Concentrated solar power market seen hitting $15B by 2033

By AI, Created 10:23 AM UTC, May 19, 2026, /AGP/ – Persistence Market Research projects the global concentrated solar power market will grow from $8.8 billion in 2026 to $15.0 billion by 2033, driven by renewable energy investment, utility-scale projects and thermal storage adoption. Asia Pacific is emerging as a key growth region as governments and utilities push cleaner, more reliable power generation.

Why it matters: - Concentrated solar power can generate electricity with thermal energy storage, which helps keep power flowing after sunset. - The technology is gaining traction as governments and utilities look for cleaner alternatives to fossil fuels and more stable renewable power on the grid. - Utility-scale projects are the main growth engine, which makes the segment relevant for large energy systems rather than smaller distributed installs.

What happened: - Persistence Market Research says the global concentrated solar power market will reach $8.8 billion in 2026 and $15.0 billion by 2033. - The firm forecasts a 7.9% compound annual growth rate from 2026 to 2033. - The market outlook was published May 19, 2026, from Brentford, London. - The report highlights renewable energy infrastructure spending, thermal storage innovation and utility-scale solar projects as the main growth drivers. - The report includes a free sample, customization options at request customization, and a buy now page.

The details: - Utility-scale power generation, industrial process heat, desalination, enhanced oil recovery and other uses are listed as market applications. - Parabolic trough systems, power tower or central receiver systems, linear Fresnel reflector systems and dish Stirling systems are the technology segments in the report. - Capacity bands in the study include below 50 MW, 50-150 MW and above 150 MW. - The regional breakdown covers North America, Europe, East Asia, South Asia & Oceania, Latin America, and Middle East & Africa. - North America is benefiting from clean energy infrastructure spending and grid modernization. - Europe is supported by strict environmental rules, renewable policy support and energy storage integration. - Asia Pacific is expected to post strong growth on industrialization, urbanization, rising electricity demand and renewable energy investment. - The report names Abengoa Solar, ACWA Power, BrightSource Energy, Sener Group, SolarPACES/DLR, Siemens Energy, GE Vernova, Enel Green Power, TSK Group, Aalborg CSP, Worley, Cobra Group, SunCan and Themax Limited among companies in the market.

Between the lines: - The market story is shifting from pure solar generation to dispatchable renewable power, because thermal storage is a differentiator. - High installation costs and land needs remain major barriers, which helps explain why photovoltaic solar still competes strongly in many projects. - Hybrid solar systems and long-duration storage are emerging as the most important areas for future investment. - The report’s emphasis on Asia Pacific suggests the next wave of demand is likely to come from regions with rising electricity use and strong policy support.

What’s next: - Market participants are expected to keep investing in thermal energy storage to improve efficiency and reliability. - Developers are also expanding hybrid solar power systems to support grid stability. - Industrial heat applications and energy-intensive manufacturing could open additional demand through 2033. - The report says renewable energy investment in developing economies should support long-term market expansion.