Concentrated solar power (CSP) is progressively known as the technology which grasps the highest promise in convention the energy challenges facing around the globe. Concentrated solar power systems operate solar power by utilizing mirrors or lenses to deliberate a huge area of sunlight, or solar thermal energy, onto a small area. Power is produced when the rigorous light is converted to heat, which operates a heat engine, connected to an electrical power operator. Moreover, in many of the cases, this technology currently cannot participate on price with the photo voltaic solar panels, which have observed high growth in the recent years owing to the falling prices and much smaller generating price. Moreover, the key players of this is using advance techniques and technologies for developing the specification more enormously which further leading the market in the near future and attaining the highest market share around the globe more significantly.
These systems can be used by means of combined cycle power plants. Moreover, the market of concentrated solar power plants is majorly operated by the numerous key factors such as rising demand for the cleaner energy, a global rise in the electricity requirement and a favourable government initiatives and policies among the others. Not only has this, the market of CSP has wide constraints that hinder the growth of the market such as the land use constraints.
According to the report analysis, ‘Global Concentrated Solar Power (CSP) Market Research Report – Forecast to 2025’ states that some of the major companies which are currently functioning in this market more significantly around the globe for dominating the highest share around the globe includes Abengoa S.A., ACCIONA S.A., BrightSource Energy, Inc., SolarReserve, LLC, ACWA Power, eSolar, Wilson Solarpower Corporation, Novatec Solar, Supcon Solar, Thai Solar Energy, ABROS green GmbH, and several others. Moreover, the of CSP is segmented on the basis of types such as Parabolic Troughs, Power Towers, Linear Fresnel Reflectors, and Parabolic Dishes. For instance, the parabolic Troughs system sector accounts the global CSP market with a share of 67.2% in 2016, with a market value of USD 8,605.6 million and it is anticipated that to rise at a CAGR of 15.4% in the forecasted period.
The global concentrated solar power market is anticipated to rise at 15.3% CAGR in the near future. The market was led by Europe in 2016, with a share of 49.8%, followed by Americas with the 37.95% market share. Moreover, on the basis of application the market of this is segmented as industrial, utilities and several others. For instance, in 2016 the utilities registered for the highest market share of 65.4%, with a market value of USD 8,373.7 million and are estimated to rise at the maximum CAGR of 15.5% in the coming period. The significant growth is expected in this segment because of the increasing information related to the utilization of renewable energy and decreasing the carbon footprints. The decrease in costs is contingent on by economies of scale in manufacturing and innovation in financing with the significant advancement in the technology. It is expected that in the coming years it is expected that market of concentrated solar power plant will grow more effectively around the globe with the growing demand of electricity over the decades.
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Ankur Gupta, Head Marketing & Communications