Global Concentrated Solar Power Market to Grow at 8.87% during 2025-2033, Strengthened by Rising Demand for Renewable Power Sources

January 03, 2025 | Energy & Mining

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According to the latest report by IMARC Group, titled "Concentrated Solar Power Market Report by Technology (Parabolic Trough, Linear Fresnel, Dish, Power Tower), Application (Utility, EOR, Desalination, and Others), and Region 2025-2033," the global concentrated solar power market reached a value of USD 6.9 Billion in 2024. Concentrated solar power (CSP) structures generate electricity by using mirrors. These mirrors focus the clean energy obtained from sunlight onto a receiver. The procured heat is channeled through a conventional generator to produce steam and operate a turbine. A CSP plant consists of two devices, amongst which one device converts solar energy into heat and the other converts heat into electricity. It also employs four technological approaches, namely, parabolic trough, linear fresnel, dish, and power tower systems. CSP devices have high storage capacity that enables uninterrupted electricity flow during adverse weather conditions.

Global Concentrated Solar Power Market Trends:

The global CSP market is primarily being driven by rising environmental concerns regarding increasing carbon emissions. This is further supported by the provision of monetary benefits, such as tax credits, approvals and subsidies, by governments of various nations to promote the adoption of alternative energy sources. Additionally, the inflating demand for thermal storage systems across CSP power plants, due to their improved capacity utilization factor (CUF) and lower levelized cost of electricity (LCOE), is acting as a growth-inducing factor. Moreover, rapid technological advancements to improve the heat transfer functionality of these systems are creating a positive outlook for the market across the globe. Looking forward, the market value is projected to reach USD 15.4 Billion by 2033, expanding at a CAGR of 8.87% during 2025-2033.

Market Summary:

Based on the technology, the market has been segmented into parabolic trough, linear fresnel, dish, and power tower.
On the basis of the application, the market has been divided into utility, EOR, desalination, and others.
On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
The competitive landscape of the industry has also been examined, with some of the key players being Aalborg CSP A/S, Abengoa, Acciona, ACWA Power, BrightSource Energy, Inc., Chiyoda Corporation, Enel Spa, INITEC Energía, Siemens Energy (Siemens AG) and Soltigua S.r.l.

Report Coverage:

Report Features	Details
Base Year of the Analysis	2024
Historical Period	2019-2024
Forecast Period	2025-2033
Units	Billion USD
Segment Coverage	Technology, Application, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	Aalborg CSP A/S, Abengoa, Acciona, ACWA Power, BrightSource Energy, Inc., Chiyoda Corporation, Enel Spa, INITEC Energía, Siemens Energy (Siemens AG) and Soltigua S.r.l
Customization Scope	10% Free Customization
Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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Global Concentrated Solar Power Market to Grow at 8.87% during 2025-2033, Strengthened by Rising Demand for Renewable Power Sources

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