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Concentrating Solar Power Market Size, Share and Global Trend By Type (Parabolic Trough, Fresnel Reflector, Solar Tower, Solar Dish), By Application (Water Desalination, Enhanced Oil Recovery (EOR), Utilities, Others) and Geography Forecast till 2026

Region : Global | Published Date: Upcoming | Report ID: FBI100751| Status : Upcoming

 

KEY INDUSTRY INSIGHTS

The renewable energy can help the countries to meet their objective for a safe, secure and reliable source of energy enlarge electricity access and promote sustainable development. Sustainable and renewable energy sources are crucial in order to tackle serious global warming threat. There is significant industrial and commercial growth causing higher exploration and consumption of hydrocarbon. Due to extreme utilization of fossil fuel which causing deterioration of environment and extinction of important conventional resources.

The international community and global leaders have joined the hands for sustainable development by promoting renewable energy. Concentrating solar power is best suited for electricity generation as it captures and concentrates the sun’s energy to provide the heat required to generate electricity rather than using fossil fuel or nuclear power. It also has several benefits like the thermal storage technology and can be coupled with the traditional thermal power plant. Thus, to balance the endangered environment a renewable, safe and secure energy source is essential.

The concentrating solar power is classified on the basis of type i.e. Parabolic Trough (PT), Fresnel Reflector (FR), Solar Tower (ST), and Solar Dish (SD). Amongst these type, Parabolic Trough (PT) is the most mature technology accounting approximately more than 90% installed CSP capacity. The PT and FR plants concentrate the sun’s rays on a focal line and reach a maximum operating temperature between 300-550°C.

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The ST is presently under commercial development process while FR and SD are less mature. On the basis of application, CSP is bifurcated as water desalination, enhanced oil recovery, utility, and others. CSP plants are designed for electricity generation but owing to its high heat generation capacity it can be used for industrial heating, water desalination, production of synthetic fuels, enhanced oil recovery and refineries.

Concentrating solar power not only provide clean and green energy without any carbon emission but also an infinite amount of energy can be harnessed to meet the ever-increasing demand. The immeasurable damages to the environment due to massive carbon emission has put the earth on the verge of serious threat which intensifying the need for renewable energy. The concentrating solar power can be integrated with thermal energy storage system, combined cycle power plants in order to generate electricity during cloudy periods and to provide high-value, dispatchable power are anticipating the growth of the concentrating solar power market.

The installation and operational cost of the concentrating solar power are quite high and its rate of return period is considerably large. It requires a substantial area for installation and availability of solar power is intermittent is restraining the concentrating solar power market.

Key Players Covered

The top leading companies for concentrating solar power are BrightSource Energy, Abengoa Solar, Siemens, Acciona, SolarReserve, Torresol Energy, Trivelli Energia, Abors green GmbH, Parvolen CSP Technologies, Sener, Dow Heat Transfer Fluids, Lointek, and Rioglass.

SEGMENTATION

SEGMENTATION

 DETAILS

By Type

· Parabolic Trough

· Fresnel Reflector

· Solar Tower

· Solar Dish

By Application

· Water Desalination

· Enhanced Oil Recovery (EOR)

· Utilities

· Others

By Geography

· North America (USA and Canada)

· Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)

· Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)

· Latin America (Brazil, Mexico and Rest of Latin America)

· Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)

 

Regional Analysis

The global concentrating solar power market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. In North America, CSP technology is well accentuated and developed in order to encourage the progress of renewable energy. The United States accounts for a major share of installation of CSP owing to government support schemes, tax incentives and renewable portfolio standards. Europe is already promoting green and clean energy in order to mitigate the carbon emission. Spain is dominating the CSP market in Europe owing to its largest installed plants and ongoing projects under development. Germany, Austria, Sweden are concentrating on increasing their solar power generating capacity and offering various tax benefits to promote it. The Asia Pacific weather is quite suitable for solar power generation. There is a huge demand for energy and by using extreme heat of solar enough amount of electricity can be produced which is creating a substantial market for CSP in the Asia Pacific. The MEA countries are also showing interest in developing sustainable energy. Several projects are in line and government policies are encouraging the installation of a solar power station which expects to increase the market growth of the concentrating solar power.

Key Industry Developments

  • In April 2019, Dow has won a contract to build Dubai’s MBR Concentrated Solar Power Park in phase 4. It will work in association with Chinese firm Shanghai Electric on hybrid Concentrated Solar Power and Solar PV Project that will power 270,000 homes in Dubai. MBR Solar Park is aimed to produce 5,000MW of clean energy by 2030 with an estimated investment of about $13.6 billion.
  • In March 2019, A contract has been signed between Rioglass Solar, Abengoa Energia, and Shanghai Electric for the world’s largest concentrated solar power plant.
  • In April 2019, The US Department of Energy is promoting the development of low-cost storage technologies for CSP that make solar thermal energy on demand. To support this program, the department has allotted $33million for developing advanced manufacturing and autonomous technologies.

Concentrating Solar Power Market Size, Share and Global Industry Trend Forecast till 2026
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