We analyse the potential for industry entry and catching up by latecomer countries or firms
in formative sectors, by deriving a framework that builds on the concept of windows of
opportunity for catching up. This framework highlights differences in technological, market,
and institutional characteristics between formative and mature sectors, and elaborates how
this may affect opportunities for catching up. We apply this framework to the global
Concentrated Solar Power sector, in which China has rapidly narrowed the gap to the global
forefront in terms of technological capabilities and market competitiveness. We find that the
formative nature of the sector resulted in turbulent development of the technological,
market, and institutional dimensions, making it more difficult for early leaders to retain
leadership, and therefore easier for latecomer firms or countries to catch up. This signals
an increased role in early-stage technology development in the next phase of the energy
transition.