Concentrating Solar Power (CSP) Market Size

Concentrating Solar Power (CSP) Market size was over USD 9.16 Billion in 2023 and is expected to cross USD 274.61 Billion by the end of 2036, growing at more than 29.9% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of concentrating solar power (CSP) is estimated at USD 11.62 Billion.The growth of the market can be attributed to the rising demand for solar energy for the production of electricity. Solar PV is rapidly becoming the most cost-effective alternative for new electricity generation in most of the world, which is projected to drive investment in the next years. According to the International Energy Agency, global solar PV power generation climbed by a record 179 TWh in 2021, representing a 22% increase over 2020. Solar PV accounted for 3.6% of worldwide electricity generation in 2016, and it is still the third largest renewable energy technology after hydropower and wind. 

 In addition to these, factors that are believed to fuel the concentrating solar power market growth of concentrating solar power include the rising production of electricity by the use of solar energy and the low cost of solar-powered electricity. According to the statistics of IRENA, the global weighted average levelized cost of electricity (LCOE) of new utility-scale solar PV declined 13% year on year to USD 0.048/kWh. Furthermore, In Europe in 2021, the lifetime cost per kWh of new solar and wind power added was at least four to six times less than the marginal generating costs of fossil fuels in 2022. On the other hand, the growing burden on fossil fuel usage and the rising need to reduce carbon emission is also expected to augment the market growth.