Concentrating Solar Power Market Highlights
The global Concentrating Solar Power Market size 2020 had touched a valuation close to USD 9.60 billion in 2019 and can expand to USD 18.41 billion by 2025, reveals the latest report by Market Research Future (MRFR). The market can surge at a decent rate of 11.46% from 2019 to 2025, which is the forecast period.
Top Drivers and Main Barriers
A sharp rise in the need for power across the world has been noted in recent years. Power generation capacity is simultaneously increasing, with power generation agencies constantly on the lookout for efficient and low-cost technologies. Given the surging concern regarding the numerous power generation plants such as coal, nuclear etc., the demand for clean energy technologies such as CSP has reached an all-time high across the world.
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Strict environmental regulations combined with the surge in government initiatives to promote the use of renewable energy to curb carbon emissions are presumed to benefit the concentrated solar power market. For instance, the UN stated in December 2017 that China had reached its 2020 carbon reduction targets within three years, even before the expected deadline.
The increasing demand for thermal energy storage to cut down the operation time of concentrated solar power is a chief factor aiding market development. The Thermal Energy Storage (TES) technology enables the storage of thermal energy from these concentrated solar power plants during the daytime, and it helps generate power after sunset. This leads to a surge in the operative time span of the concentrated solar power plants. More and more plants are now being fitted with Thermal Energy Storage (TES) technology to elevate the rating of capability factor, which is expected to increase the acceptance of concentrated solar power as the main basis for the generation of electricity.
- Soligua (Italy),
- SolarReserve (US),
- Enel Green Power (Italy),
- BrightSource Energy (US),
- Atlantica Yield PLC (UK),
- eSolar Inc. (US),
- Chiyoda Corporation (Japan),
- TSK Flagsol Engineering GmbH (Germany),
- GE Renewable Energy (France),
- ACWA Power (Saudi Arabia),
- Alsolen (Morocco),
- Abengoa Solar, SA (Spain),
- Acciona Energy (Spain)
Concentrating Solar Power Market Segmentation:
The market for concentrating solar power has been thoroughly examined with respect to technology, components, and end-user.
The concentrated solar power technologies are power tower, parabolic trough, dish/engine system, and linear Fresnel. The parabolic trough segment can lead the global market in the coming years, as the segment finds application in almost every end-use industry, including utilities, mining, enhanced oil recovery, and others. In addition, it is one of the most popular and commercialized technologies used in concentrated solar power plants.
The component-wise market segments in the global concentrating solar power market are power block, thermal storage, and solar field. Thermal storage is projected to be the top segment in the global market, thanks to its ability to store a massive amount of thermal energy, facilitating power generation during sunset.
The end-users in the market are EOR, utilities, and others. The utility segment can record a higher growth rate compared to its counterpart.
The concentrating solar power market has been regionally distributed into Europe, Asia Pacific (APAC), the Middle East & Africa, North America, and South America.
In addition to being the fastest-growing region, APAC has the potential to achieve the top spot in the global concentrating solar power market during the conjectured period. The chief reasons for the region’s substantial hold over the global market include sizeable investments being made in solar power projects in Japan, India and China. China is the leading market for concentrating solar power in the region, with respect to market share as well as the growth rate. To illustrate, in 2018, a total of three concentrated solar power plants with a capacity of 200 MW were built and connected to the grid. Japan is another important market in the region. Citing a reference, in 2018, Japan had installed close to 6 GW to 7.5 GW of a solar power plant along with the scope of several utility-scale concentrating solar power and photovoltaic projects being developed in the near future.
The concentrating solar power market in North America and MEA can gain decent traction in the following years, thanks to the rising focus on using renewable energy for power generation coupled with the growing implementation of concentrated solar power at utility-scale. A steady surge in population along with the heavy industrialization in these regions also supplement the market growth.
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