Concentrated Solar Power (CSP) Market

The concentrated solar power market size reached US$ 7.1 billion in 2023. Looking forward, Reports and Insights expects the market to reach US$ 27.2 billion in 2032, exhibiting a growth rate (CAGR) of 16.1% during 2024-2032.

Concentrated Solar Power (CSP) is a renewable energy technology that captures sunlight to produce electricity. CSP systems concentrate sunlight using mirrors or lenses onto a receiver, where the intense light is converted into heat. This heat is then used to generate steam, which drives a turbine connected to a generator to produce electricity. CSP is notable for its thermal energy storage capability, enabling electricity generation even when sunlight is unavailable, making it a dependable and sustainable energy solution.