Global Concentrated Solar Power Market Expected to Achieve 28.2 Billion by 2032 with a Compound Annual Growth Rate of 16.6%, States Allied Market Research

Allied Market Research has released a report titled “Concentrated Solar Power Market,” outlining the industry’s technological landscape and global prospects from 2023 to 2032. The report reveals that the concentrated solar power market, valued at $6.1 billion in 2022, is anticipated to reach $28.2 billion by 2032, demonstrating a robust CAGR of 16.6% during the forecast period.

Key Growth Drivers:

The market’s expansion is attributed to various factors, including the escalating demand for renewable energy, growing environmental concerns, and supportive government incentives, subsidies, and policies. Despite obstacles posed by the high initial costs of concentrated solar power, technological advancements such as hybridization and system integration present opportunities for enhanced efficiency, reliability, and overall contributions to the energy landscape. These advancements contribute to reducing dependency on non-renewable resources, opening lucrative avenues for the concentrated solar power market.

Solar Power Tower Segment Dominance:

The solar power tower segment maintained its dominance in 2022, holding over half of the global concentrated solar power market revenue. It is anticipated to continue leading throughout the forecast period due to its superior efficiency in energy conversion, enabling more effective electricity generation through steam turbines. Ongoing research and technological advancements contribute to increased efficiency and reduced costs in solar power tower systems, further driving demand.

Industrial Sector Leading in End-Use:

In terms of end-use industry, the industrial segment captured the largest market share in 2022, accounting for over half of the global revenue. This segment is expected to maintain its dominance, as concentrated solar power, with its ability to integrate thermal energy storage, provides a reliable and dispatchable energy source for industries requiring uninterrupted power. Stringent environmental regulations and corporate sustainability goals further drive industries toward cleaner energy sources, aligning with the environmentally friendly nature of concentrated solar power.

Asia-Pacific’s Rapid Growth:

The Asia-Pacific region emerged as the leader in terms of revenue in 2022, accounting for over half of the global concentrated solar power market revenue. This trend is expected to persist throughout the forecast period, driven by rapid economic growth in countries like India and China, increased energy demands, and supportive government policies promoting renewable energy adoption.

Leading Market Players:

Key players in the concentrated solar power market include Aalborg CSP, Acciona, ACWA Power, Atlantica Sustainable Infrastructure PLC, BrightSource, Frenell GmbH, General Electric, Rioglass Solar Inc., SENER, and Siemens Energy AG. The report offers a detailed analysis of their business performance, operating segments, product portfolio, and strategic initiatives to provide insights into the competitive landscape.