A new report from Global Market Insights forecasts steady growth in the Concentrated solar power market between 2018–25
CSP Market size is anticipated to surpass USD 4 Billion by 2025.CSP market size is set to witness growth on account of growing adoption of renewable energy driven by favorable governments initiatives. For instance in 2017, National Development & Reform Commission (NDRC) of China has drafted a policy to increase the 2030 renewable energy target from 20% to 35%. Furthermore, stringent carbon emission standards along with growing effects of global warming will drive the technological deployment.
- Favourable government initiatives
- Rising electricity consumption
- Growing demand for clean energy
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Growing electricity demand along with increasing investments toward the enhancement of efficiency index will positively influence the concentrated solar power market growth. As per the Australian Energy Council, global electricity demand will surpass 40,000 TWh by 2030 witnessing a growth of over 30% from 2017 level. Additionally, growing need for decentralized electricity production at remote locations will further fuel the product demand.
Reduction in Levelized Cost Of Electricity (LCOE) driven primarily by reverse auction of projects and reduced O&M costs will stimulate the market growth across the forecast timeframe. According to IRENA, the LCOE of CSP projects are anticipated to fall in range of USD 0.06 to 0.10 per kWh by 2020. However, high capital cost as compared to solar photovoltaic project of comparable capacity have been diverting the investors toward a cheaper alternative.
Growing adoption of high efficiency systems along with favorable government policies will boost the power tower CSP market size. The technology will further witness growth on account of its higher working temperature, lower thermal losses and less energy transfer steps as compared to other available alternatives. In addition, shifting trends toward thermal energy storage systems coupled with its better compatibility with power tower systems will boost the technology deployment.
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Middle East and Africa market will witness growth on account of extensive investments to suffice the stagnation in the Spain solar industry and reluctance in the North America CSP industry. Established players are focusing more toward the development of new alliances with the regional players to expand their market penetration. Countries including China, South Africa, the UAE, Saudi Arabia, and Morocco continue to encourage the local content requirement across the regional CSP programs.
Notable industry participants across the CSP market include Acciona, Abengoa Solar, GE Renewable Energy, Enel Green Power, TSK Flagsol, Suntrace, BrightSource, Atlantica Yield, Shams Power, CSP Services, SolarReserve, ACWA, Chiyoda Corporation and Therminol amongst others.
Concentrated Solar Power Market Segmentation:
Chapter 4 Concentrated Solar Power Market, By Technology
4.1 Concentrated solar power market share by technology, 2018 & 2025
4.2 Parabolic trough
4.2.1 Global CSP market from parabolic trough, 2014 – 2025
4.2.2 Global CSP market from parabolic trough, by region, 2014 – 2025
4.3 Linear fresnel reflector
4.3.1 Global CSP market from linear fresnel reflector, 2014 – 2025
4.3.2 Global CSP market from linear fresnel reflector, by region, 2014 – 2025
4.4 Power tower
4.4.1 Global CSP market from power tower, 2014 – 2025
4.4.2 Global CSP market from power tower, by region, 2014 – 2025
Chapter 5 Concentrated Solar Power Market, By Capacity
5.1 Concentrated solar power market share by capacity, 2018 & 2025
5.2 ≤50 MW
5.2.1 Global CSP market from ≤50 MW, 2014 – 2025
5.2.2 Global CSP market from ≤50 MW, by region, 2014 – 2025
5.3 >50≤100 MW
5.3.1 Global CSP market from >50≤100 MW, 2014 – 2025
5.3.2 Global CSP market from >50≤100 MW, by region, 2014 – 2025
5.4 >100 MW
5.4.1 Global CSP market from >100 MW, 2014 – 2025
5.4.2 Global CSP market from >100 MW, by region, 2014 – 2025