Press release
Concentrating Solar Power Market: Robust Growth, Major Trends, and Thriving Players
Concentrating Solar Power Market
Booming at a Compound Annual Growth Rate (CAGR) of 19.0% and 16.0% in historic and forecast periods respectively, the global concentrating solar power Market is poised for robust expansion.
What Is The Projected Market Size of The Global Concentrating Solar Power Market and Its Growth Rate?
Significant growth in the concentrating solar power market is projected in the coming years:
- Rapid growth from $7.89 billion in 2024 to $9.38 billion in 2025 (19.0% CAGR) attributed to government incentives, environmental concerns, energy security, and global energy demand.
- Expected growth to $16.98 billion in 2029 at a CAGR of 16.0% due to cost reductions, storage integration, policy support, climate change mitigation.
What Is Driving The Growth in The Concentrating Solar Power Market?
Rising demand for renewable energy is propelling the concentrating solar power market. Renewable resources such as wind, rain, sunlight, among others offer an environmentally safe alternative to fossil fuels, helping combat global warming. Strict regulations on greenhouse gas emissions coupled with increasing electricity demand reinforce the adoption of renewable energy. Concentrating solar power technologies use mirrors to concentrate solar energy, converting it to heat that drives a turbine to generate electricity. For instance, the world added 50% more renewable capacity in 2023 than in 2022, according to the IEA, with renewables overtaking coal as the largest global electricity generation source by early 2025. Thus, the mounting demand for renewable energy is propelling the concentrating solar power market growth.
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Who Are the Key Players Driving Concentrating Solar Power Market Growth?
Significant key players driving the market growth include:
- Abengoa S. A.
- BrightSource Energy Inc.
- ACWA Power
- Aalborg CSP A/S
- General Electric Company
- Atlantica Sustainable Infrastructure plc
- TSK Flagsol Engineering GmbH
- Enel Green Power Corporation
- Acciona S. A.
- Frenell GmbH
What Are The Key Trends in The Concentrating Solar Power Market?
Key market trends contributing to the strong forecasted growth include:
- Hybridization
- Advanced storage solutions
- Technological innovations
- Global market expansion
- Corporate commitments to sustainability
- Focus on decentralized energy production
What Are The Segments of The Global Concentrating Solar Power Market?
The global concentrating solar power market has been segmented as follows:
- By Technology: Parabolic Trough, Solar Power Tower, Fresnel Reflectors, Dish Stirling
- By Capacity: Less Than or Equal To 50 MW, Greater Than 50 MW to Less Than or Equal To 100 MW, Greater Than 100 MW
- By Heat Transfer Fluid: Molten Salt, Water-Based, Oil-Based, Other Heat Transfer Fluids
- By Storage: With Storage, Without Storage
- By Application: Utility, EOR, Desalination, Other Applications
Which Region Leads The Concentrating Solar Power Market?
In 2024, North America was the largest region in the concentrating solar power market. During the forecast period, the fastest growth is expected to be seen in the Asia-Pacific region.
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What Is Covered In The Concentrating Solar Power Market Global Market Report?
- Market Size Analysis: Analyze the Concentrating Solar Power Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Concentrating Solar Power Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Concentrating Solar Power Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Concentrating Solar Power Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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