Market Projections (2024-2031):

According to a new report by IMIR Market Research on Global the size of the Concentrating Solar Power Market was estimated to be around USD 8 Billion in 2023, and it is projected to grow at a CAGR of 26.9% over the forecast period (2024–2031) to reach a value of USD 24 Billion by 2031.

The market is expanding as a result of increased government support for the use of renewable technology, rising energy consumption, and the capacity to provide power without emitting CO2. Additionally, the focus on reducing air pollution and raising awareness of global warming arises from the rise in environmental challenges related to carbon emissions. This element is anticipated to support market expansion as well. However, over the projected time, the market's expansion is hampered by the high costs associated with producing concentrated solar power energy. Furthermore, the market is expected to see significant growth due to factors such as increased acceptance of heat storage systems and increased investment in renewable energy sources by various businesses.

Growing conservation concerns over carbon emissions and efforts to reduce air pollution are blamed for the market's expansion. Tight government policies aimed at reducing the increasing carbon footprint, along with financial incentives offered to encourage the use of alternative energy sources, are expected to accelerate industry expansion. However, the cost of concentrated solar power technology may prove to be a barrier to its widespread use unless and until institutional and regulatory authorities at the federal level support it. Because of the necessity to reduce carbon emissions in the troposphere, the global market for concentrated solar power is anticipated to increase at a faster rate throughout the projected period. A cost-effective power generation source, solar energy also helps lower energy costs and carbon dioxide emissions.

The technology of CSP requires a lot of capital. Thermal energy storage systems, heat transfer fluid systems, power blocks, and solar fields are the parts of the parabolic trough. The receiver fields, heliostat fields, tower, power blocks, and thermal energy storage are the primary parts of a solar tower. About four-fifths of the overall cost is the preliminary venture cost, which controls the Levelized Cost of Energy of CSP systems. It presents a difficulty to the concentrated solar power market because the remaining funds are needed for the plant's upkeep, operation, and insurance.

Market Dynamics:

Market Drivers-

Increased Awareness on Renewable Energy Source

• The increasing emphasis on renewable energy sources in the context of initiatives to lessen greenhouse gas emissions and slow down global warming. Concentrating Solar Power technology harnesses solar energy to generate electricity through the use of mirrors or lenses to concentrate sunlight onto a small area, typically a receiver containing a fluid that heats up and drives a turbine to generate electricity. Concentrating Solar Power becomes a feasible renewable energy option because of its abundance of resources, scalability, and grid integration potential as governments, corporations, and consumers prioritize clean energy options over fossil fuels. A low-carbon economy may be supported, energy security can be increased, and market expansion and investment in CSP projects are stimulated by the use of Concentrating Solar Power (CSP) technology.

Developments in Technology and Cost Savings

• The market for concentrated solar power is driven by improvements in technology and lower costs for CSP systems & components. The development and successful application of concentrated solar power technology over the years has increased the system's dependability, efficiency, and cost-effectiveness. Increased energy outputs, longer operational lifespans, and lower capital and operating costs for CSP installations are results of advancements in solar energy collectors, thermal energy storage systems, receiver designs, & power conversion technologies. Additionally, economy of scale and faster project development, building, or operation processes for Concentrated Solar Power projects have been made possible by advances in materials science, manufacturing methods, and system integration. Consequently, the competitiveness of Concentrating Solar Power projects vis-à-vis traditional power generating technologies like coal, natural gas, & nuclear power has increased, propelling the global market adoption & expansion of CSP capacity. The industry's ongoing efforts to innovate and cut costs in the concentrated solar power sector promote market competitiveness, encourage investment, and quicken the shift to a future without fossil fuels.

Market Trends-

Integrating Heated Energy Storage in Hybridization

• The integration of thermal energy storage (TES) technologies into CSP plants is known as the Concentrating Solar Power Market. When solar radiation is low or energy demand is high, CSP facilities can store extra heat produced during times of maximum sunshine and use it to create power later. Thermal energy storage is the term for this procedure. Because of this tendency, CSP plants may better satisfy variable energy demands by having a stable power supply, enhanced dispatchability, and increased grid stability.  CSP facilities that include TES systems can participate in electricity markets with flexible dispatch requirements, increasing energy output, extending operating hours, and optimizing income potential. By enabling CSP facilities to provide auxiliary services like load following, stability control, and grid stability, hybrid CSP-TES configurations further enhance the value proposition of Concentrated Solar Power technology in the renewable energy context.

Growing Absorption of Melting-Salt Technology

• The growing use of molten salt technology in CSP facilities for heat transfer & thermal energy storage. In CSP systems, molten salt—such as a eutectic mixture of potassium and sodium nitrate—acts as a medium for heat storage and transport, enabling effective energy extraction, storage, and usage. Compared to traditional heat transfer fluids, molten salt technology allows CSP systems to attain greater temperatures of operation, improved thermal performance, and longer-duration energy storage. Molten salt-based TES devices are also more suitable for large-scale CSP uses because they have improved cycle life, corrosion resistance, and thermal stability. By improving energy dispatch & grid integration tactics, molten salt technology is increasingly being used by CSP facilities to improve overall system performance, lower operating costs, and increase revenue production.

Market Restraining Factors-

High initial capital expenses

• The substantial upfront capital expenses related to the creation and execution of CSP projects. Significant upfront costs for land acquisition, site preparation, solar collectors, thermal storage systems, power producing equipment, and grid connection infrastructure are associated with concentrated solar power facilities. Complex engineering, procurement, and construction (EPC) procedures must be followed in the building of CSP plants, in addition to strict adherence to legal, safety, and environmental requirements. Furthermore, because CSP projects are large-scale and capital-intensive, they frequently encounter issues with funding, project funding, and capital availability. High initial expenditures on capital can discourage developers, investors, and utility from pursuing CSP projects, particularly in areas where renewable energy sources like wind, solar, and photovoltaic (PV) electricity may provide faster returns on investment and cheaper upfront expenses. For Concentrating Solar Power (CSP) technology to be widely adopted and for the CSP industry to thrive, the obstacle of high capital expenditures must be removed.  

Report Coverage:

The report will cover the qualitative and quantitative data on the global Concentrating Solar Power Market. The qualitative data includes latest trends, market players analysis, market drivers, market opportunity, and many others. Also, the report quantitative data includes market size for every region, country, and segments according to your requirements. We can also provide customize report in every industry vertical.

Report Scope and Segmentations:

Concentrating Solar Power Market Players Analysis:

• Abengoa Solar SA 
• Acciona Energy
• GE Renewable Energy
• TSK Flagsol Engineering GmbH
• Enel Green Power
• BrightSource Energy
• Atlantica Yield PLC
• eSolar Inc.
• SolarReserve
• ACWA Power
• Chiyoda Corporation
• Alsolen

Key Industry Developments:

• In March 2023, In order to establish a new CSP project at an undisclosed location, Engineers India Limited issued a tender invitation to suppliers and licensors of technology. Additionally, the business has declared that businesses with operational but uncommercialized CSP technology are eligible to bid.
• In February 2023, Vast Solar reported that USD 44 million in funding has been given by the Australian Renewable Energy Agency to build a 30 MW CSP project in Port Augusta, Australia.

Concentrating Solar Power Market Segmentation Analysis:

By Technology

• Parabolic Trough
• Solar Power Tower
• Fresnel Reflectors
• Dish Stirling

By Application

• Residential
• Commercial
• Industrial

By Region

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, UK, Italy, Spain, Russia, Rest of Europe)
• Asia-Pacific (China, India, Japan, ASEAN, Rest of Asia-Pacific)
• LAMEA (Latin America, Middle East, Africa)

The report also helps in understanding Global Concentrating Solar Power Market dynamics, structure by analyzing the market segments, and project the Global Concentrating Solar Power Market size. Clear representation of competitive analysis of key players by type, price, financial position, product portfolio, growth strategies, and regional presence in the Global Concentrating Solar Power Market make the report investor’s guide.

Segmentation Insights:

The market scope is segmented because of by Technology, by Application & by Region.

By Technology

Based on the Technology of the market is segmented into Parabolic Trough, Solar Power Tower, Fresnel Reflectors, Dish Stirling.

Solar energy is directed onto a receiver pipe using parabolic curved trough-shaped reflectors in parabolic trough technology. The receiver pipe is made to follow the parabolic trough's curved surface. The parabolic trough's transfer fluid now has a temperature of 39300C instead of 2930C. In a typical steam generator, thermal oil serves as the transfer fluid, and the heat energy is subsequently transformed into electrical power. The hired collector has a trough on the following row. As a result, during the day, the axis of the troughs can follow the path of the sun from east to west. This configuration keeps the sun fixed on the receiving pipes.

The Solar Power Tower is composed of heliostats, sometimes referred to as tracking reflectors. Heat-transfer fluid, such as molten salt or water steam, makes up the solar power tower receiver end. These heliostats help focus the sun's beams on the tower's central receiver. The working fluid in the solar power tower receiver is heated to temperatures between 500 and 1000 °C to generate a heat source for power generation or an energy storage system. The Solar Power Tower functions similarly to a circular Fresnel reflector.

By Application

Based on the Application of the market is categorised into Residential, Commercial, Industrial.

The heat from CSP's exhaust can be used to warm water. In facilities such as hospitals or hostels, the water might be heated for residential or institutional use. These are used for cooking, cleaning, and taking baths, among other uses of hot water. One of the most significant applications is heating water, and the savings are simple to calculate. In addition, buildings like homes, factories, and dorms can heat their interiors using the free heat energy generated by CSP. But the same heat can be used for cooling when absorption chillers are utilized.

Commercial applications for the exhaust heat from CSP are growing in number. Utility-scale solar farms have been generating substantial amounts of affordable, clean, and dependable energy for over 20 years. A utility-scale solar power plant uses a variety of solar technologies, such as concentrating solar power (CSP), photovoltaics (PV), and concentrating photovoltaics (CPV). Thanks to advances in technology and innovation, utility-scale solar projects now feature built-in storage capabilities, similar to typical power plants, to deliver electricity when there isn't any sunlight. The growing energy requirements of developing countries and the significant development potential of utility-scale solar projects are driving up demand for CSP.

Regional Snapshots:

By region, Insights into the markets in North America, Europe, Asia-Pacific, and the rest of the world are provided by the study. Europe has the second-largest market share for Concentrating Solar Power because of its utilization of renewable energy. The region is driven by the need to reduce greenhouse gas emissions and establish ambitious targets for renewable energy. The financing of research projects and activities related to renewable energy by the European Union has further stimulated the growth of the CSP sector in the region. Furthermore, the UK's concentrated solar power market expanded at the fastest rate within the European Union, while Germany's concentrated solar power market accounted for the largest market share.

The Asia-Pacific Concentrating Solar Power Market is expected to have the highest compound annual growth rate (CAGR) between 2023 and 2032. One significant contributing element has been the government's unwavering resolve to reduce carbon emissions and alter the energy mix. The region's growing industrialization, need for renewable energy sources, and population growth make CSP attractive. Furthermore, among the Asia-Pacific region's Concentrating Solar Power markets, India's increased at the fastest rate, while China's held the largest market share.

Concentrating Solar Power Market Report is also available for below Regions and Country Please Ask for that

North America

• U.S.
• Canada

Europe

• Switzerland
• Belgium
• Germany
• France
• U.K.
• Italy
• Spain
• Sweden
• Netherland
• Turkey
• Rest of Europe

Asia-Pacific

• India
• Australia
• Philippines
• Singapore
• South Korea
• Japan
• China
• Malaysia
• Thailand
• Indonesia
• Rest Of APAC

Latin America

• Mexico
• Argentina
• Peru
• Colombia
• Brazil
• Rest of South America

Middle East and Africa

• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest Of MEA

Points Covered in the Report:

• The points that are discussed within the report are the major market players that are involved in the market such as market players, raw material suppliers, equipment suppliers, end users, traders, distributors and etc.
• The complete profile of the companies is mentioned. And the capacity, production, price, revenue, cost, gross, gross margin, sales volume, sales revenue, consumption, growth rate, import, export, supply, future strategies, and the technological developments that they are making are also included within the report. This report analysed 12 years data history and forecast.
• The growth factors of the market are discussed in detail wherein the different end users of the market are explained in detail.
• Data and information by market player, by region, by type, by application and etc., and custom research can be added according to specific requirements.
• The report contains the SWOT analysis of the market. Finally, the report contains the conclusion part where the opinions of the industrial experts are included.

Key Reasons to Purchase:

• To gain insightful analyses of the Concentrating Solar Power market and have comprehensive understanding of the global market and its commercial landscape.
• Assess the production processes, major issues, and solutions to mitigate the development risk.
• To understand the most affecting driving and restraining forces in the market and its impact in the global market.
• Learn about the Concentrating Solar Power market strategies that are being adopted by leading respective organizations.
• To understand the future outlook and prospects for the Concentrating Solar Power market. Besides the standard structure reports, we also provide custom research according to specific requirements.

Research Scope of Concentrating Solar Power Market:

• Historic year: 2019-2022
• Base year: 2023
• Forecast: 2024 to 2031
• Representation of Market revenue in USD Million

Concentrating Solar Power Market Trends: Market key trends which include Increased Competition and Continuous Innovations Trends: