Press release
Global Concentrated Solar Power Market Outlook to Reach US$ 552.3 Billion by 2034, Driven by Supportive Policies and High Adoption of Solar Energy - Latest Report by Transparency Market Research Inc.
The global concentrated solar power (CSP) market, valued at approximately US$28.3 billion in 2023, is projected to skyrocket at a CAGR of 34.6% from 2024 to 2034, reaching an estimated market value of US$552.3 billion by the end of 2034.CSP technologies use mirror-based systems to concentrate natural sunlight onto a receiver, generating high-temperature heat that is converted into electricity via steam turbines. Advanced thermal energy storage systems, such as molten salt storage, allow CSP plants to generate power around the clock-before sunrise and after sunset-thereby enhancing grid reliability and efficiency. With governments worldwide pushing for cleaner energy sources, CSP is becoming a pivotal solution in reducing reliance on fossil fuels and lowering carbon emissions.
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Analysts' Viewpoint: Catalyzing the Energy Transition Through Policy and Innovation
Supportive government policies and incentives, including ambitious climate targets and R&D funding, are propelling the growth of the CSP market. For instance, the U.S. Solar Energy Technologies Office has significantly reduced CSP electricity production costs over the past decade, while the European Union's Fit for 55 program mandates shore power at major ports and encourages the use of renewable energy. Additionally, advancements in CSP technologies-such as improved parabolic trough systems, innovative solar tower designs, and integration with additive manufacturing techniques-are further driving market expansion. Hybridization with photovoltaics and wind power is also emerging as a key trend to meet the global demand for clean energy.
Market Introduction
Concentrated solar power plants harness sunlight by reflecting it with an array of mirrors (or heliostats) to concentrate the energy onto a central receiver. This concentrated heat is then used to produce steam, which drives a turbine to generate electricity. CSP technology offers the significant advantage of thermal energy storage, enabling continuous power production even when the sun is not shining. Applications of CSP extend beyond electricity generation; they also provide process heat for industrial applications and play a crucial role in water desalination processes, thereby contributing to environmental sustainability and energy security.
Key Market Drivers
Supportive Government Policies and Incentives:
Globally, governments are prioritizing investments in renewable energy to meet stringent climate goals. Policies such as the U.S. SETO initiatives and the EU's aggressive carbon reduction targets are fostering significant investments in CSP projects. These initiatives help lower the cost of CSP-generated electricity and accelerate the deployment of CSP technologies.
High Adoption of Solar Energy:
As solar energy continues to gain momentum worldwide, investments in solar photovoltaic (PV) technology have increased exponentially. However, CSP's unique ability to store thermal energy and provide dispatchable power makes it a complementary solution to PV systems, enhancing overall grid stability and efficiency. This trend is reflected in substantial investments by countries like India and China in large-scale solar thermal projects.
Regional Outlook
Europe dominated the global CSP market in 2023, with Spain holding the largest market share in the region. Strong governmental support, robust investments in smart grid technologies, and initiatives to address nuclear fusion fuel shortages have bolstered the adoption of CSP in Europe. Asia Pacific is also emerging as a significant market, with China and India spearheading large-scale projects-such as India's construction of the world's largest solar thermal power plant in Rajasthan. Meanwhile, the Middle East and North Africa (MENA) region is focusing on diversifying its energy sources to reduce fossil fuel dependency, thereby driving CSP investments.
Analysis of Key Players
Leading companies in the CSP market are actively investing in technology development, capacity expansion, and strategic partnerships to strengthen their market presence.
Prominent players include:
ABENGOA
Acciona S.A.
ACWA POWER
Areva Solar
ATLANTICA YIELD PLC
BrightSource Energy, Inc.
FRENELL GMBH
GDF SUEZ
Ibereolica Group
NextEra Energy Resources, LLC
SCHOTT Solar AG
These companies are focusing on integrating advanced thermal storage, enhancing receiver designs, and hybridizing CSP with other renewable technologies to drive efficiency and improve power generation continuity. Strategic initiatives, such as the acquisition of renewable assets and multi-year distribution agreements, are instrumental in expanding their global footprint.
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Key Developments
May 2023: ACWA POWER completed the Redstone CSP IPP project in South Africa-a 100 MW facility incorporating molten salt technology, which enables up to 12 hours of thermal energy storage.
February 2023: Engie SA acquired BTE Renewables in South Africa, adding 340 MW of renewable operating assets and over 3 GW of advanced development projects, thereby reinforcing its position in the CSP market.
June 2020: Aalborg CSP A/S secured exclusive rights for the innovative Pit Thermal Energy Storage (PTES) technology from Arcon-Sunmark A/S, a breakthrough in sustainable energy storage.
Market Segmentation
By Capacity:
Up to 50 MW
50 MW to 99 MW
Above 99 MW
By Technology:
Parabolic Trough
Solar Tower
Linear Fresnel
Dish Stirling
By Application:
Residential
Commercial
Industrial
By Region:
North America
Latin America
Europe
Asia Pacific
Middle East & Africa
Discover More In-Depth Reports from Transparency Market Research -
Rainwater Harvesting Market- https://www.transparencymarketresearch.com/rainwater-harvesting-market.html
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About Us Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
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