Global Concentrating Solar Power (CSP) Market Growth and Demand Forecast to 2024

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. This would in turn, enable CSP systems to be used as a flexible electricity provider or as a baseload source of electricity.

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CSP technologies could be deployed as a fossil-fuel back-up or hybridization allowing non-renewable projects to run cleaner by reducing the greenhouse gas emissions, while operating at same or lower costs.
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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. Dish/Stirling systems are ideal for water constrained regions as they do not require cooling systems for exhaust heat.

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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. The utilities segment is estimated to dominate the end-user market for concentrating solar power during the forecast period. Based on component, solar field is projected to generate the highest revenue in global concentrating solar power market during the forecast period.

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