NEW YORK, Sept. 27, 2018 (GLOBE NEWSWIRE) -- The global CSP market is expected to witness a CAGR of 15.3%, and is projected to reach USD 14,755 million by 2023. Factors propelling the growth of concentrated solar power market are decreasing cost of components and increasing production, government incentives to support concentrated solar power, changing perception of nations towards solar energy, growing environment concern related to pollution caused by fossil fuels.
The report segments Concentrated Solar Power market by Type (Parabolic Tough, Linear Fresnel, Dish Engine System, Others), by Component (Solar Fields, Thermal Storage, Power Block), by Application (Industrial (Enhanced Oil Recovery, Electricity Generation, Water Desalination, Others), by Region (North America, Europe, Asia-Pacific, Middle East and Africa (MEA), Rest of the World (RoW)). The report studies the global waste to energy market over the forecast period (2017-2023).
Concentrated Solar Power (CSP) Technology uses reflective surface to concentrate sunlight which is then converted to heat energy to create steam that drives turbine to generate electric power. CSP provides ample opportunity for the business to grow. The storage and backup abilities of CSP plants offers an added advantage for electric grids. CSP can be integrated with traditional thermal plants to provide cost effective energy solution. Further the effective heat storage, high efficiency and low cost are the factors that makes CSP a promising technology to be used in heat storage system. CSP finds its wide application in automotive, pharmaceuticals, refineries, large building, and military bases.
Key findings of The Global Concentrated Solar Power Market Report
- The global concentrated solar power market installed capacity was 5,600 MW in 2016 and is expected to reach 14,346 MW by 2023
- The Parabolic Troughs is the leading segment of CSP market accounting for 85 % market share by capacity. Parabolic troughs are the most developed technology resulting in higher adoption for power generation at commercial level
- The Power tower is the fastest growing segment of concentrated solar power market. The preference of power tower over other technology in the upcoming concentrated solar power projects will accelerate the growth of power tower in the near future
- Dish system, a newly developed technology, is set to witness a healthy growth during the forecast period as it does not require cooling systems for the exhaust heat, making it apt for water constrained regions
- The solar field dominates the concentrated solar power market in terms of revenue during the forecast period. The cost components and project implementation of solar field accounts for domination of solar field in terms of revenue
- By Application, the industrial electricity generation segment holds the major share in terms of revenue and capacity
- Geographically, Europe occupies the major share of concentrated solar power market in terms of capacity. Spain is world leader in concentrated solar power utilization and accounted for a market share of 41% in terms of capacity in 2016
- North America occupied the second position in terms of concentrated solar power installed capacity in 2016. United stated of America accounted for 32% of power generation from concentrated solar power plant
- South African region will experience a highest CAGR during the forecast period. The solar rich South African countries are tapping on the resources on large scale
- Morocco has adopted an energy development plan. The government is committed to increase its share of renewable energy generation to 42 % by 2020
- The countries lying between Tropic of Cancer and Tropic of Capricorn concentrated solar power is expected to become a competitive source of bulk power in peak and international loads by 2020
- Siemens AG dominates the concentrated solar power market in terms of development of power block components
- The key players dealing in the waste to energy market are Energy Areva Solar, SkyFuel Inc., Abengoa Solar S.A., eSolar Inc., SolarReserve LLC, BrightSource Energy Inc., Acciona S.A., Solar Millennium AG, NextEra Energy Resources LLC, and SCHOTT Solar AG.
Investor Corner
Concentrated solar power market offers abundant opportunity for the investors to generate business from concentrated solar power plants. Renewable energy sources is in great demand, many economies across the globe are providing incentives to the private players to generate green energy. Further, the public private partnership is being worked on to make to the projects economical and allows small players to generate a lead in developing the concentrated solar power technology. Technology pundits such as Siemens are investing on steam generators and turbines to make concentrated solar power viable for large scale power generation. Additionally, the integration of thermal storage in concentrated solar power plants offers utilities and grid operators flexible electrical production capacity along with effective management of share of variable energy derived from other renewable sources. Concentrated solar power in Middle Eastern countries is utilized in enhanced oil recovery of heavy oil from the reservoir. Companies such as Petroleum development Oman, Oman’s largest producer of oil and gas has implemented the thermal enhanced oil recovery in large scale, similar approach is being adopted by other petroleum companies. Concentrated solar power thus provides many avenues for investors and technology innovators to generate business from concentrated solar power projects.
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Regional Insight
In 2013, the global concentrated solar power installed capacity increased by 36%. Concentrated solar power sector is expected to expand globally at high CAGR. The new markets are providing opportunities for the development of concentrated solar power project. Spain and United States currently are the global leaders, while the number of countries with installed concentrated solar power is increasing. There is a noticeable trend towards the adoption of concentrated solar power. Spain, is pioneer in the concentrated solar power technology is earning by exporting its technology to the countries new to the market. There is a fast paced development of concentrated solar power in South Africa and Morocco. The irradiation levels in these countries are very suitable for the concentrated solar power. Moreover, the “prorenewable” energy policy in the region is making the installation of concentrated solar power viable. Acute shortage of power in South Africa has made national power utilities to resort to load shredding in order to protect the grid from complete blackout. Renewable sources of energy have worked out well in this situation by providing the power during load shredding. In United States, utilities have signed long term purchase agreements with developers securing income streams from the power plants. Similarly, utility scale solar is providing water desalination services in Middle East. The concentrated solar power provides energy that can be used to power many applications that has potential to transform nations both socially and economically.
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