According to Stratistics MRC, the Request for sample here: “Global Concentrated Solar Power Market” is accounted for $5.57 billion in 2018 and is expected to reach $14.84 billion by 2027 growing at a CAGR of 11.5% during the forecast period. Some of the key factors influencing the market growth include growing environmental concerns over carbon emissions and efforts to reduce air pollution, increase in government support for the adoption of renewable technologies, rise in energy demand & capability to supply power without CO2 emission. However, the higher cost of generation compared to other renewable technologies is restricting market growth.
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Concentrated solar power is a carbon-less source of electricity which is best suited to regions with strong radiation. The energy is generated by concentrating sunrays through mirrors. This energy is then usually used in a variety of applications which in turn produces steam or hot air. The steam produced is used to drive turbines connected to a generator to generate electricity.
Opportunity: The increasing applications in enhanced oil recovery would provide ample opportunities for the market growth.
Solar enhanced oil recovery can supply the yearly steam requirement of a plant and can save a considerable amount of natural gas consumption without compromising in the oil output. Because of this concentrated solar power is gaining popularity in the field of oil recovery, thereby providing potential opportunities for the market.
Driver: Increasing adoption of clean fuel alternatives.
With the objective to reduce the carbon emission, clean fuel alternatives has been widely adopted. With many countries realizing the advantages of solar power, the solar energy harnessing has been considerably increased. Thus, concentrated solar power market is expected to grow on account of these factors.
By end user, the utilities segment is expected to grow at a significant market share during the forecast period. This sector is one of the main consumers of concentrated solar power because of the growing number of both medium scale and large scale pipeline projects. The supportive government regulations towards widening the adoption of renewable sources of energy will also help in the growth of this segment. Various economic and financial benefits offered by government bodies including tax credits, Feed in Tariffs (FiT) among others will boost the market growth.
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By geography, the North America region is anticipated to hold considerable market share during the forecast period. The increasing exploration and experimentation in the region has provided opportunities for the market growth. The adoption of renewables is well preferred in this region and the government has made significant investments in this field. Among all other green energies, the concentrated solar power form is the leading and well accepted one in North America.
The Global Concentrated Solar Power Market Leaders are Shams Power, ACWA Power, Frenell GmbH, Archimede Solar Energy, Abengoa Solar, S.A., Baysolar CSP, Esolar, Inc., TSK Flagsol Engineering GmbH, Torresol Energy, Brightsource Energy, Inc., Cobra Energia, General Electric, Siemens AG, Soltigua, GlassPoint Solar, Solarreserve, LLC, Nexans, Aalborg CSP A/S., Chiyoda Corporation, and Novatec Solar.
Siemens AG: In July 2019, Siemens AG and the Federal Government of Nigeria signed an implementation agreement for the Nigeria electrification roadmap. The agreement is aimed at resolving the present challenges in the power sector and expanding the capacity for the potential power needs of the country.
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ACWA Power: In November 2019, ACWA power formed a new company named NMES which offers modern maintenance solutions for power and water plants in the Middle East. The launch of the new company comes within ACWA Power commitment to supplying the water and power market with robust human and technical capabilities that meet the requirements of companies operating in these sectors, as well as facilitating the implementation of their ambitious plans. It will also play a key role in bringing governmental sustainability visions and plans to reality.
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