the top of their options for energy generation. This aspect of generating power on demand without limitations makes them more appealing in the energy transition model. Another factor is the ongoing technological improvements in CSP technology, coupled with the decline in the cost of adopting this technology. With the advent of energy storage, new materials, and more efficient plants, the cost of CSP has improved greatly, enabling it to compete favourably with other renewable energy sources such as solar photovoltaic (PV) and wind. All these trends and developments, in addition to energy diversification throughout the world, are encouraging increased penetration of CSP into the renewable energy market.

Concentrated Solar Power (CSP) Market Segmentation analysis

The Global Concentrated Solar Power (CSP) is segmented by Application, and Region.
. The Application segment categorizes the market based on its usage such as Utilities, EOR, Desalination, Others. Geographically, the market is assessed across key Regions like North America(United States, Canada, Mexico), South America(Brazil, Argentina, Chile, Rest of South America), Europe(Germany, France, Italy, United Kingdom, Benelux, Nordics, Rest of Europe), Asia Pacific(China, Japan, India, South Korea, Australia, Southeast Asia, Rest of Asia-Pacific), MEA(Middle East, Africa) and others, each presenting distinct growth opportunities and challenges influenced by the regions.

Competitive Landscape

The competitive environment of the CSP industry is moulded by the strategic combinations, mergers, and partnerships of the relevant firms in a bid to achieve superior technologies and increase market share. The key corporates Siemens, BrightSource Energy, and Abengoa Solar are all active players in the business and are working on new CSP designs that aim at improving efficiency and cutting costs. In addition, government policies praise the use of market strategies such as feed-in tariffs (FiT) and the provision of tax credits promoting investments in these technologies, especially in renewable ones. As the market matures, the interaction between incumbent firms and start-ups will most probably be an important driver of CSP technology and its market uses, like utilities and enhanced oil recovery (EOR).

Challenges In Concentrated Solar Power (CSP) Market

Concentrated solar power (CSP) is a rapidly emerging renewable energy technology and has attracted investors’ attention across the globe, but the CSP sector globally is fraught with a myriad of problems, most of which can be attributed to high initial capital investments and the complications that come with project execution. The design and construction of CSP plants calls for sufficient capital outlays for civil engineering, real estate, and advanced technology, which render such projects less appealing as compared to solar PV technology. This discourages financing due to the long payback period and the tendency to depend on turnkey projects, which are difficult to secure, especially for countries with illiquid investment capital or funding. Thirdly, CSP technology poses a challenge in terms of its inconstancy and effectiveness, more so in the areas with no continuous sunlight patterns. In addition, since CSP systems are aimed at capturing direct sunlight, they are not functionally encouraged in areas prone to clouds or rains; thus, their geographical applicability is restricted. For these reasons and others that are made difficult due to the alternative energy mechanisms that are progressing at a fast pace, the favourable use of CSP as an energy source remains untapped.

Risks & Prospects in Concentrated Solar Power (CSP) Market

A major driver of opportunities in the global concentrated solar power (CSP) market is the need for clean and renewable energy sources. CSP technology presents a good value proposition as countries pursue measures to achieve their renewable energy targets and reduce their carbon footprint because it can provide a large amount of stable and dispatchable power. Efficiency improvement and cost reduction of CSP has created a new window of opportunity for CSP projects, especially in sunbelt areas such as the Middle East and North Africa and parts of Asia and the American continents. It is also worth noting that the increased attention of governments to sustainable energy-oriented activities and the availability of appropriate measures and incentives tend to expand the scope of CSP. Moreover, CSP is integrated with energy storage systems, which is another major market opportunity since this system provides reliable and continuous supply of power capacity even when sunlight is hardly available. As energy storage technology improves and gets cheaper, CSP plants equipped with thermal storage will be able to provide energy supply during the entire day, which will help in stabilizing the grid. CSP paired with other indirect sources of energy, for instance, wind and solar PV, in addition sets the stage for hybrid power generation systems, which enhances the trajectory of the market growth as well.

Key Target Audience

The global concentrated solar power (CSP) market is primarily targeted at large-scale utility companies and energy producers engaging in investments in renewable energy sources. These types of businesses are interested in CSP because it can store thermal energy and deliver constant dispatchable power that metamorphoses as an unpredictable resource, unlike sun or wind. Regions with high solar irradiation, where CSP plants are suited for their energy demands, assist utility companies in diversifying their energy portfolios to greener alternatives and reduce dependency on fossil fuels.,, Another significant audience in this case are the governments and policy makers as well as non-governmental organizations advocating for environmental conservation and clean energy consumption. For instance, in many countries, specific measures, including tax benefits and cash subsidies, are provided encouraging CSP technology implementation as one of the pillars of the renewable energy targets and strategies for the emissions reduction. Also, CSP solutions are gaining traction among industries and large-scale commercial consumers in order to reduce energy bills and shift towards clean energy.

Merger and acquisition

In the last few years, the global concentrated solar power (CSP) market has also seen increased merger activities, which point to the need to improve renewable energy and technological advances. Early in 2024, Siemens Energy revealed plans to acquire Solar Reserve, a company reputed for its advanced technologies in CSP. This decision seeks to enable Siemens to enhance its renewable energy contributions by combining with Solar Reserve’s capabilities on heat storage and cutting-edge solar technologies. This activity is anticipated to comprehend Siemens’ existing project operation and speed up the trend of large-scale solar infrastructure systems around the world for the purposes of achieving sustainable development. Moreover, Abengoa Solar, one of the main players in the CSP industry, has also been seeking alliances to enhance its strategic position. In late 2023, Abengoa announced a joint venture with the Spanish engineering firm SENER to undertake the implementation of new CSP projects in North Africa and the Middle East. This expansion of alliances is part of the general trend to combine forces in the face of growing needs for renewable energy.