The global concentrated solar power market is
predicted to reach USD 8.92 billion by 2025, according to a new report by Grand
View Research, Inc. Increasing awareness about renewable energy along with
government regulations to control growing carbon footprint is further
propelling the market growth.
Increasing clean energy adoption over
non-renewable fuels is expected to drive the global concentrated solar power
over the forecast timeframe. Favourable government regulations towards
reduction of carbon footprint and greenhouse gas (GHG) emissions will further
enhance the business growth.
Growing electricity demand along with
rising investments to augment the efficiency index will provide an impetus to
the concentrated solar power market growth. The Federal Government sponsored
USD 9 million towards the research and development of six new CSP projects in
the country, to reduce the total project costs though technological growth.
Substantial reduction in the component
costs along with supportive government incentives like energy certificates, and
carbon credits will expand the concentrated solar power market over the
forecast period. Regulators around the world have been encouraging grid
integration, making it an affordable alternative compared to non-renewable
energy sources.
Concentrated Solar Power technology can
store solar energy in the form of heat, even post sunset, which is perceived as
the greatest advantage that it offers over all the other competing
technologies. Reliable power supply coupled with flexibility in usage assist in
bridging the demand supply deficit, currently faced by nations especially in
the developing world. However, CSP technology is capital intensive as compared
to other solar thermal technologies, as this may prove to be a restraint for
the its adoption over the forecast period.
In terms of technology, the parabolic
trough technology held over 75% of the global concentrated solar power market
share in 2016. Matured technology coupled with affordable costs as compared to
other forms of available systems will positively influence the growth of the
concentrated solar power market over the forecast period. Power tower
technology was valued over USD 955.5 million by 2025. Enhanced heat storage
ability, higher efficiency, and favourable capacity factor will augment the
business growth.
Access Research Report
of Concentrated Solar Power Market @ http://www.grandviewresearch.com/industry-analysis/concentrated-solar-power-csp-market
Further key findings from the report suggest
· The U.S. concentrated solar power market,
in terms of value, will witness growth of over 18.9% over the forecast period.
Favourable government initiatives like tax credits, installation cost subsidies
among other benefits will augment the business growth.
· In Morocco, climatic conditions are
favourable to the growth of CSP technology adoption, in tandem with the
existing pipeline projects. Morocco concentrated solar power market is expected
to exceed USD 852.2 million over the forecast period.
· Spain concentrated solar power market size
is set to exceed USD 1.22 billion by 2025. Spain is the market leader with the
maximum installed capacity in the world as of year 2017.
Grand View Research has segmented the
global CSP market on the basis of product and region:
Technology Outlook (Volume, Megawatts, 2014
- 2025) (Revenue, USD Million, 2014 - 2025)
·
Parabolic Trough
·
Linear Fresnel
·
Dish
·
Power Tower
Application Type Outlook (Volume,
Megawatts, 2014 - 2025) (Revenue, USD Million, 2014 - 2025)
·
Utilities
·
Enhanced Oil Recovery
·
Desalination
·
Others
Regional Outlook (Volume, Megawatts, 2014 -
2025) (Revenue, USD Million, 2014 - 2025)
·
North America
·
Europe
·
Asia Pacific
·
Central & South America
·
Middle East and Africa
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range of
industries, from technology to chemicals, materials and healthcare.
For More Information: www.grandviewresearch.com