Global Concentrating Solar Power Market Projected to Grow at 15.7% CAGR, Reaching $16.7 Billion by 2029

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What Will the Concentrating Solar Power Industry Market Size Be by 2025?
The size of the concentrating solar power market has seen rapid expansion in recent years. The industry, which was worth $7.89 billion in 2024, is projected to increase to $9.31 billion in 2025 and achieve a compound annual growth rate (CAGR) of 18.1%. The growth witnessed during the historical period can be credited to government initiatives, environmental awareness, energy security issues, and rising global energy demand.

What's the Long-Term Growth Forecast for the Concentrating Solar Power Market Size Through 2029?
In the forthcoming years, the market size for concentrating solar power is anticipated to undergo swift expansion. The market is projected to increase to $16.7 billion in 2029, with a compound annual growth rate (CAGR) of 15.7%. Factors such as cost reduction, integration of storage, supportive policies, and climate change mitigation can be credited for this boost in the forecast period. The forecast period is expected to witness trends like hybridization, innovative storage solutions, technological breakthroughs, global market growth, corporate dedication towards sustainability, and an accentuated focus on decentralized energy production.

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What Are the Key Growth Drivers Fueling the Concentrating Solar Power Market Expansion?
The escalating need for renewable energy is stimulating the expansion of the concentrating solar power marketplace. This type of energy is harnessed from renewable sources such as sunlight, wind, rain, ocean waves, and tides, alongside geothermal heat, which all have a positive effect in mitigating global warming and issues emanating from using fossil fuels. The increasing electricity requirement, in conjunction with stringent regulations surrounding greenhouse gas emissions, is fuelling interest and acceptance of renewable energy. Concentrating solar power mechanisms utilize mirrors to intensify the sun's light energy and transform it into heat, which subsequently powers a turbine to produce electricity. For example, as reported by the IEA, an independent intergovernmental agency based in Paris, there was a 50% increase in the addition of renewable capacity to world's total in 2024 as compared to 2023. This growth is expected to surge dramatically over the next five years. Solar PV and wind power contribute to 95% of this expansion, with renewables predicted to surpass coal as the leading global electricity generator by the beginning of 2025. Hence, the surging requirement for renewable energy is largely resultant in the growth observed in the concentrating solar power market.

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What Are the Key Trends Driving Concentrating Solar Power Market Growth?
Leading organisations in the concentrating solar power (CSP) market are leveraging breakthroughs like the Gen3 Concentrating Solar Power (CSP) commercial demonstration to raise energy efficiency and sustainability. This initiative caters to the increasing need for renewable energy and aids global endeavors to cut down carbon emissions. The Gen3 Concentrating Solar Power (CSP) commercial demonstration is about testing and applying state-of-the-art third-generation CSP technologies in order to heighten effectiveness and cost-efficiency in solar energy production, with the goal to garner more interest and investment in renewable energy alternatives. For instance, in October 2023, Heliogen Inc., a company that provides electric services in America, achieved two crucial product development landmarks associated with its Capella Project. This project represents the world's inaugural fully integrated Gen3 CSP commercial demonstration. The two key achievements include the roll-out of the first commercial-scale centrifugal particle receiver for on-sun testing and the prototype particle receiver design's verification completion for Capella. This innovative step empowers industries to utilise solar energy for high-demand processes, reducing fossil fuel dependency, enhancing economic results and supporting efforts to alleviate climate change.

How Is the Concentrating Solar Power Market Segmented?
The concentrating solar powermarket 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 Companies Are Leading the Charge in Concentrating Solar Power Market Innovation?
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

Which Regions Are Leading the Global Concentrating Solar Power Market in Revenue?
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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