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Middle East and Africa Concentrated Solar Power Market Share to Rise Exponentially through 2027

Author : Ronak Bora | Published Date : 2021-08-31 

Middle East and Africa concentrated solar power market outlook is slated to represent a considerable share in the global landscape. Supported by the stringent government mandates associated with environment-friendly energy generation alternatives. The regulation of energy costs has fostered greater penetration of renewable energy.

Encouraged by the cost reduction, solar power generation projects are attracting large-scale investments, particularly due to the advantages of concentrated solar power. With the following five trends powering Middle East and Africa concentrated solar power market forecast, considerable revenue growth is in the cards between 2021 and 2027.

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Growing adoption of ‘green initiatives’

The number of ‘green initiatives’ are growing in the region, marking an impact on the MEA CSP market trends. For instance, recently in 2021, the crown prince of Saudi Arabia announced plans to implement two new schemes, The Saudi Green Initiative and The Middle East Green Initiative. Under the former, carbon emissions will be reduced by over 4% of the total global contributions, at the same time aiming to generate over 50% of the region’s energy from renewables by the end of 2030.

Focus toward sustainability to drive ≤50 MW CSP units demand

Due to the capability of these units to serve as complementary solutions for industrial process heat systems, the ≤50 MW CSP industry share is expected to see substantial expansion through the next few years. These units can reduce fossil fuel dependence as they can be used in conjunction with oil-fired and coal-powered boilers across industrial facilities.

Advantages of power tower technology

As this technology can achieve significantly higher operating temperatures, power tower units are slated to command a Middle East and Africa concentrated solar power market through 2027. This technology is being adopted across the region on account of its compatibility with two axis solar tracking heliostats. As the integration of this technology facilitates higher concentrated solar power efficiency in terms of energy generation and cheaper storage, the demand across Middle East and Africa concentrated solar power market is likely to augment.

Robust carbon-emission targets in Morocco

Morocco CHP market size is likely to represent a considerable chunk of the overall MEA industry through 2027, accelerated by the reduction in component costs, growing economic power, and superior solar irradiance levels across the region. The presence of Noor Power Plant, the largest CSP plant in the world, alongside the increasing number of new projects, is pushing the concentrated solar power market forecast in MEA. With the demand for electricity spiraling across Morocco, regional consumers are tapping the potential of concentrated solar power efficiency.

Growing installation of without storage units

The regional government authorities across Middle East & Africa are aiming high to achieve renewable energy targets by leveraging the advantages of concentrated solar power. Due to limited capital expenditure availability, the Middle East and Africa concentrated solar power market share from the without storage segment is projected to gain momentum through the assessment timeframe. As per the IRENA, enhancement of thermal storage by 4 hours can reduce the capital expenditure by nearly 35%.

Abengoa Solar, BrightSource Energy, ACCIONA Energy, Eastman Therminol, SolarReserve, Suntrace, and Shams Power are some leading CSP solution providers in Middle East & Africa.

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The Middle East and Africa concentrated solar power (CSP) market trends are registering a shift from conventional systems to energy efficient units, in line with the carbon emission reduction efforts in the region. With the stringent implementation of environmental mandates, the number of new CSP plant projects has been on the rise over the last few years. For instance, Abengoa announced successful installation of three new 200 MW parabolic trough plants in its solar park during 2020.

Table of Contents (ToC) of the report:

Chapter 1   Methodology & Scope

1.1    Research methodology

1.2    List of data sources

1.2.1    Primary

1.2.2    Secondary

Chapter 2   Market Snapshot

2.1    Middle East & Africa concentrated solar power market snapshot

Chapter 3   Middle East & Africa Concentrated Solar Power Market Trends

3.1    Industry coverage

3.2    Industry size & forecast, 2017 – 2027

3.3    Value chain analysis

3.3.1    Company technology snapshot

3.4    Innovation Landscape

3.5    COVID-19 impact on the industry outlook

3.6    Regulatory norms & directives

3.7    Drivers & restraints

3.7.1    Market drivers

3.7.2    Market restraints

3.8    Industry analysis - Porter's

3.9    Technology growth mapping

3.10    Competitive benchmarking, 2020

3.10.1    Strategy dashboard

3.11    PEST analysis

Browse complete Table of Contents (ToC) of this research report @ https://www.graphicalresearch.com/table-of-content/1665/middle-east-and-Africa-concentrated-solar-power-market

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About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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