Concentrating Solar Power (CSP) Market Share

  • Report ID: 4830
  • Published Date: Nov 27, 2024
  • Report Format: PDF, PPT

Concentrating Solar Power (CSP) Market Share

North American Market Forecast

The concentrating solar power market in North America industry is set to hold largest revenue share of 35% by 2037. The growth of the market can be attributed majorly to the rising demand for energy from the commercial and industrial sectors. The industrial sector accounted for around 35% of total US end-use energy consumption and nearly 32% of overall US energy consumption in 2019. Developing solar technology for industrial processes contributes to the U.S.  Department of Energy Solar Energy Technology Office's objective of creating a carbon-free energy sector by 2050. Moreover, the rising effort by the government to boost the production of renewable energy is also expected to drive market growth in the region. Green Power Partnership (GPP) is a volunteer program launched by the U.S. government that assists organizations in their green energy procurement by providing professional advice, technical support, tools, and resources.

APAC Market Statistics

The Asia Pacific concentrating solar power market is estimated to be the second largest, registering a share of about 25% by the end of 2037. The growth of the market can be attributed majorly to the rising production of renewable energy. China and India both intend to grow installed renewable energy capacity to more than 50% by 2025 and 2030, respectively. India is the world's third-largest renewable energy generator, with non-fossil fuels accounting for 40% of installed electrical capacity. Moreover, China and India both intend to grow installed renewable energy capacity to more than 50% by 2025 and 2030, respectively. India is the world's third-largest renewable energy generator, with non-fossil fuels accounting for 40% of installed electrical capacity. Moreover, the rising installation of solar PV systems is also expected to boost the concentrating solar power market growth in the region. By July 2021, China's total installed residential PV capacity surpassed 30 GW, with around 2 million residential units hosting solar PV systems.

Europe Market Forecast

Further, the concentrating solar power market in the Europe, amongst the market in all the other regions, is projected to hold a majority of the share by the end of 2037. The growth of the market can be attributed majorly to the rising use of solar energy for the production of electricity. According to the European Commission, in 2020, the EU solar market grew by 18 GW, with solar energy accounting for 5.2% of total EU electricity generation. Solar energy is the fastest-increasing source of electricity in the EU. Besides this, solar power costs have dropped by 82% in the previous decade, making it the most cost-effective source of electricity in many parts of the EU.

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Author Credits:  Dhruv Bhatia


  • Report ID: 4830
  • Published Date: Nov 27, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

In the year 2025, the industry size of concentrating solar power is assessed at USD 14.53 billion.

The concentrating solar power market size was over USD 11.74 billion in 2024 and is anticipated to cross USD 345.05 billion by 2037, witnessing more than 29.7% CAGR during the forecast period i.e., between 2025-2037. Increasing demand for renewable energy, rising government initiatives to boost the clean energy and rising depletion of fossil fuels will boost the market growth.

North America industry is set to hold largest revenue share of 35% by 2037, due to rising demand for energy from the commercial and industrial sectors in the region.

The major players in the market are Abengoa, New BrightSource, Ltd., Siemens Energy, ACCIONA, Aalborg CSP A/S, ACWA Power International, Shouhang Hightech Energy Technology Co., Ltd., Enel Spa, Trivelli Energia s.r.l., Grün leben GmbH
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