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Concentraiting Solar power Market Industry Survey, Market Size, Competitive Trends Forecast

10-04-2018 09:16 AM CET | Advertising, Media Consulting, Marketing Research

Press release from: P&S Intelligence

Concentraiting Solar power Market, Concentraiting Solar power Market Trends, Concentraiting Solar power Market Demand,

Concentraiting Solar power Market, Concentraiting Solar power Market Trends, Concentraiting Solar power Market Demand,

According to the U.S. Department of Energy (DOE), CSP is a technology that generates solar power by using mirrors to reflect and concentrate sunlight onto receivers. The technology is gaining traction in the global concentrating solar power market. CSP technologies could collect solar energy, convert it into thermal energy for power generation and stored to produce electricity as and when required. 

CSP exists in various forms: parabolic trough, linear fresnel, power tower and dish/stirling. In systems. Parabolic trough is the most preferred choice in various applications as they have higher efficiency and are less expensive as compared to other technologies. Power tower offers heat storage, improved performance, high efficiency, low cost and high capacity factors, while Linear Fresnel consists of flat-curved and ground-based mirrors that are at different angles.

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CSP plants offer significant advantage for electric grids on account of their lower costs and back-up and storage abilities. The losses in thermal storage cycles are comparatively less than other storage technologies such as batteries and pump storage making them more cost-effective. The growing need for reducing carbon emissions and the increasing policy support in the form of incentives including FIT, carbon credits, and renewable energy certificates is expected to augment the growth of global CSP market during the forecast period.

The global concentrating solar power market is expected to witness significant growth during the forecast period (2017-2023) on account of rising concerns about the harmful effects of fossil fuels coupled with increasing government norms for reducing greenhouse gas emissions. Based on technology, the parabolic trough is expected to be the largest segment of the global concentrating solar power market during the forecast period. 

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The lack of technology awareness in the market is one of the major restraints that is likely to hinder the growth of global CSP market during the forecast period. Additionally, high capital costs associated with the installation of CSP technologies as compared to other available sustainable energy technologies is expected to hinder the growth of the global CSP market; however, increasing government and private fund availability is expected to provide significant opportunities in the global CSP market during the forecast period.

Some of the key players in the global market include Abengoa Solar, S.A., Aalborg CSP A/S, ACWA Power, BrightSource Energy, Inc., eSolar, Inc., SolarReserve, LLC., ALSOLEN, Archimede Solar Energy, Frenell Gmbh and Siemens AG.

About P&S Intelligence

P&S Intelligence, a brand of P&S Market Research, is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

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