Western Market Research-WMR one of the world’s prominent market research firms has released a new report on Global Concentrated Solar Power (CSP) Market. The report is full of crucial insights on the market which will help the clients in making correct business decisions. This research will help both existing and new aspirants for Concentrated Solar Power (CSP) Market to figure out and study market requirements, market size, and competition. The report talks about the supply and demand scenario, the competitive market scene, challenges for market growth, market opportunities, and the threats faced by key players.
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The Concentrated Solar Power (CSP) market was valued at USD 3.69 million by 2017, growing with 14.8% CAGR during the forecast period, 2019-2025
Concentrated Solar Power (CSP) is referred to as concentrated solar thermal. The solar energy is utilized to generate electricity in two different ways. One is Photovoltaic (PV) systems and the other one is solar concentrators. Concentrated solar power is a technology that is used to generate electricity by concentrating the solar energy on the main point. It is used to focus sunlight. The concentrated solar power plant produce electricity using mirrors to concentrate the sunlight to focus the sun’s energy. CSP provides combined power and heat, in desalinization plants.
The concentrated solar power market is expected to grow owing to the increasing greenhouse gas emissions coupled with the rising awareness about global warming. The rising awareness about solar energy, increasing prices of conventional energy, and growing concerns regarding the future energy supply augment the growth of the worldwide market further. The high dependence on fossil fuels is expected to exhaust the fossil fuel reserves very soon. Incentives and government support are anticipated to further boost the growth of the market during the forecast period.
Another driver of the global market is the growing concern of majority nations regarding the depleting reserves of conventional energy sources and the rising global temperatures. Durability and cost-effectiveness are the major advantages of the concentrated solar market. Technologies related to CSP are widely being used around the world, thus propelling the global CSP market. However, the high cost of electricity generation is expected to curtail the growth of the market. The generation of power through solar energy is still at its early stage due to the lack of developed technology. The overall market has a huge opportunity to grow due to the hybridization of concentrated solar power plants with conventional thermal plants and adoption of heat storage systems.
Product Type Takeaway
On the basis of product types, the global CSP market is segmented into parabolic trough, linear Fresnel, dish stirling, and solar tower. The demand for the parabolic trough technology is the highest across commercial power plants as it is the most mature. This segment is also expected to register the fastest growth in the market during the forecast period, followed by the solar tower technologies and linear Fresnel. A number of commercial and industrial power plants are increasingly adopting the dish stirling technology to initiate new projects for future benefits. The solar field accounts for the maximum share of the cost of a solar plant. Based on the technologies, the field cost could be anywhere in the range of 60% for dish stirling and parabolic trough to about 43% for linear Fresnel and solar tower. The most significant cost reduction is going to come about by new innovations in the field of solar design, which could bring down the cost of energy by 15 to 28% depending on the technology.
The concentrated solar power industry must continue to focus on decreasing the cost by improving efficiency, technology, and deployment. These cost reductions must also be clearly shown to the key stakeholders. Major cost reductions will be achieved through the early deployment. The concentrated solar power industry should work pro-actively to learn from the lessons of publically funded early deployment to ensure they flow to the widest possible base within the constraints of competitive markets.
In the short term, decreasing the PV prices and uncertain national energy policies will put pressure on the installation rates of CSP. Concentrated solar power plants have already proven their ability when it comes to the dispatchable generation. The concentrated solar power with heat energy storage is the only renewable energy technology which is capable of delivering electricity consistently even during peak times.
However, the prices of wind power and PV have fallen drastically during the past years and technology maturity alone cannot determine the future demand for the concentrated solar power. Many other factors like localized influences such as national energy demand, government incentives, and conventional power costs play a big role.
Europe is anticipated to lead the overall market in terms of usage, new projects, and number of installations. However, the economic downturn in the region has had a negative impact on the global concentrated solar power market as it did on most other modern markets. During the forecast period, the markets in Asia Pacific and North America are expected to witness a rapid growth owing to the growing concerns over the scarcity of the conventional resources.
Key Vendors Takeaway
Some of the key players in the global concentrated solar power market are SCHOTT Solar, Acciona S.A., SkyFuel Inc., TSK Flagsol, eSolar Incorporation, Abengoa Solar, NextEra Energy Resources LLC, GDF SUEZ, BrightSource Energy Inc., Areva Solar, SolarReserve, Ibereolica Group, and Solar Millennium.
The market size and forecast for each segment and sub-segments has been considered as below:
Historical Year-2014 & 2017
Traders, Distributors, and Suppliers
Government and Regional Agencies
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
MAREKT, BY TECHNOLOGY
MARKET, BY APPLICATION
Enhanced Oil Recovery
MARKET, BY REGION
Rest of Europe
Rest of APAC
Rest of the World
Middle East and Africa
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