"Actionable Insights to Fuel Your Growth"

Concentrated Solar Power (CSP) Market Size, Share & Industry Analysis, By Technology (Parabolic Trough, Power Tower, Linear Fresnel), By Application (Residential, Non-Residential, Utility) and Regional Forecasts, 2024-2032

Last Updated: July 01, 2024 | Format: PDF | Report ID: FBI100751



Play Audio Listen to Audio Version

The global concentrated solar power (CSP) market size was valued at USD 53.02 billion in 2023 and is projected to grow from USD 60.36 billion in 2024 to USD 212.25 billion in 2032, exhibiting a CAGR of 17.02% during the forecast period. Middle East & Africa dominated the concentrated solar power industry with a share of 45.53% in 2023.

Concentrated solar power involves the use of mirrors to concentrate the received sunlight, a central focal point. Here this energy is converted into heat, which can then be used to produce steam to drive a turbine or be used as industrial process heat. These systems can integrate thermal energy storage systems, which can generate electricity during cloudy periods and the absence of sunlight. Several modern technologies such as parabolic troughs, fresnel reflectors, and power towers are available for this technology, and depending upon the given conditions, the best one can be deployed.

The COVID-19 crisis has had an alarming effect on the entire renewable energy industry. The global supply chain has been heavily impacted as the imports of raw materials came to a halt for a certain period. The CSP plants require a huge human force to be on the field to complete the installations, and the lockdowns in many countries have resulted in a shortage of laborers. Many ongoing projects have been put on hold for an unspecified timeline across the globe due to the import dependency and logistical delays. Around 40% of the imports of solar trackers and other required equipment are from China, which has been the first nation to be heavily impacted by the COVID-19 threat. In China, acknowledging the growing destruction, solar modules and concerning equipment were being halted, which brought the global market to a halt.

Following this condition, government bodies and private companies have pushed forward the commissioning dates for certain projects to be brought into operation in the coming months. This will certainly affect the investments being made in the market in the coming years and delay the pipeline projects. But on the brighter side, the solar energy industry is expected to be back on track in a short period compared to other industries such as oil and gas. This will propel the investments for CSP technology in many countries around the globe and therefore drive the market at a healthy rate.

Concentrated Solar Power (CSP) Market Trends

Push Towards Advance Solar Energy Technologies Will Attract Investment in the Market

As solar energy installations have increased and higher operating efficacies recorded across the world, major industry players are now working on bringing in more advanced technologies, which will boost the current power generation. New heat transfer fluids such as high-temperature salts, sCO2, proppants are being tried, which increase the heat transfer capability with minimum losses. Also, researchers are working on new coatings for receivers, which will reduce the amount of light reflected away. Solar energy production increased by a record 270 TWh (26%) in 2022 and was almost 1300 TWh. It showed the largest absolute increase in generation from renewable technologies in 2022, surpassing wind for the first time in history. This generation growth rate for 2050 corresponds to the level projected for 2023-2030 in the zero emission scenario.

According to industry, the global investment in solar technologies has grown from about USD 10.7 billion in 2004 to nearly USD 150 billion ten years later. Solar technologies are constantly evolving into new materials that can be much more efficient than current silicon cells. For example, the use of multilayer multi-junction cells that harvest energy from different parts of the solar energy spectrum could significantly increase solar energy in the near future.

Steps to Decrease the Cost of Various Equipment in CSP System Will Fuel Capacity Additions

As concentrated solar power is now being adopted across different countries, governments can take steps to reduce the cost of CSP systems. As these systems offer various operational advantages and are highly efficient, these are expected to play a major role in achieving green energy targets for many countries in the coming years. Therefore, lowering the cost of installation will attract investors, and CSP would be integrated into utilities on a global scale. For instance, the U.S. government is working on measures that would reduce the cost of CSP systems by offering incentives.

Request a Free sample to learn more about this report.

Concentrated Solar Power (CSP) Market Growth Factors

Growing Adoption of Renewable Sources for Power Generation to Boost the Market

The growing demand for never-ending energy sources and the need to control carbon emissions across the globe has put renewable energy sources in the limelight over the last decade. Considering the increasing CSP installations, the global capacity at the end of 2010 was 1.3 GW, which has grown exponentially to reach more than 6 GW in 2019. This trend of growth in renewable energies in the power mix of every nation is expected to continue with more and more investments planned in the coming years. Currently, renewable sources account for around 29% of the total electricity generation across the globe, which is expected to rise at an exponential rate in the coming years and therefore drive the growth of the market.

Higher Efficiency and Low Operating Cost as Compared to Solar PV to Aid Growth

As several countries are putting in strong efforts to reduce carbon emissions, they are looking for highly efficient systems and produce a large amount of power. Concentrated solar power plants can stand as the best possible solution for this as these are capable of power generation with higher efficiencies and lower operating costs as compared to solar PV. Also, these systems can use thermal storage to match the supply-demand and are scalable to large capacities.


Heavy Capital Investment and Higher Cost of Electricity Per Unit Poses Threat to Market Growth

The key market restraint for this market is the heavy capital investment to be made for installing this plant. Also, the requirement of a large area may lead customers to prefer solar PV installation over this technology at residential and commercial locations. Further, the average cost of electricity generated by CSP is USD 0.20/kWh, and for solar PV, it is between USD 0.5-0.10/kWh, which stands as a major drawback of the system.

The Global Landscape of Renewable Energy Finance 2023 report shows that global investment in energy transmission technologies, including energy efficiency, was USD 1.3 trillion last year. This reached a new record, 19% more than in 2021 and 70% before the pandemic in 2019. A joint report by the International Renewable Energy Agency (IRENA) and the Climate Policy Initiative (CPI), published at the International Renewable Energies of Spain Energy Conference in Madrid, also says that the global investment in renewable energy would reach a record of USD 0.5 trillion in 2022. However, this is still less than a third of the average annual investment. Under IRENA's 1.5°C scenario over 2023-2030, investments have also not progressed toward achieving the 2030 Agenda for Sustainable Development Goals.

Concentrated Solar Power (CSP) Market Segmentation Analysis

By Technology Analysis

Preference of Parabolic Trough Systems Over Others Will Drive the Growth of this Segment

Based on technology, the concentrated solar power market is segmented into the parabolic trough, power tower, and linear Fresnel. Parabolic trough being the most advanced amongst the available technologies is expected to lead the market. Also, it requires less capital investment as compared to its counterparts. Out of the projects granted in 2019, 45% used the parabolic trough technology. Power towers are expected to have healthy growth due to their higher efficiency and better capability to store energy.

To know how our report can help streamline your business, Speak to Analyst

By Application Analysis

Growing Solar-Grid Integration Will Drive the Growth of Utility Segment

In terms of application, the market is segmented into residential, non-residential, and utility. As the concentrated solar power installation requires huge capital investment, their penetration at residential and commercial centers is very low compared to utilities. CSP installation for utilities help in managing the power demand, peak load shaving and allow integrated thermal storage with varying time for varying technologies. These factors have led to the lion's share of the utility segment in the global market. Furthermore, numerous financial and economic benefits, including Feed-in Tariffs (FiT) and tax credits offered by several governments across the globe, will augment the segment growth.


The Middle East & Africa Concentrated Solar Power Market Size, 2023 (USD Billion)

To get more information on the regional analysis of this market, Request a Free sample

The concentrated solar power market has been analyzed geographically across five key regions, including North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. In the Middle East, the UAE, Morroco, and South Africa are the major contributors to the Concentrated Solar Power (CSP) market growth. The growing need to produce continuous renewable power to support rising economic activities is boosting the market growth in the region.

In Europe, Spain has been the leading country for concentrated solar installation in the region. The presence of leading global players and the high success rate of the initial projects have been the catalyst for the country’s lion share in the global market. Following Europe, North America has maximum operating concentrated solar projects. In 2016, Europe and North America together formed approximately 3/4th of the global market, which has now been reduced to around 60% in 2019. In North America, the U.S. has many CSP projects with an installed capacity of 1,741 MW.

The Asia Pacific has witnessed a substantial increase between 2016 and 2019, with projects commissioned in India and China. China has rolled out plans for 20 concentrated solar pilot projects to be run within the country starting from 2016. In September 2019, Power China Gonghe 50MW Molten Salt Tower Project was successfully connected to the grid. In Latin America, Chile and Mexico have concentrated solar plants under construction and are expected to operate in 2021.

List of Key Companies in Concentrated Solar Power (CSP) Market

Siemens, Abengoa Solar, BrightSource Energy Are Amongst the Leading Players in the Market

The competitive landscape of the concentrated solar power market depicts a market dominated by companies focused on technological advancements that lead to increased efficiencies at a lower production cost. Companies such as Siemens, BrightSource, and Abengoa Solar have a strong presence in Europe and North America, which are the leading CSP installations. These companies are working towards establishing a strong foothold in the market as investments in this technology are expected to boost in other regions such as the Asia Pacific and the Middle East. In December 2019, BrightSource Energy developed a new kind of absorber coating, i.e., solar-cured coating, for the Dubai Electricity & Water Authority (DEWA) Tower project. The coating was designed for extended service lifetime and higher absorption than the standard Pyromark coating and to help reduce O&M costs.

With the market's growth, the other industry key players such as Sener, Abors Green GmbH, Solar Reserve are expected to have ample opportunities, which will lead towards a competitive market for CSP sales in the coming years.


  • BrightSource Energy (U.S.)

  • Abengoa Solar (Spain)

  • Siemens (Germany)

  • Acciona (Spain)

  • Solar Reserve (U.S.)

  • ACWA Power (Saudi Arabia)

  • Torresol Energy (Spain)

  • Trivelli Energia (Italy)

  • Abors Green GmbH (Germany)

  • Parvolen CSP Technologies (Greece)

  • Sener (Spain)

  • Rioglass (Belgium)


  • In February 2024: ACWA Power and Larsen and Toubro Limited (LandT) announced that it has been selected Nextracker, a leading global provider of intelligent solar tracking equipment and software solutions, to supply the NX Horizon-XTR™ ground tracker for a 1.17 GW installation in Al Kahfah. Solar energy. Power plant, a strategically important renewable energy project in the Central Province of Saudi Arabia, part of the National Renewable Energy Program.

  • In August 2023: In aggregation with President Biden's visit to Wisconsin, Siemens announced that it will begin production of photovoltaic (PV) inverters in Kenosha, Wisconsin, where the company produces solar energy components specifically designed to serve the US market. Owned and operated by the company's long-term manufacturing partner Sanmina, the Kenosha plant will help meet increased demand for local manufacturing of critical parts of solar projects and help customers take advantage of the full value of solar tax incentives and home content incentives.

  • In July 2023: BrightSource Energy Inc., a global leader in concentrated solar thermal (CSP) technology, has announced the spin-off of its Israeli, UK and South African subsidiaries to form a new group known as New BrightSource Energy LTD. Izik Kirshenbaum leads the new group with Israeli and British leadership.

  • In March 2020: Shouhang Hightech Energy Technology Co., Ltd (Shouhang) signed the Cooperation Agreement on Investment with the government of Gansu Province for the Jinta 100MW Molten Salt Tower Concentrating Solar Power Project. The project is expected to be completed by the end of 2021.

  • In January 2020: Hayward Tyler announced the contract it secured from Shanghai Electric to supply a glandless pump package. The provided equipment would be used to install a 950MW hybrid solar fields project at Bin Rashid Al Maktoum Solar Park Phase IV. The project will involve 600 MW from a parabolic basin complex, 100 MW from a solar thermal tower, and 250 MW from PV panels.


The concentrated solar power market report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product types, and leading product applications. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the market's growth in recent years.

An Infographic Representation of Concentrated Solar Power Market

To get information on various segments, share your queries with us

Report Scope & Segmentation



Study Period


Base Year


Estimated Year


Forecast Period


Historical Period


Growth Rate

CAGR of 17.02% over 2024 to 2032


Volume (MW) & Value (USD Billion)


By Technology

  • Parabolic Trough

  • Power Tower

  • Linear Fresnel

By Application

  • Residential

  • Non-residential

  • Utility

By Region

  • North America (By Technology, By Application, and By Country)

    • U.S.

    • Canada

  • Europe (By Technology, By Application, and By Country)

    • France

    • Italy

    • Spain

    • Denmark

    • Rest of Europe

  • Asia Pacific (By Technology, By Application, and By Country)

    • China

    • India

    • Australia

    • Rest of Asia Pacific

  • Latin America (By Technology, By Application, and By Country)

    • Mexico

    • Rest of Latin America

  • Middle East and Africa (By Technology, By Application, and By Country)

    • South Africa

    • GCC

  • Rest of the Middle East & Africa

Frequently Asked Questions

Fortune Business Insights states that the global market size was USD 53.02 billion in 2023.

Growing at a CAGR of 17.02%, the market will exhibit healthy growth during the forecast period (2024-2032).

The parabolic trough is expected to be the leading segment in this market during the forecast period based on technology.

The global market size is anticipated to reach USD 212.25 billion by 2032, growing at a substantial CAGR of 17.02% during the forecast period (2024-2032).

Increasing adoption of renewable sources for power generation is fueling the market.

Siemens, Abengoa Solar, and BrightSource Energy are among the leading players in the global market.

Middle East & Africa dominated the market in 2023.

Seeking Comprehensive Intelligence on Different Markets?
Get in Touch with Our Experts

Speak to an Expert
  • 2019-2032
  • 2023
  • 2019-2022
  • 210

Personalize this Research

  • Granular Research on Specified Regions or Segments
  • Companies Profiled based on User Requirement
  • Broader Insights Pertaining to a Specific Segment or Region
  • Breaking Down Competitive Landscape as per Your Requirement
  • Other Specific Requirement on Customization
Request Customization Banner

Energy & Power Clients

The Japan Research

Client Testimonials

“We are quite happy with the methodology you outlined. We really appreciate the time your team has spent on this project, and the efforts of your team to answer our questions.”

- One of the largest & renowned medical research centers based in the U.S. on a report on the U.S. NIPT Market.

“Thanks a million. The report looks great!”

- Feedback from a consultant on a report on the U.S. Beef Market.

“Thanks for the excellent report and the insights regarding the lactose market.”

- Brazil based company specializing in production of protein ingredients.

“I liked the report; would it be possible to send me the PPT version as I want to use a few slides in an internal presentation that I am preparing.”

- Global Digital Services Agency on a report on the Global Luxury Goods Market.

“This report is really well done and we really appreciate it! Again, I may have questions as we dig in deeper. Thanks again for some really good work.”

- U.S.-based biotechnology company focussing on treatment of chronic pain.

“Kudos to your team. Thank you very much for your support and agility to answer our questions.”

- Europe-based provider of solutions to automate data centre operations.

“We appreciate you and your team taking out time to share the report and data file with us, and we are grateful for the flexibility provided to modify the document as per request. This does help us in our business decision making. We would be pleased to work with you again, and hope to continue our business relationship long into the future.”

- India-based manufacturer of industrial and specialty intermediates with a strong global presence.

“I want to first congratulate you on the great work done on the Medical Platforms project. Thank you so much for all your efforts.”

- One of the largest cosmetics company in the world.

“Thank you very much. I really appreciate the work your team has done. I feel very comfortable recommending your services to some of the other startups that I’m working with, and will likely establish a good long partnership with you.”

- U.S. based startup operating in the cultivated meat market.

“We received the below report on the U.S. market from you. We were very satisfied with the report.”

- Global hearing aids manufacturer.

“I just finished my first pass-through of the report. Great work! Thank you!”

- U.S. based solar racking solutions provider.

“Thanks again for the great work on our last partnership. We are ramping up a new project to understand the imaging and imaging service and distribution market in the U.S.”

- World’s leading advisory firm.

“We feel positive about the results. Based on the presented results, we will do strategic review of this new information and might commission a detailed study on some of the modules included in the report after end of the year. Overall we are very satisfied and please pass on the praise to the team. Thank you for the co-operation!”

- Germany based machine construction company.

“Thank you very much for the very good report. I have another requirement on cutting tools, paper crafts and decorative items.”

- Japanese manufacturing company of stationery products.

“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”

- One of the Leading Food Companies in Germany

“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”

- Intuitive Surgical

“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”

- Major Food Company in Japan

“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”

- Ziering Medical

“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”

- Major Manufacturer of Precision Machine Parts in India

“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”

- Hewlett-Packard

“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”

- Global Management Consulting Firm

“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”

- UK-based Start-up in the Medical Devices Sector

“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”

- One of the Largest Companies in the Defence Industry
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . Privacy.