Publishing: May 2021 | Report Code: PE10879 | Available Format: PDF
According to the U.S. Department of Energy (DOE), CSP is a technology that generates solar power by using mirrors to reflect and concentrate sunlight onto receivers. The technology is gaining traction in the global concentrating solar power market. CSP technologies could collect solar energy, convert it into thermal energy for power generation and stored to produce electricity as and when required. This would in turn, enable CSP systems to be used as a flexible electricity provider or as a baseload source of electricity. Additionally, CSP technologies could be deployed as a fossil-fuel back-up or hybridization allowing non-renewable projects to run cleaner by reducing the greenhouse gas emissions, while operating at same or lower costs.
CSP exists in various forms: parabolic trough, linear fresnel, power tower and dish/stirling. In systems. Parabolic trough is the most preferred choice in various applications as they have higher efficiency and are less expensive as compared to other technologies. Power tower offers heat storage, improved performance, high efficiency, low cost and high capacity factors, while Linear Fresnel consists of flat-curved and ground-based mirrors that are at different angles. Dish/Stirling systems are ideal for water constrained regions as they do not require cooling systems for exhaust heat.
CSP plants offer significant advantage for electric grids on account of their lower costs and back-up and storage abilities. The losses in thermal storage cycles are comparatively less than other storage technologies such as batteries and pump storage making them more cost-effective. The growing need for reducing carbon emissions and the increasing policy support in the form of incentives including FIT, carbon credits, and renewable energy certificates is expected to augment the growth of global CSP market during the forecast period.
CSP technologies are widely-used in the utilities sector owing to the increasing demand from medium-scale and large-scale projects that are under development or in pipeline on a global front. Additionally, these technologies find application in various end-use industries such as automotive, pharmaceutical, metal processing, refineries, large buildings, hospitals, military bases, textile and food and beverage industries. The increasing government initiatives towards grid-scale renewable power generation in the Middle East and Africa (MEA) is expected to contribute to the overall growth of CSP market.
The global concentrating solar power market is expected to witness significant growth during the forecast period (2017-2023) on account of rising concerns about the harmful effects of fossil fuels coupled with increasing government norms for reducing greenhouse gas emissions. Based on technology, the parabolic trough is expected to be the largest segment of the global concentrating solar power market during the forecast period. The utilities segment is estimated to dominate the end-user market for concentrating solar power during the forecast period. Based on component, solar field is projected to generate the highest revenue in global concentrating solar power market during the forecast period.
The key trend observed in the CSP market is the rising R&D activities in the CSP market. In July 2016, the Office of Energy Efficiency and Renewable Energy invested approximately $9.0 million for 6 R&D projects in the CSP market. This is likely to result in technological advancements and cost reductions in the field of CSP market, creating ample opportunities in the global CSP market during the forecast period.
The factors driving the growth of concentrating solar power market are increasing government focus on enabling the adoption of renewable technologies and growing demand for electricity due to rapid industrialization and urbanization. Government of various nations including the U.S., Spain, Morocco, India and China have taken certain measures to curb the carbon footprints and greenhouse gas emissions, which is expected to contribute to the growth of global CSP market during the forecast period. Additionally, CSP technologies use solar energy to generate power that are eco-friendly and less expensive as compared to other available fossil fuels. This would further propel the growth of CSP technologies during the forecast period.
CSP technologies are being widely adopted across the globe as these technologies can be easily integrated into the grid making them the most cost-effective alternative for power generation. This is expected to foster the growth of global CSP market during the forecast period.
The lack of technology awareness in the market is one of the major restraints that is likely to hinder the growth of global CSP market during the forecast period. Additionally, high capital costs associated with the installation of CSP technologies as compared to other available sustainable energy technologies is expected to hinder the growth of the global CSP market; however, increasing government and private fund availability is expected to provide significant opportunities in the global CSP market during the forecast period.
Some of the key players in the global market include Abengoa Solar, S.A., Aalborg CSP A/S, ACWA Power, BrightSource Energy, Inc., eSolar, Inc., SolarReserve, LLC., ALSOLEN, Archimede Solar Energy, Frenell Gmbh and Siemens AG.
P&S Intelligence offers customization as per specific business requirements of clients. Illustrative customization within the scope of this report includes:
Our dedication to providing the most-accurate market information has earned us verification by Dun & Bradstreet (D&B). We strive for quality checking of the highest level to enable data-driven decision making for you
Our insights into the minutest levels of the markets, including the latest trends and competitive landscape, give you all the answers you need to take your business to new heights
With 24/7 research support, we ensure that the wheels of your business never stop turning. Don’t let time stand in your way. Get all your queries answered with a simple phone call or email, as and when required
We take a cautious approach to protecting your personal and confidential information. Trust is the strongest bond that connects us and our clients, and trust we build by complying with all international and domestic data protection and privacy laws