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Concentrated Solar Power Market Report 2019 Opportunities, Segmentation, Shares, Forecast to 2024

Author : Rahul Sankrityayan | Published Date : 2019-05-20 

Global Market Insights, Inc. published a research report on "Concentrated Solar Power Market Research Report- Forecast till 2025" - Market Size, Share, Growth, Opportunities, Restraints, Competitive Analysis, Stake, Progress, Trends and Forecast to 2025.

Concentrated Solar Power Market is predicted to exceed USD 4 billion by 2025. Stringent environmental regulations along with increasing adoption of renewable energy sources will stimulate the business growth. For instance, the National Development & Reform Commission of China in 2017, introduced a policy to increase the renewable energy generation capacity target from 20% to 35%. Moreover, shifting regulatory landscape to reduce carbon footprint along with stringent emission norms will further fuel the industry growth in coming years.

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Escalating electricity demand coupled with rising investments toward improvement of efficiency index will significantly influence the CSP market growth. For instance, according to the Australian Energy Council, the global electricity demand by 2030, will witness a growth of over 30% when compared to 2017 level. In addition, increasing demand for decentralized electricity production across remote locations will enhance the industry outlook.

Reduction in Levelized Cost of Electricity (LCOE) primarily driven by reverse auction of projects along with reduced operations and maintenance costs will stimulate the CSP market. For instance, as per the International Renewable Energy Agency, by 2020, the LCOE of concentrated solar power projects are predicted to fall under the range of USD 0.06 - 0.10 per kWh. Nevertheless, high capital cost when compared to solar photovoltaic project with comparable capacity may hinder the industry growth in coming years.

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Favorable government initiatives coupled with rising adoption of energy efficient systems will drive the power tower concentrated solar power market share. The technology is set to gain prominence on account of its ability to offer less energy transfer steps, lower thermal loss and high working temperature when compared to other alternatives. Moreover, rising focus toward thermal energy storage system along with its enhanced suitability with power tower systems will augment the technology deployment.

Middle East and Africa CSP market will witness robust growth on account of increasing investments to meet the needs of the stagnation across the North America and Spain solar industry. Rising focus of the eminent industry players toward the development of new associations with the regional players with an aim to expand the market penetration will significantly contribute toward industry growth. Countries comprising South Africa, China, Saudi Arabia, Morocco and the UAE will promote the requirement of local content across the regional concentrated solar power programs.

>100 MW concentrated solar market is set to witness robust growth on account of growing demand for electricity along with relatively lower specific cost distinguished by economies of scale. According to the International Renewable Energy Agency, the cost of a 100 MW concentrated solar power project is approximately 12% lower than a 50 MW project deploying the same technology. Furthermore, larger reflecting area associated with the large project provide higher operating temperatures resulting in an improved overall efficiency of the plant.

Key industry participants operating across the concentrated solar power market comprise of GE Renewable Energy, Suntrace, BrightSource, Acciona, Enel Green Power, Abengoa Solar, TSK Flagsol, Shams Power, Atlantica Yield, SolarReserve, CSP Services, ACWA, Therminol and Chiyoda Corporation amongst others.

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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