Concentrating Solar Power Market Growth, Size, Share, Trends, and Forecast 2032

According to the report published by Zion Market Research, the global Concentrating Solar Power Market size was valued at USD 7.64 Billion in 2023 and is predicted to reach USD 64.73 Billion by the end of 2032. The market is expected to grow with a CAGR of 26.80% during the forecast period. The report analyzes the global Concentrating Solar Power Market’s growth drivers, restraints, and impact on demand during the forecast period. It will also help navigate and explore the arising opportunities in the Concentrating Solar Power Market industry.

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Global Concentrating Solar Power Market: Overview

Concentrating solar power is the technology through which electricity is produced by concentrating sunlight on receivers by using reflecting mediums. It is a solar power generation technology which transforms mechanical energy into electrical energy with the help of turbines or Stirling engines. Through concentrated solar power technology, better efficiency, low-cost investments, and thermal storage capacity benefits are obtained. These benefits have resulted in an increasing demand for the concentrated solar power market globally.

Global Concentrating Solar Power Market: Segmentation

The global concentrated solar power market is segmented into its technology, end-user, component, and geography.

On the basis of technology, the market is divided into the solar tower, parabolic trough, dish/engine systems, and linear fresnel.

Based on end-user, the market is segregated into commercial, residential and industrial.

On the basis of the component, the market is classified into power block, solar field and thermal energy storage system.

On the basis of the region, diversification is seen into North America, Asia-Pacific, Europe, Latin America and the Middle East and Africa.

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Global Concentrating Solar Power Market: Growth Factors

The concentrating solar power market is a growing market owing to factors such as increased focus on the inclusion of renewable sources in the energy mix, rapid developments made in the developing economies, supportive government policies, fiscal support from governments, technology development,  demand for more sustainable and newer energy resources and the availability of more efficient product designs. The demand is expected to rise further in the market due to the increasing need for finding environment-neutral, sustainable and reliable power production resources, increasing need to provide continuous and universal access to electricity in the remote areas, constant rise in electricity consumption and stringent regulations on the emissions. However, the requirement of large areas for the commercial-scale production acts as a hindrance in the adoption of the concentrated solar power technology which consequently affects the market growth.

Concentrating Solar Power Market : Report Scope

Global Concentrating Solar Power Market: Regional Analysis

The largest share of the concentrating solar power market is held by Europe. This can be attributed to factors such as availability of vast subsidies from public and private bodies to encourage the shift to renewable from conventional power resources. Some of the major countries showing significant growth are the U.K., Germany, and France. Following the growth of Europe is North America. There is a favorable growth environment in this region owing to the technological advancements and availability of vast grants from the energy departments, especially in the U.S. and Canada.  Other regions such as Asia-Pacific and Latin America are showing growth in the market purely on the basis of consistently rising market-led energy demand. Also, a fair share is provided by the markets in the Middle East and Africa.

Global Concentrating Solar Power Market: Competitive Players

Some of the major companies in the concentrating solar power market include:

• LLC.
• Abengoa Solar S.A
• NextEra Energy Resources
• TSK Flagsol
• Areva Solar
• GDF SUEZ
• SCHOTT Solar AG
• Ibereolica Group
• Acciona S.A.
• Solar Millennium AG
• SkyFuel Inc.
• BrightSource Energy Inc.
• eSolar Inc.

The Global Concentrating Solar Power Market is segmented as follows:

By Technology 

• solar tower
• parabolic trough
• dish/engine systems 
• linear fresnel 

By End-user 

• commercial 
• residential  
• industrial 

By Component 

• power block
• solar field
• thermal energy storage system

Global Concentrating Solar Power Market: Regional Segment Analysis

• North America
  • U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• The Middle East and Africa

What Reports Provides

• Full in-depth analysis of the parent market
• Important changes in market dynamics
• Segmentation details of the market
• Former, on-going, and projected market analysis in terms of volume and value
• Assessment of niche industry developments
• Market share analysis
• Key strategies of major players
• Emerging segments and regional markets
• Testimonials to companies in order to fortify their foothold in the market.