Concentrating Solar Power Market Anticipated To Witness Robust Growth, Surpassing $16.98 Billion By 2029

The Concentrating Solar Power Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].

What Is the Current Concentrating Solar Power Market Size and Its Estimated Growth Rate?
In recent times, there has been a swift expansion in the size of the concentrating solar power market. This market is forecasted to rise from $7.89 billion in 2024 to $9.38 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 19.0%. Factors such as governmental incentives, urgency over environmental issues, energy safety concerns, and the global energy requirement have contributed to this growth witnessed in the historic period.

Expectations are high for a swift expansion in the size of the concentrating solar power market in the upcoming years, with predictions pointing towards a value of $16.98 billion by the year 2029. This projected growth shows a compound annual growth rate (CAGR) of 16.0%. Factors contributing to this surge during the forecast period include a decrease in costs, integration of storage, supportive policies, and efforts towards climate change mitigation. The forecast period is also set to observe significant trends such as hybridization, the implementation of advanced storage solutions, technological innovations, expansion of the global market, commitments to corporate sustainability and a heightened focus on decentralized energy production.

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How Are Emerging Segments Shaping the Concentrating Solar Power Market Landscape?
The concentrating solar power market covered in this report is segmented -

1) By Technology: Parabolic Trough, Solar Power Tower, Fresnel Reflectors, Dish Stirling
2) 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
3) By Heat Transfer Fluid: Molten Salt, Water-Based, Oil-Based, Other Heat Transfer Fluids
4) By Storage: With Storage, Without Storage
5) By Application: Utility, EOR, Desalination, Other Applications

Subsegments:
1) By Parabolic Trough: Single-Trough Systems, Dual-Trough Systems
2) By Solar Power Tower: Central Receiver Systems, Integrated Energy Storage Systems
3) By Fresnel Reflectors: Linear Fresnel Systems, Fixed vs. Tracking Systems
4) By Dish Stirling: Stand-Alone Systems, Hybrid Systems

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Which Growth Factors Are Influencing Concentrating Solar Power Market Expansion?
The increasing need for renewable energy is fuelling the expansion of the concentrating solar power market. Renewable energy is harvested from sustainable sources such as sunlight, wind, rain, tides, waves, and geothermal heat that aids in mitigating global warming and problems associated with fossil fuels. The growing demand for electricity, along with strict greenhouse gas emission regulations, are encouraging the use and adoption of renewable energy. Concentrating solar power technologies use mirrors to focus the sunlight's energy, transforming it into heat, which powers a turbine to produce electricity. For example, reports by IEA, an independent intergovernmental organization based out of Paris, indicated that the world significantly amplified its renewable capacity in 2023 by 50% more than 2022. The subsequent five years are projected to witness exceptional growth. Furthermore, Solar PV and wind are responsible for 95% of this growth, leading renewables to surpass coal as the primary global electricity generation source by early 2025. Hence, the escalating demand for renewable energy is propelling the concentrating solar power market's expansion.

Who Are the Dominant Players Across Different Concentrating Solar Power Market Segments?
Major companies operating in the concentrating solar power market 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, Suntrace GmbH, Torresol Energy, Trivelli Energia srl, Soltigua S. r. l, Engie SA, Nextera Energy Inc., Chiyoda Corporation, Heliogen Inc., Siemens Energy AG, SolarReserve LLC, eSolar Inc., Schott AG, Sener Grupo de Ingeniería group., Lointek Sistemas Solar Térmicos, GlassPoint Solar Inc., Rackam Energy, Soliterm Group GmbH

What Are the Latest Developing Trends in the Concentrating Solar Power Market?
Leading entities in the concentrating solar power (CSP) market are embracing innovative developments like the Gen3 Concentrating Solar Power (CSP) commercial demonstration to boost energy efficiency and sustainability. This move answers the rising call for renewable energy solutions and aids in worldwide endeavors to cut down on carbon emissions. The commercial demonstration of Gen3 CSP involves practical applicability and examination of sophisticated third-gen CSP technologies that aim to enhance cost-effectiveness and efficiency in generating solar energy. This endeavor aims to foster broader acceptance and investment in renewable energy solutions. In October 2023, for example, Heliogen Inc., a US-based electric services firm, accomplished two significant product development objectives related to its Capella Project, which is the first fully-integrated Gen3 CSP commercial demonstration in the world. These achievements include the launch of the first commercial-scale centrifugal particle receiver for on-sun testing and the successful completion of the design verification for the prototype particle receiver for Capella. These accomplishments pave the way for industries to leverage solar energy for high-value processes, lessening dependence on fossil fuels, enhancing economic performance, while playing a vital role in managing climate change impacts.

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Which Geographic Regions Are Expected to Dominate the Concentrating Solar Power Market in the Coming Years?
North America was the largest region in the concentrating solar power market in 2024. Asia-Pacific is expected to be the fastest-growing region in the concentrating solar power market share during the forecast period. The regions covered in the concentrating solar power market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Concentrating Solar Power Market?
2. What is the CAGR expected in the Concentrating Solar Power Market?
3. What Are the Key Innovations Transforming the Concentrating Solar Power Industry?
4. Which Region Is Leading the Concentrating Solar Power Market?

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