Press release
Concentrated Solar Power Market set for rapid growth
Global Market Insights
Power tower accounted for over 10% of the global concentrated solar power market share in 2015. Effective capacity factor, improved heat storage and low cost are some of the features which will favor the business landscape. Crescent Dunes solar power tower facility in U.S. has the storage of 10 hours and it provide energy to 75,000 homes.
Spain Concentrated Solar Power Market is set to expand owing to its high direct normal irradiance rate and favorable climatic condition fir solar plants. Rising concern to replace conventional power generation technology with clean energy will further boost the industry outlook.
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South Africa concentrated solar power market is set to exceed 1 GW by 2025. The country is developing CSP projects under Renewable Energy Independent Power Producer Procurement Programme announced by Department of Energy (DoE) to stimulate the renewable energy. The renewable energy is expected to contribute around 18 GW of capacity by 2030 with 1 GW of CSP.
Morocco concentrated solar power Market is set to expand over 18% by 2025. In 2015, Government of Morocco aims to increase its renewable electricity generation share to 52% by 2030, with the installation of 10 GW, out of which, 14% is expected to come from solar. Favorable government incentives including tax benefits and feed in tariff will further boost the business outlook.
The Concentrated Solar Power Market is set to grow from its current market value of more than $30 billion to over $120 billion by 2024; as reported in the latest study by Global Market Insights, Inc.
Shifting trend from conventional fuel to clean energy fuel will augment industry landscape. Strict government norms towards reduction of greenhouse gas emission will further stimulate the industry landscape. Government of China aims to cut carbon dioxide emissions from coal power by 180 mt by 2020.
Increasing electricity demand along with technological advancement to increase efficiency will drive the CSP market. In July 2016, Federal government invested USD 9 million for detailed study of six concentrated solar power projects to reduce overall project cost.
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Decreasing component cost along with favorable government initiative including REC and carbon credits will propel the concentrated solar power market. Easy grid integration makes this system favorable over other alternatives. As per U.S. Department of Energy’s SunShot initiative, estimated LCOE of CSP plants fell from USD 210/MWh to USD 120/MWh from 2010 to 2015.
U.S. CSP market is set to expand significantly over the forecast timeline. Federal and state government initiatives including financial assistance, net metering and tax rebate will complement the industry outlook. The U.S. DOE introduced SunShot Initiative in 2011 which encourage and support adoption of solar energy by making it affordable through research and development in collaboration with private and public partners.
Concentrated solar power market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in MW and revenue in USD Million from 2014 to 2025, for the following segments:
Global Concentrated Solar Power, By Technology
• Parabolic
• Linear Fresnel
• Power Tower
• Dish
The above information is provided country basis for the following:
• U.S.
• Spain
• Italy
• Australia
• Morocco
• China
• India
• South Africa
• Chile
• Saudi Arabia
• UAE
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
Contact Us:
Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
Web: https://www.gminsights.com
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