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Concentrating Solar Power Market Revenue Growth On Track For A 15.3% CAGR Through 2030
The concentrating solar power market has experienced rapid expansion in recent years. It is anticipated to grow from $9.31 billion in 2025 to $10.82 billion in 2026, at a compound annual growth rate (CAGR) of 16.2%. This historical growth can be attributed to government incentives for solar power projects, increasing electricity demand in arid regions, technological advancements in reflective mirrors and heliostats, the early adoption of parabolic trough and power tower systems, and a rising focus on renewable energy portfolios.
The market for concentrating solar power is projected to experience swift expansion over the coming years. Its valuation is set to reach $19.1 billion by 2030, demonstrating a compound annual growth rate (CAGR) of 15.3%. This anticipated growth throughout the forecast period stems from factors such as an increase in utility-scale CSP installations, the integration of hybrid CSP and storage systems, the expanding use in desalination and industrial processes, innovations in high-temperature heat transfer fluids, and increased capital flow into developing markets for solar energy. Key trends anticipated during this period encompass the growing deployment of parabolic trough systems, the rising uptake of solar power tower technology, the broadening of Fresnel reflector applications, the increasing deployment of dish Stirling systems, and the incorporation of thermal energy storage within CSP facilities.
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Concentrating Solar Power Market Growth Backed By Core Demand Fundamentals
The increasing need for renewable energy sources is fueling the expansion of the concentrating solar power market. Renewable energy, harvested from natural resources like wind, rain, sunlight, tides, waves, and geothermal heat, plays a crucial role in mitigating global warming and addressing concerns linked to fossil fuels. The escalating global electricity consumption, combined with strict regulations on greenhouse gas emissions, bolsters the adoption and necessity of renewable energy. Concentrating solar power technologies utilize mirrors to focus sunlight, transforming its energy into heat that subsequently powers a turbine for electricity generation. As an illustration, in January 2024, the IEA, a Paris-based autonomous intergovernmental organization, reported that global renewable capacity expanded by 50% in 2023 compared to 2022, anticipating the quickest growth ever over the subsequent five years. Furthermore, Solar PV and wind contribute to 95% of this increase, with projections indicating that renewables will surpass coal as the leading source of global electricity generation by early 2025. Consequently, the increasing need for renewable energy is indeed a key factor propelling the expansion of the concentrating solar power market.
Concentrating Solar Power Market Segment Performance And Emerging Opportunities
The concentrating solar power market covered in this report is segmented –
1) By Technology: Parabolic Trough, Solar Power Tower, Fresnel Reflectors, Dish Stirling
2) By Capacity: Less Than or Equal To 50 MW, Greater Than 50 MW To Less Than or Equal To 100 MW, Greater Than 100 MW
3) By Heat Transfer Fluid: Molten Salt, Water-Based, Oil-Based, Other Heat Transfer Fluids
4) By Storage: With Storage, Without Storage
5) By Application: Utility, EOR, Desalination, Other Applications
Subsegments:
1) By Parabolic Trough: Single-Trough Systems, Dual-Trough Systems
2) By Solar Power Tower: Central Receiver Systems, Integrated Energy Storage Systems
3) By Fresnel Reflectors: Linear Fresnel Systems, Fixed vs. Tracking Systems
4) By Dish Stirling: Stand-Alone Systems, Hybrid Systems
Concentrating Solar Power Market Growth Trends Reshaping The Competitive Landscape
Leading businesses within the concentrating solar power market are intensifying their efforts to launch particle-based concentrating solar power (CSP) systems to achieve a competitive edge. Such a system represents a solar thermal technology employing solid particles, frequently small ceramic spheres or similar substances, for both heat transfer and storage purposes. For example, in February 2023, the U. S. Department of Energy (DOE), a US agency, inaugurated a pilot facility located at Sandia National Laboratories in New Mexico. This facility, known as the Generation 3 Particle Pilot Plant (G3P3), emerged from a $100 million research initiative dedicated to advancing next-generation concentrated solar power (CSP) plants and demonstrating innovative storage technology. Anticipated to be finished in 2024, the G3P3 pilot aims to illustrate how CSP systems can deliver extended-duration energy storage while simultaneously decreasing the expenses and intricacy of solar thermal technology. Its primary objective is to offer one gigawatt of storage for one hour from a single plant.
Concentrating Solar Power Market Key Participants And Competitive Landscape
Major companies operating in the concentrating solar power market are Abengoa S. A., BrightSource Energy Inc., ACWA Power, Aalborg CSP A/S, General Electric Company, Atlantica Sustainable Infrastructure plc, TSK Flagsol Engineering GmbH, Enel Green Power Corporation, Acciona S. A., Frenell GmbH, Suntrace GmbH, Torresol Energy, Trivelli Energia srl, Soltigua S. r. l, Engie SA, Nextera Energy Inc., Chiyoda Corporation, Heliogen Inc., Siemens Energy AG, SolarReserve LLC, eSolar Inc., Schott AG, Sener Grupo de Ingeniería group., Lointek Sistemas Solar Térmicos, GlassPoint Solar Inc., Rackam Energy, Soliterm Group GmbH
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Concentrating Solar Power Market Geographic Analysis: Where Is Demand Accelerating Fastest?
North America was the largest region in the concentrating solar power market in 2025. Asia-Pacific is expected to be the fastest-growing region in the concentrating solar power market share during the forecast period. The regions covered in the concentrating solar power market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Wasay has over a decade of experience in market research, data modelling, and analytics, with prior experience at GlobalData and Decision Tree Consulting Services. At The Business Research Company , he leads research operations across syndicated studies, customized consulting engagements, and the Global Market Model platform. His professional experience includes supporting organizations such as Boston Consulting Group, KPMG, and Ernst & Young. Wasay holds a degree in Electronics and Communications Engineering, postgraduate management qualifications from International Management Institute Belgium and Indian School of Business and Entrepreneurship, and completed the Integrated Program in Business Analytics from Indian Institute of Management Indore.
