The scope of the global Concentrated Solar Power Market was appreciated at US$ 3.03 billion during 2016 and is expected to reach US$ 8.92 billion by the completion of 2025. It is expected to witness a CAGR of 12.7% during the forecast period due to the crunch of electricity together with lessening resources of non-conventional energy for the generation of electricity.
Drivers and Restraints:
Stringent rules by the governments to limit the growing carbon impression together with financial paybacks are expected to increase the acceptance of different sources of energy in the concentrated solar power market.
The request for thermal energy storage to upsurge the operation time of concentrated solar power is one of the most important factors motivating the development of market. These plants can merely generate power from sunrise to sunset. The technology of Thermal Energy Storage (TES) permits storage of the thermal energy composed during the daytime from these concentrated solar power plants, and it is used to generate power after the sunset. This increases the operative time span of the concentrated solar power plants. These plants are being fitted along with Thermal Energy Storage (TES) technology to upsurge the rating of capability factor. This is likely to deliver the most important improvement with regards to the acceptance of concentrated solar power as a principal basis for the generation of electricity.
But, the technology of concentrated solar power is funds demanding. This may perhaps show to be a limitation to its acceptance, if not reinforced by government organizations and controlling establishments. Growing alertness in industrialized areas of North America and Europe, along with emerging nations of Asia Pacific is expected to increase the development of the business.
The global concentrated solar power (CSP) market can be classified by Application, Technology, Capacity, Storage, and Region. By Application, it can be classified as Desalination, Utilities, Superior Oil Regaining, and others. By Technology it can be classified as Power Tower, Linear Fresnel, Dish, and Parabolic Trough. By Capacity, it can be classified as >100 MW, >50 to ≤100 MW, ≤50 MW. By Storage, it can be classified as Without Storage, With Storage.
By Region the global concentrated solar power industry can be classified as North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa. Europe ruled the global market for concentrated solar power, by way of more than 45% set up capacity of the world. Spain possesses the extreme aggregate set up capacity with above 2300 MW since 2015. Owing to the significant investments made for evolving the technology, it was almost ruling the international situation.
North America was the subsequent biggest market during 2016 and is estimated to exceed above US$ 452.7 million in income in the global market. On the other hand, uncertain percentage of acceptance in Canada due to unfavorable climatic circumstances will limit the development of the market. Conversely, Central & South American regions are creating new-fangled steps in the implementation of this technology as a consequence of the appropriate climate situations prevalent in these nations. In the world, Morocco is amongst the best adopters of concentrated solar power.
China had directed the market in Asia Pacific. It was appreciated at US$ 608.9 million in 2016 and is forecasted to observe the maximum improvements by the completion of 2025. Asia Pacific is confronted with a significant crunch of energy. This is expected to upset the development of persons and businesses during the forthcoming years. Renewable energy sources are the prospect of the sectors of energy & power. Because of the speedily reducing means of an energy, it must be addressed by another possibility.
Some of the important companies for concentrated solar power market are Siemens, Abengoa, ACCIONA, Areva, Solar Reserve, Solar Millennium, eSolar, Bright source Energy, ACS Group, SENER group, and others.
Technology Outlook (Volume, Megawatts, 2014 - 2025) (Revenue, USD Million, 2014 - 2025)
• Parabolic Trough
• Linear Fresnel
• Power Tower
Application Type Outlook (Volume, Megawatts, 2014 - 2025) (Revenue, USD Million, 2014 - 2025)
• Enhanced Oil Recovery
Regional Outlook (Volume, Megawatts, 2014 - 2025) (Revenue, USD Million, 2014 - 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East and Africa
• South Africa
• Saudi Arabia
Research Support Specialist, USA