Market Size of Concentrated Solar Power (CSP) Industry
| Study Period | 2019-2029 |
| Market Volume (2024) | 10.36 gigawatt |
| Market Volume (2029) | 14.49 gigawatt |
| CAGR (2024 - 2029) | 6.93 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Europe |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Concentrated Solar Power (CSP) Market Analysis
The Concentrated Solar Power Market size is estimated at 10.36 gigawatt in 2024, and is expected to reach 14.49 gigawatt by 2029, growing at a CAGR of 6.93% during the forecast period (2024-2029).
- Over the long term, the declining cost of concentrated solar power technologies is expected to drive the market.
- On the other hand, the increasing adoption of solar photovoltaics and other renewable technologies is expected to hinder the market growth during the forecast period.
- Nevertheless, technology improvements and integration of concentrated solar power in hybrid power plants. This will positively impact the environment, and climate change is expected to create several opportunities for Concentrating the solar power market in the future.
- Europe is expected to dominate the market as the solar sector in the region is witnessing new projects at the outset of growing electricity demand and focusing on using renewable energy sources to curb pollution levels, therefore resulting in increasing demand for CSP during the forecast period.
