Concentrated Solar Power Market is Expected to Reach USD 11.2 Billion by 2025 & Growing Significantly with a CAGR of over 10% During the Forecast Period

The global concentrated solar power market was estimated as USD 4.5 Billion in 2016 and is expected to reach USD 11.2 Billion by 2025, growing significantly with a CAGR of over 10% during the forecast period. Growing concerns towards depletion of fossil fuels, stringent government rules and guidelines to control the increasing carbon footprint and the ability of concentrated solar power systems to supply dispatchable power is predicted to drive the growth of the market.

Concentrated solar power systems utilizes mirrors to concentrate a large area of sunlight on a small area for generating solar power. When the concentrated light is converted to heat; the heat is then channeled through a conventional generator and electricity is generated. The plants consist of two major parts, one part collects solar energy and converts it to heat and another one converts heat energy to electricity.

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Concentrating solar power systems can be used for grid-connected applications of up to 100 MW. It is considered as an attractive renewable energy option in the sunbelt regions across the globe, as the amount of power generated by a concentrating solar power plant depends on the amount of direct sunlight collected by the collector panels. With many other options available, such as photovoltaic cells, concentrated solar power system is the cheapest form of solar at utility-scale which is about ten times cheaper than photovoltaic combined with battery for storage.

The global concentrated solar power market is bifurcated based on the technology, component, end-user and region. Based on the technology, the market is segmented as parabolic trough, solar tower, linear fresnel and dish/engine systems. The parabolic trough segment is expected to dominate the concentrating solar power market during the forecast period, owing to the large-scale penetration of the design and ease in installation and usage. Parabolic trough systems consist of parabolic trough-shaped reflectors which follows the sun during the daylight hours by tracking along the axis. Currently, all parabolic trough plants are hybrids, i.e. they use fossil fuel to supplement the solar output during periods of low solar radiation.

Based on the components, the market is segmented as, solar field, power block and thermal energy storage system. Solar field block includes the reflector surfaces and pipes that collect sunlight. The power block consists of heating system and pipe through which the fluid is passed, whereas the energy storage system stores the generated energy for the future application. The solar field segment is projected to be the largest market; due to the major presence of large number of complex and costly subcomponents included within the segment. The global concentrated solar power market, based on end users are bifurcated as, residential, commercial & utilities and industrial. The commercial & utilities segment is anticipated to account to the largest market share, owing to the favorable government regulations towards increasing the adoption of renewable sources of energy and rising number of medium to large scale projects, which are under advancement and in pipeline globally

Geographically, the concentrated solar power market is bifurcated into North America, Europe, Asia Pacific, Middle East and Africa and Latin America. North America region is anticipated to dominate the market, in terms of revenue. However, Asia Pacific region is expected to be the fastest growing market, owing to the rising demands of electricity supply due to increasing population during the forecast period. Moreover, Middle East and African region is also anticipated to grow substantially, owing to governments’ intervention in solar powered projects.

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Major players in the global concentrated solar power market includes, Brightsource Energy, Areva, eSolar, Acciona, Solar Millennium, Abengoa, Solar Reserve, Siemens, GE, Aalborg CSP and ACWA Power, among all the others. GE Renewable Energy in February 2017 announced to offer equipment for the first commercial integrated solar-wind hybrid power generation project in the industry. It is the 4.6MW community based project in Red Lake Falls, Minnesota, developed by Juhl Energy which uses two 2.3-116 wind turbines from GE Renewable Energy’s portfolio. Other players are similarly involved in innovations for their strategic growth.

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