Innovations in Concentrated Solar Power Market Paving the Way for Future Energy Solutions, says

Akash Pasalkar
Akash Pasalkar

Updated · Feb 15, 2023

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Market growth can be attributed to increasing conservation concerns about carbon emissions and efforts to reduce air pollution. 

Market growth is expected to be boosted by stringent government strategies to reduce the carbon footprint and monetary incentives to encourage the adoption of other energy sources.

According to, “The Concentrated Solar Power Market is projected to reach a valuation of USD 54.49 Billion by 2032 at a CAGR of 20%, from USD 8.8 Billion in 2022.” 

Concentrated Solar Power Market Growth 2022-2032

Asia Pacific was the dominant market for CSP in 2021, with a 42.8% revenue share due to an increase in concentrated solar power plant installations. China is expected to grow at a rapid pace between 2022 and 2032. 

The market is driven by the growing demand for concentrated solar power to alleviate grid locations. The region’s market growth is also being driven by the growing demand for renewable power energy to sustain rising fiscal activities. Europe will grow at 16.4% revenue-based CAGR between 2022 and 2032 due to the favorable policies of many countries in the region.

Anurag Sharma, a senior research analyst at, said, “The rise in environmental issues that are based on carbon emissions leads to increased awareness and focus on reducing air pollution. Market growth is expected to be fueled by this factor. The market growth is impeded by the high cost of concentrated solar power production.”

Globally, the current COVID-19 crisis has hampered the power sector. Due to the current situation, many countries experienced interruptions in construction activity as a result of disruptions in the supply chain, primarily caused by China. Other measures taken include lockdowns in certain countries and social-distancing rules for workforces. These are all threats to the market.

Due to the need for reducing carbon emissions in the troposphere, the global CSP market will grow at an even faster rate over the forecast period. It is an affordable source of power generation and helps to lower energy bills.

Major industry players are working to bring in new technologies that will increase power generation. As the number of solar energy installations has increased, and the operating efficiency has been higher around the globe, the major players in the sector are now focusing on developing more advanced technologies. High-temperature salts, CO2, and proppants, which have minimal losses, are being tested to increase heat transfer. Researchers are also working on new coatings to reduce light reflection.

Concentrated solar power has been adopted in different countries. Governments can now take steps to lower the cost of CSP systems. These systems have many operational benefits and are extremely efficient. They are expected to play an important role in meeting green energy goals for many countries over the next years. 

Investors will be attracted to CSP systems by lowering their costs. CSP could also be integrated into utility services on a global basis. The U.S. government has begun to offer incentives that could lower the cost of CSP systems.

Renewable energy sources have been in the spotlight for the past decade due to the growing demand for energy sources that can be used continuously and the increasing need to reduce carbon emissions around the world. 

The global CSP capacity was 1.3 GW at the end of 2010 and has increased exponentially to more than 6GW by 2019. With more investments expected in the future, this trend to increase renewable energies in every country’s power mix is expected to continue. 

Renewable sources currently account for approximately 29% of total global electricity generation. This number is set to increase at an exponential rate over the next few years, driving the growth of this market.

Numerous countries are working hard to reduce their carbon footprints and are seeking highly efficient systems that produce large amounts of electricity. A concentrated solar power plant can be the best solution as they are capable of producing power at higher efficiencies and lower operating expenses than solar PV. These systems can be scalable to large capacities and include thermal storage.

This market’s key constraint is the large capital investment required to install this plant. Customers may choose solar PV installation for large areas over the technology used in commercial and residential locations due to its ability to cover large areas. The average cost of electricity generated from CSP is USD 0.20/kWh. For solar PV it is USD 0.5-0.10/kWh. This is a significant drawback.

Concentrated Solar Power Market Key Players:

  • Abengoa
  • BrightSource Energy, Inc.
  • Siemens Energy
  • Acciona
  • Aalborg CSP
  • TSK Fl
  • INITEC Energía
  • Torresol Energy
Akash Pasalkar

Akash Pasalkar

My name is Akash Pasalkar, A computer science engineer by qualification and a Digital Marketer by profession.. And I am passionate about SEO and Content Writing.