The Global Concentrated Solar Power Market Size valued for USD 8.2 Billion in 2021 and is anticipated to reach USD 52.4 Billion by 2030 with a CAGR of 23.4% from 2022 to 2030.

Concentrated Solar Power (CSP) is a solar energy method that uses mirrors or lenses to focus sunlight into a tiny area, generating heat that may be utilized to generate power. Large mirrors or lenses are generally used in CSP systems to focus sunlight into a tiny region, which warms a fluid such as molten salt or water. This heated fluid is then used to make steam, which is subsequently used to power a turbine, which generates energy.

CSP is a renewable energy source since it uses the sun's power to generate electricity, which is a clean and sustainable energy source. CSP can also be used to supply on-demand electricity since it stores thermal energy in the form of heated fluids that can be used to create electricity even when the sun is not shining. CSP is thus a more dependable source of renewable energy than other solar energy technologies such as photovoltaic (PV) panels, which create electricity only when the sun shines.

CSP is in high demand right now due to the growing need for clean, renewable energy sources to combat climate change and cut carbon emissions. As the cost of CSP technology continues to fall, it is becoming more cost-competitive with traditional fossil fuels. Furthermore, CSP has the ability to provide a consistent source of electricity in locations with high amounts of solar radiation, such as desert regions, making it an appealing choice for countries with high energy demand but limited access to traditional energy sources.

Concentrated Solar Power Market Dynamics

Concentrated solar power is a fast expanding renewable energy source that uses the sun's energy to generate electricity. A variety of factors are driving the CSP industry, including rising demand for renewable energy, government support and incentives, and technological breakthroughs. Regional factors such as solar radiation levels, government regulations, and energy demand all have an impact on the CSP market.

The growing need for renewable energy sources as concerns about climate change and carbon emissions grow is one of the primary drivers of the CSP market. CSP is becoming an increasingly appealing choice for governments, corporations, and individuals aiming to minimize their carbon footprint and shift to better energy sources as a clean and sustainable energy source.

Governments all over the world are also offering assistance and incentives for the development and deployment of renewable energy sources such as CSP. As governments attempt to minimize their reliance on fossil fuels and meet their renewable energy targets, this is pushing investment in the CSP sector. Furthermore, developments in CSP technology, such as better efficiency, cheaper costs, and increased energy storage capacity, make CSP increasingly appealing as a renewable energy source. As a result of these reasons, the CSP industry is likely to grow more in the future years.

In addition to these global considerations, regional factors such as solar radiation levels, government legislation, and energy demand influence the CSP industry. For instance, areas with high solar radiation levels, like the Middle East and North Africa, are predicted to have rapid expansion in the CSP industry because of the region's profusion of sunlight and supportive governmental regulations. Overall, the CSP market is likely to expand in the future years, owing to a mix of global and regional reasons.

Concentrated Solar Power Market Insight

The concentrated solar power market is divided into type, capacity, application, and geographic markets. By type, the industry is split into linear fresnel, power tower, parabolic trough, and dish. Based on capacity, the market is divided into >100 MW, >50≤100 MW, and ≤50 MW. Furthermore, the application segment is sub-segmented into enhanced oil recovery, desalination, utilities, and others.

Global Concentrated Solar Power Market Geographical Competition

The MENA region offers plenty solar sunlight and favorable government policies to help CSP develop. Morocco, Saudi Arabia, and the United Arab Emirates have all made major investments in CSP projects, and the area is projected to be a vital market for CSP in the coming years. Europe is another important market for CSP, according to the European Union's renewable energy goals and policies. Countries with large CSP capacity, including as Spain and Italy, are projected to bring new projects online in the coming years.

Another important market for CSP is the United areas, which has large capacity in areas such as California and Arizona. The United States likewise has government laws and incentives in place to encourage the expansion of CSP. China is a rapidly increasing CSP market, owing to the government's goal to boost the amount of renewable energy in the country's energy mix. The country has invested heavily in CSP projects and is likely to remain an important market for CSP in the coming years.

Global Concentrated Solar Power Industry Segment Analysis

Market By Type

·         Linear Fresnel

·         Power Tower

·         Parabolic Trough

·         Dish

Market By Capacity

·         >100 MW

·         >50≤100 MW

·         ≤50 MW

Market By Application

·         Enhanced Oil Recovery

·         Desalination

·         Utilities

·         Others

Concentrated Solar Power Market Leading Companies

The players profiled in the report are Acciona, Abengoa Solar, TSK Flagsol, Enel Green Power, CSP Services, Suntrace, BrightSource, Atlantica Yield, GE Renewable Energy, Shams Power, ACWA Power, SolarReserve, SENER Group, Aalborg CSP, and EDF Renewables.

Concentrated Solar Power Market Regions