Press release
Concentrated Solar Power (CSP) Market to Reach 15.49 GW by 2030, Driven by Storage Integration & Hybrid Projects | Mordor Intelligence
Concentrated Solar Power (CSP) Market
The global Concentrated Solar Power Market [https://www.mordorintelligence.com/industry-reports/concentrated-solar-power-csp-market-market?utm_source=abnewswire] is expected to witness steady growth, with installed capacity rising from 11.08 gigawatts in 2025 to 15.49 gigawatts by 2030, reflecting a CAGR of 6.93%. CSP technology, which relies on mirrors to concentrate sunlight and generate thermal energy for electricity production, is increasingly adopted in regions with high solar irradiation.
Europe remains the largest market, led by Spain's 2.3 GW installed capacity, while Asia-Pacific is emerging as the fastest-growing region. The integration of thermal energy storage systems has positioned CSP as a reliable renewable energy source capable of supplying electricity even after sunset, addressing grid stability and peak demand challenges.
Concentrated Solar Power Emerging Trends
Declining Costs of CSP Technology
Over the past decade, CSP has become more cost-competitive. According to IRENA, the global weighted average levelized cost of electricity (LCOE) for CSP dropped by 68% between 2010 and 2021, falling from USD 0.358/kWh to USD 0.114/kWh. This decline is attributed to lower installation costs, improved efficiency, and reduced operations and maintenance expenses.
Integration of Thermal Energy Storage
Modern CSP plants increasingly feature storage capacities of 12 hours or more, enabling dispatchable power supply. Projects such as Chile's Cerro Dominador, with 17.5 hours of storage, highlight CSP's ability to deliver consistent energy output.
Hybrid Renewable Projects
CSP is being combined with other renewable technologies to enhance efficiency. In Australia, Vast Solar's VS1 project (30 MW/288 MWh) secured government backing in 2023, while China announced plans for 11 CSP projects with storage by 2024. Hybridization is becoming a defining trend, particularly in regions with ambitious renewable energy targets.
Regional Expansion
Emerging economies are increasingly adopting CSP. China's installed capacity reached 588 MW in 2022, supported by government initiatives and international collaboration. The Middle East and Africa are also investing heavily, with Morocco, UAE, and Saudi Arabia leading large-scale CSP deployments.
Access Detailed Market Insights with Region-Specific and Japan-Focused Editions: https://www.mordorintelligence.com/ja/industry-reports/concentrated-solar-power-csp-market-market?utm_source=abnewswire
Concentrated Solar Power Market Segmentation
Technology Segmentation
* Parabolic Trough: Dominates with ~63% market share in 2024 due to reliability and cost-effectiveness.
* Power Tower: Rapidly growing, offering higher efficiency and effective integration with storage.
* Linear Fresnel: Lower investment costs and better land-use efficiency, though less efficient than troughs.
* Dish/Stirling: High optical efficiency but limited adoption due to lack of storage capabilities.
Heat Transfer Fluid Segmentation
* Molten Salt: Holds ~59% share in 2024, favored for high heat capacity and extended storage.
* Water-based systems: Cost-effective but challenged by pressure and phase transition issues.
* Oil-based fluids: Common in parabolic troughs, though limited by temperature thresholds.
* Other fluids: Includes supercritical fluids and gases like CO, offering niche applications.
Geographic Segmentation
* Europe: Largest market, led by Spain and Mediterranean countries.
* Asia-Pacific: Fastest-growing region, driven by China's ambitious renewable targets.
* North America: Mature market, with U.S. research initiatives supporting CSP development.
* South America: Chile leads with projects in the Atacama Desert.
* Middle East & Africa: Strong growth potential, supported by large-scale projects in Morocco and UAE.
Key Players in the Concentrated Solar Power Market
* ACWA Power: Active in Middle East and Africa with large-scale CSP projects.
* Engie SA: Expanding hybrid CSP solutions across multiple regions.
* Acciona SA: Strong presence in Europe with operational expertise.
* BrightSource Energy Inc.: Focused on power tower technology and U.S. projects.
* Aalborg CSP: Specializes in thermal storage and engineering solutions.
These companies are investing in digitalization, predictive maintenance, and automation to optimize plant performance. Strategic alliances and joint ventures are common, enabling knowledge transfer and risk-sharing in emerging markets.
Explore Energy & Power Industry Research Details: https://www.mordorintelligence.com/market-analysis/energy-power?utm_source=abnewswire
Conclusion: Concentrated Solar Power Market Outlook
CSP's ability to deliver dispatchable renewable energy makes it a valuable complement to solar photovoltaics, especially in regions prioritizing grid stability and energy independence. With strong government backing, international collaboration, and ongoing research, CSP is positioned as a reliable contributor to the global renewable energy mix.
Explore Related Reports from Mordor Intelligence Database:
Polymer Solar Cells Market [https://www.mordorintelligence.com/industry-reports/polymer-solar-cells-market]
GCC Solar Photovoltaic (PV) Market [https://www.mordorintelligence.com/industry-reports/gcc-solar-photovoltaic-market]
About Mordor Intelligence
Mordor Intelligence is a trusted partner for businesses seeking comprehensive and actionable market intelligence. Our global reach, expert team, and tailored solutions empower organizations and individuals to make informed decisions, navigate complex markets, and achieve their strategic goals. With a team of over 550 domain experts and on-ground specialists spanning 150+ countries, Mordor Intelligence possesses a unique understanding of the global business landscape. This expertise translates into comprehensive syndicated and custom research reports covering a wide spectrum of industries, including aerospace & defense, agriculture, animal nutrition and wellness, automation, automotive, chemicals & materials, consumer goods & services, electronics, energy & power, financial services, food & beverages, healthcare, hospitality & tourism, information & communications technology, investment opportunities, and logistics.
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