Global Concentrating Solar Power Market projected to reach USD 290.49 billion by 2033, driven by increased demand worldwide
From GlobeNewswire: 2024-07-11 22:00:00
The Global Concentrating Solar Power Market is expected to grow from USD 52.98 billion in 2023 to USD 290.49 billion by 2033, with a CAGR of 18.55%. Concentrating solar power involves directing sunlight onto receivers with mirrors to produce electricity, providing a baseload or flexible power supply. Global demand for CSP technology is increasing, driven by goals for renewable energy and government support. Concentrating solar power facilities require significant initial investments in infrastructure, including towers, mirrors, and storage devices.
The solar power tower segment is projected to hold the largest market share in the global concentrating solar power market, driven by high efficiency and ability to reach high temperatures for power generation. The storage segment is expected to dominate over the projection period, allowing for continuous power production. The utilities sector is anticipated to hold the largest market share, benefiting from energy storage and increasing demand.
Asia Pacific is forecasted to have the largest share of the global concentrating solar power market, driven by the construction of CSP plants and government policies promoting clean energy. North America is expected to grow rapidly due to increased awareness of solar energy benefits and focus on green energy sources. Key vendors in the market include Abengoa Solar, TSK Flagsol Engineering, and GE Renewable Energy, among others.
In May 2023, ACWA Power completed the Redstone CSP IPP project in South Africa, storing thermal energy for up to 12 hours with molten salt technology. The global concentrating solar power market is segmented by technology, operation type, and end-user, with opportunities for growth in regions such as Europe, Asia Pacific, South America, and the Middle East & Africa. For more information on market trends and insights, contact Spherical Insights for tailored research and consulting services.
Read more at GlobeNewswire: Global Concentrating Solar Power Market Size To Worth USD