Growing Demand For Renewable Energy Drives Concentrating Solar Power Market Growth: The Driving Engine Behind Concentrating Solar Power Market Evolution in 2025

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Concentrating Solar Power Market Size Growth Forecast: What to Expect by 2025?
In recent years, the market size for concentrating solar power has seen a substantial surge. As per projections, it is set to increase from $7.89 billion in 2024 to a whopping $9.38 billion in 2025, with a compound annual growth rate (CAGR) of 19.0%. The significant growth experienced during the historic period is linked to factors such as government incentives, environmental awareness, energy security, and an increase in global energy demand.

How Will the Concentrating Solar Power Market Size Evolve and Grow by 2029?
Over the coming years, the market size of concentrating solar power is predicted to experience a swift expansion. It is expected to reach a value of $16.98 billion in 2029, reflecting a compound annual growth rate (CAGR) of 16.0%. Factors contributing to the growth in the forecast period include reductions in costs, policy support, the integration of storage capabilities and efforts to mitigate climate change. Key trends during the forecast period encompass hybridization, advanced storage solutions, technological advancements, the expansion of the global market, commitments from corporations towards sustainability, and a concentrated focus on decentralized energy production.

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What Drivers Are Propelling the Growth of Concentrating Solar Power Market Forward?
The expanding need for renewable energy is fueling the development of the concentrating solar power market. Energy derived from renewable sources including wind, rain, sunlight, tides, waves, and geothermal heat lessens the impact of global warming and problems associated with fossil fuels. Regulations aimed at decreasing greenhouse gas emissions, coupled with the ever-increasing demand for electricity, are encouraging the adoption and demand for renewable energy. Concentrating solar power technologies utilize mirrors to focus the sun's light energy and transform it into heat, which powers a turbine to generate electricity. IEA, a Paris-based autonomous intergovernmental organization, reported in January 2024 that the world had added 50% more renewable capacity in 2023 than in the previous year, forecasting the next five years to witness the most rapid growth yet. Solar PV and wind power are anticipated to contribute to 95% of this expansion, with renewables predicted to surpass coal as the leading source of global electricity generation by early 2025. Therefore, the increasing need for renewable energy is propelling the concentrating solar power market's expansion.

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Which Emerging Trends Are Transforming the Concentrating Solar Power Market in 2025?
Key players in the Concentrating Solar Power (CSP) market are leveraging innovative strides like the Gen3 Concentrating Solar Power (CSP) commercial demonstration to boost energy efficiency and sustainability. This is in response to the escalating demand for renewable energy solutions and their commitment to assist in worldwide carbon emission reduction drives. Gen3 Concentrating Solar Power (CSP) commercial demonstration focuses on the active deployment and field testing of advanced third-generation CSP technologies that aim to increase efficiency and affordability in solar power generation, thereby encouraging broader acceptance and investment in renewable energy solutions. For instance, in October 2023, Heliogen Inc., a US-based electric services company, achieved two significant product development milestones in relation to its Capella Project, the world's maiden fully integrated Gen3 Concentrating Solar Power (CSP) commercial demonstration. These include the roll-out of the first commercial-scale centrifugal particle receiver for on-sun testing and the successful completion of the prototype particle receiver design validation for Capella. The introduction of this innovative technology allows industries to tap into solar energy for high-priority procedures, lowering dependence on fossil fuels and enhancing economic results, while aiding in efforts to combat climate change.

What Are the Key Segments in the Concentrating Solar Power Market?
The concentrating solar power market covered in this report is segmented -

1) By Technolog: Parabolic Trough, Solar Power Tower, Fresnel Reflectors, Dish Stirling
2) By Capacit: 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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Who Are the Key Players Shaping the Concentrating Solar Power Market's Competitive Landscape?
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 Geographic Markets Are Powering Growth in the Concentrating Solar Power Market?
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

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