Home > > Global Concentrated Solar Power Market Report
The Concentrated Solar Power market was valued at $4,989.9 Million in 2022, and is projected to reach $11,313.0 Million by 2032 growing at a CAGR of 8.60% from 2023 to 2032.Concentrated solar power (CSP) is a form of solar energy that uses mirrors or lenses to concentrate the sun's energy to generate electricity. The CSP market is driven by several factors, including increasing concerns about climate change and the need for renewable energy sources, as well as favorable government policies and incentives. Opportunities in the CSP market include the potential for cost competitiveness with other forms of energy, particularly in regions with high solar irradiance, and the ability to provide dispatchable power, which allows CSP plants to generate electricity on demand. One trend in the CSP market is the increasing adoption of hybrid CSP systems, which combine CSP technology with other forms of energy generation, such as photovoltaics or fossil fuels. This can improve the reliability and flexibility of CSP systems, making them more attractive to utilities and other energy users. There are several companies that are active in the CSP market, including Abengoa, BrightSource Energy, and SolarReserve. Abengoa has developed several large-scale CSP plants around the world and is also working on advanced technologies such as high-temperature superconducting generators for CSP systems. BrightSource Energy has developed a number of CSP projects in the United States, including the Ivanpah Solar Electric Generating System in California, which is one of the largest CSP plants in the world. SolarReserve has also developed several CSP projects, including the Crescent Dunes Solar Energy Project in Nevada, which uses molten salt storage technology to provide dispatchable power. These companies and others are continually working on new technologies and projects to advance the CSP market and make it a more viable and competitive source of energy.