Concentrated Solar Power Market Highlights
The Concentrated Solar
Power Market size 2020 had touched a valuation close to USD 9.60 billion in
2019 and can expand to USD 18.41 billion by 2025, reveals the latest report by
Market Research Future (MRFR). The market can surge at a decent rate of 11.46%
from 2019 to 2025, which is the forecast period.
Top
Drivers and Main Barriers
A sharp rise in the need for power across the world
has been noted in recent years. Power generation capacity is simultaneously
increasing, with power generation agencies constantly on the lookout for
efficient and low-cost technologies. Given the surging concern regarding the
numerous power generation plants such as coal, nuclear etc., the demand for
clean energy technologies such as CSP has reached an all-time high across the
world. Adapting to the recent novel COVID-19
pandemic, the impact of the COVID-19
on Concentrated Solar Power Market is included in the present report.
Strict environmental
regulations combined with the surge in government initiatives to promote the use
of renewable energy to curb carbon emissions are presumed to benefit the
concentrated solar power market. For instance, the UN stated in December 2017
that China had reached its 2020 carbon reduction targets within three years,
even before the expected deadline.
The increasing demand for
thermal energy storage to cut down the operation time of concentrated solar
power is a chief factor aiding market development. The Thermal Energy Storage
(TES) technology enables the storage of thermal energy from these concentrated
solar power plants during the daytime, and it helps generate power after
sunset. This leads to a surge in the operative time span of the concentrated
solar power plants. More and more plants are now being fitted with Thermal
Energy Storage (TES) technology to elevate the rating of capability factor,
which is expected to increase the acceptance of concentrated solar power as the
main basis for the generation of electricity.
Concentrated Solar Power Market Segmentation
The market for
concentrating solar power has been thoroughly examined with respect to
technology, components, and end-user.
The concentrated solar
power technologies are power tower, parabolic trough, dish/engine system, and
linear Fresnel. The parabolic trough segment can lead the global market in the
coming years, as the segment finds application in almost every end-use
industry, including utilities, mining, enhanced oil recovery, and others. In
addition, it is one of the most popular and commercialized technologies used in
concentrated solar power plants.
The component-wise market
segments in the global concentrated solar power market are power block, thermal
storage, and solar field. Thermal storage is projected to be the top segment in
the global market, thanks to its ability to store a massive amount of thermal
energy, facilitating power generation during sunset.
The end-users in the
market are EOR, utilities, and others. The utility segment can record a higher
growth rate compared to its counterpart.
Regional
Outlook
The concentrated solar
power market has been regionally distributed into Europe, Asia Pacific (APAC),
the Middle East & Africa, North America, and South America.
In addition to being the
fastest-growing region, APAC has the potential to achieve the top spot in the
global concentrated solar power market during the conjectured period. The chief
reasons for the region’s substantial hold over the global market include
sizeable investments being made in solar power projects in Japan, India and
China. China is the leading market for concentrating solar power in the region,
with respect to market share as well as the growth rate. To illustrate, in
2018, a total of three concentrated solar power plants with a capacity of 200
MW were built and connected to the grid. Japan is another important market in
the region. Citing a reference, in 2018, Japan had installed close to 6 GW to
7.5 GW of a solar power plant along with the scope of several utility-scale
concentrating solar power and photovoltaic projects being developed in the near
future.
The concentrated solar
power market in North America and MEA can gain decent traction in the following
years, thanks to the rising focus on using renewable energy for power
generation coupled with the growing implementation of concentrated solar power
at utility-scale. A steady surge in population along with the heavy
industrialization in these regions also supplement the market growth.
Significant
Players
Significant players in
the worldwide market for concentrated solar power include Soligua (Italy),
SolarReserve (US), Enel Green Power (Italy), BrightSource Energy (US),
Atlantica Yield PLC (UK), eSolar Inc. (US), Chiyoda Corporation (Japan), TSK
Flagsol Engineering GmbH (Germany), GE Renewable Energy (France), ACWA Power
(Saudi Arabia), Alsolen (Morocco), Abengoa Solar, SA (Spain), Acciona Energy
(Spain), among others.
About Market
Research Future:
At Market Research Future (MRFR),
we enable our customers to unravel the complexity of various industries through
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NOTE:
Our
team of researchers are studying Covid19 and its impact on various industry
verticals and wherever required we will be considering covid19 footprints for a
better analysis of markets and industries. Cordially get in touch for more
details.
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