A report has indicated that investments in concentrating solar power plants are expected to exceed $2.58 billion worldwide this year.

The study, ‘Global CSP Outlook 2009’, by environmental group Greenpeace, the European Solar Thermal Electricity Association (ESTELA) and the International Energy Agency's (IEA) SolarPACES group, outlines how under an advanced industry development scenario, concentrating solar power, could meet up to 7% of the world’s projected power needs in 2030 and a full quarter by 2050.

Even with a set of moderate assumptions for future market development, the world would have a combined solar power capacity of over 830 GW by 2050, with annual deployments of 41 GW. This would represent 3.0 to 3.6% of global demand in 2030 and 8.5 to 11.8% in 2050.

Intensive research and development during the last 15 years makes CSP even more efficient and is the foundation for the take-off of this technology, according to Dr. Christoph Richter, DLR Scientist at the Plataforma Solar in Almeria/Spain and executive secretary of SolarPACES.

Earlier this month, Emerging Energy Research estimated that CSP sector will require as much as US$80 billion of investment over the next decade.