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The global concentrated solar power market size was USD 30.11 billion in 2018 and is projected to reach USD 62.87 billion by 2026, exhibiting a CAGR of 8.1% during the forecast period.
Rising concerns to cut down GHG emissions, along with favorable government initiatives to promote green energy, will propel the concentrated solar power market growth. The development of infrastructure to encourage the use of solar energy in residential, utility, and commercial applications will further foster the demand for concentrating solar power. Concentrated solar power is a technology that utilizes focused sunlight to produce electricity. Depending on the types of technology used, the receiver fitted along with the concentrating solar power set up have fluid or gas running through them, which is then heated to a high temperature by the focused sunlight. This high-temperature fluid or gas further runs a turbine or piston which finally results in electricity generation using generators.
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Increasing adoption of concentrated solar power in utilities supported by green energy targets will drive the growth of the concentrated solar power market. Asia Pacific has witnessed a slow growth over the previous years considered in study, strong growth has been witnessed in the base year, and this trend is set to continue over the given forecast period. Following this, the cumulative installations & cumulative revenue will rise at a very healthy rate at global level and in Asia Pacific during the given forecast period. The major factors driving the growth of region are increasing demand for clean energy, increasing population, rural electrification plans, and green energy target rollouts by major countries in the region. Also, the presence of various key market players will add up to a lion’s share of the region during the forecast period.
“Growing Adoption of Clean Fuel Alternatives Will Cater to CSP Market Growth”
The increasing adoption of the clean fuel alternatives, with the main objective to curb carbon emissions, is the primary factor driving the growth of concentrated solar power market. Concentrated solar power uses the available to a maximum possible extent by concentrating the power form various directions to a single epicenter that further produces heat using varying mechanisms resulting in electricity generation. With many countries realizing the advantages of solar power, solar panels have been deployed in various parts of its boundaries to increase the power generation using solar, which will certainly bolster the market growth in coming years.
“Government Subsidies Provided to Promote Green Power Initiatives Are Projected to Boost the Industry”
Concentrated solar power market forecasts that governments in many countries have rolled out several policies to develop solar energy infrastructure, which will result in high power output using solar panels, which will certainly shape the industry outlook positively. Concentrated solar power has been majorly deployed for the utility sector which generates electricity on a large scale and fulfills the electricity demand for many of its consumers. Also, the subsidies provided for residential deployment of solar power will boost the concentrating solar power installations in the residential sector.
“Parabolic Trough Is Anticipated to Observe the Dominating Share”
Based on the technology, the concentrated solar power market can be majorly divided into the parabolic trough, power tower, and linear fresnel. The parabolic trough is anticipated to lead the industry outlook in terms of volume as well as market size over the considered forecast period. The use of conventional steam turbines and steam generators in the parabolic trough, along with the operating efficiency and economic factor, are the major factors that propel the segment to occupy a significant concentrated solar power market share in the global market.
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In design considerations, the parabolic trough structures have a focal point for each of the mirror tilted, which functions individually to generate the maximum heat possible, which is not the case in other designs that have all the mirrors pointing towards a single focus point. This positively affects the working efficiency, and therefore parabolic troughs are mostly preferred over other technologies.
“Deployment for Large Scale Projects Will Drive the Growth in Utilities”
Based on the application, the CSP market can be segmented into residential, non-residential, and utility. The large area required for installation of concentrated solar panels and minimum power to justify the capital are mainly justified in the utility sector. The area required constraints on the market growth in residential sectors, and availability of other types of solar panels negatively impacts the increase in non-residential sectors. The rising population and government targets to satisfy electricity demand will flourish the investment being made in the utilities.
Geographically, the global market has been analyzed across five major regions, which are North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa. As per concentrated solar power market analysis, Asia Pacific is projected to witness an exponential growth in the given forecast period. The major reasons contributing to the growth are the rising demand for clean energy in major countries that include China, India, and other Southeast Asian countries. Government initiatives of rural electrification have led to major projects being deployed across areas being deprived of electricity. Also, the green energy targets being looked upon by various countries in coming years have increased the deployment rate of solar panels in the region. Currently, China and India are the major countries that are projected to grow at a healthy rate during the given forecast period.
Asia Pacific Concentrated Solar Power Market Size, 2018
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Rising investments in research & development activities, along with collaborations between universities, government, key industry players, and laboratories, to develop more advanced technologies in energy generation using solar will drive the market growth in Europe. Spain being the leading country in power generation using this technology, is anticipated to grow more during the given forecast period which will impact the market share held by region in global market. Following the footsteps of Spain, other countries in the region have installed base of concentrated solar power. The other major countries in the region are Italy, Germany, and Scandinavia.
North America’s CSP market is anticipated to grow at a steady rate over the forecast period. The high emphasis by the government on conventional power sources and increasing exploration activities have somewhat held the growth of the market in the region. But with the adoption of renewables being preferred, which can be witnessed by investments made by government in other green energy prospective like offshore wind and fuel cells, the market for concentrated solar power is expected to rise.
“Industry Players Like Abengoa Solar, BrightSource Energy, Siemens are Among the leading players to Shape the Market Size”
This market has witnessed various regional as well as global participants producing concentrated solar panels at different locations and numerous production rates. Key players are increasingly focusing on investing in research & development activities to attain higher absorptivity of sunrays and entering into the unexplored regions with new projects.
Concentrated solar power is a technology involving the use of mirrors to focus the sunlight on a particular point, where the energy from sun rays in stored and used to generate high-temperature heat. This heat is now used to create steam, which going further drives the steam turbine to generate electricity. Electricity is generated by passing the generated steam through a conventional generator. The concentrated solar plant in operation has mainly two parts, one which is used for collection of solar energy and conversion into heat and the second one, which is used to generate electricity using the generated heat.
Various technologies are available for energy generation using concentrated solar. The main difference in technologies used is the arrangement of mirrors and the receiver at different angles. In parabolic trough systems, parabolic reflectors are used, in power tower systems flat heliostats are used, and in linear fresnel long, narrow, shallow-curvature mirrors are used as reflectors to focus light on receivers.
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The concentrated solar power market report provides detailed information regarding various insights into the market. Some of them are growth drivers, restraints, competitive landscape, regional analysis, and challenges. It further offers an analytical depiction of the concentrated solar power market trends and estimations to illustrate the forthcoming investment pockets. The market is quantitatively analyzed from 2019 to 2026 to provide the financial competency of the market. The information gathered in the report has been taken from several primary and secondary sources.
Value (USD Billion) and Volume (MW)
Fortune Business Insights says that the concentrated solar power market was valued cumulatively at USD 30.11 billion in 2018.
The concentrated solar power market is projected to reach cumulatively at USD 62.87 billion by 2026.
The concentrated solar power market is projected to grow at a steady CAGR of 8.1%.
Asia Pacific concentrated solar power market was valued at USD 2.25 billion in 2018.
The utility application is anticipated to be the leading segment in the concentrated solar power market during the forecast period.
Rising measures to adopt clean energy along with favorable government policies to develop solar infrastructure are the key market drivers. However, the increasing deployment of solar photovoltaic may hamper the market growth.
BrightSource Energy, Abengoa Solar, Siemens, and Acciona are among the top players in the concentrated solar power market.
With the introduction of various introduced stringent guidelines to keep a check on carbon footprint the adoption of renewables has increased. CSP uses only solar light and acts as a one-time investment for the generation of energy in coming years, and these factors are bound to propel the CSP installations in various regions.
Concentrated solar power finds major application in utility as the capital and space requirement for CSP is high. Government’s aiming to power their countries using renewables prefer CSP, as it is capable of producing huge amounts of power needed to satisfy the energy demand for large number of consumers.