The global CSP market is expected to witness a CAGR of 15.3%, and is projected to reach USD 14,755 million by 2023. Factors propelling the growth of the concentrated solar power market are: decreasing cost of components and increasing production, government incentives to support concentrated solar power, changing perception of nations towards solar energy, growing environment concern related to pollution caused by fossil fuels.
Concentrated Solar Power (CSP) Technology uses reflective surfaces to concentrate sunlight which is then converted to heat energy to create steam that drives turbines to generate electric power. CSP provides ample opportunity for the business to grow. The storage and backup abilities of CSP plants offers an added advantage for electric grids. CSP can be integrated with traditional thermal plants to provide a cost effective energy solution. Further the effective heat storage, high efficiency and low cost are the factors that makes CSP a promising technology to be used in heat storage system. CSP finds its wide application in automotive, pharmaceuticals, refineries, large building, and military bases.
Key findings of The Global Concentrated Solar Power Market Report
- The global concentrated solar power market installed capacity was 5,600 MW in 2016 and is expected to reach 14,346 MW by 2023
- Parabolic Troughs is the leading segment of the CSP market, accounting for 85% market share by capacity. Parabolic troughs are the most developed technology, resulting in higher adoption for power generation at a commercial level
- The Power tower is the fastest growing segment of the concentrated solar power market. The preference of power tower over other technology in the upcoming concentrated solar power projects will accelerate the growth of the power tower in the near future
- Dish system, a newly developed technology, is set to witness a healthy growth during the forecast period as it does not require cooling systems for the exhaust heat, making it apt for water constrained regions
- The solar field dominates the concentrated solar power market in terms of revenue during the forecast period. The cost components and project implementation of solar field accounts for the domination of the solar field in terms of revenue
- By Application, the industrial electricity generation segment holds the major share in terms of revenue and capacity
- Geographically, Europe occupies the major share of the concentrated solar power market in terms of capacity. Spain is the world leader in concentrated solar power utilization and accounted for a market share of 41% in terms of capacity in 2016
- North America occupied the second position in terms of concentrated solar power installed capacity in 2016. The United States of America accounted for 32% of power generation from concentrated solar power plants
- The South African region will experience the highest CAGR during the forecast period. The solar rich South African countries are tapping on the resources on large scale
- Morocco has adopted an energy development plan. The government is committed to increase its share of renewable energy generation to 42% by 2020
- The countries lying between the Tropic of Cancer and Tropic of Capricorn concentrated solar power is expected to become a competitive source of bulk power in peak and international loads by 2020
- Siemens AG dominates the concentrated solar power market in terms of development of power block components
- The key players dealing in the waste to energy market are Energy Areva Solar, SkyFuel Inc., Abengoa Solar S.A., eSolar Inc., SolarReserve LLC, BrightSource Energy Inc., Acciona S.A., Solar Millennium AG, NextEra Energy Resources LLC, and SCHOTT Solar AG.
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