Concentrated Solar Power Market to hit $4 billion by 2025: Global Market Insights, Inc.

The Asia Pacific concentrated solar power market exceeded USD 1.5 billion in 2018 owing to lower manufacturing cost of components, economical human resource and high solar irradiance levels.

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Middle East and Africa concentrated solar power market will witness growth on account of extensive investments to suffice the stagnation in the Spain solar industry and reluctance in the North America CSP industry. Established players are focusing more toward the development of new alliances with the regional players to expand their market penetration. Countries including China, South Africa, the UAE, Saudi Arabia, and Morocco continue to encourage the local content requirement across the regional CSP programs.

Global Concentrated Solar Power Market is expected to cross USD 4 Billion by 2025, as reported in the latest study by Global Market Insights, Inc. CSP market is set to witness growth on account of growing adoption of renewable energy driven by favorable governments initiatives. For instance, in 2017 National Development & Reform Commission (NDRC) of China has drafted a policy to increase the 2030 renewable energy target from 20% to 35%. Furthermore, stringent carbon emission standards along with growing effects of global warming will drive the technological deployment.

Growing electricity demand along with increasing investments toward the enhancement of efficiency index will positively influence the concentrated solar power market growth. As per the Australian Energy Council, global electricity demand will surpass 40,000 TWh by 2030 witnessing a growth of over 30% from 2017 level. Additionally, growing need for decentralized electricity production at remote locations will further fuel the product demand.

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Reduction in Levelized Cost Of Electricity (LCOE) driven primarily by reverse auction of projects and reduced O&M costs will stimulate the market growth across the forecast timeframe. According to IRENA, the LCOE of CSP projects are anticipated to fall in range of USD 0.06 to 0.10 per kWh by 2020. However, high capital cost as compared to solar photovoltaic project of comparable capacity have been diverting the investors toward a cheaper alternative.

Browse key industry insights spread across 265 pages with 441 market data tables & 35 figures & charts from the report. “Concentrated Solar Power Market Size, By Technology (Parabolic Trough, Linear Fresnel Reflector, Power Tower),By Capacity (≤50 MW, >50≤100 MW, >100 MW), By Storage(With Storage {Molten Salt, Others}, Without Storage), Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, Spain, Greece, China, India, Australia, Israel, UAE, Kuwait, Morocco, South Africa, Chile, and Brazil), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:

Growing adoption of high efficiency systems along with favorable government policies will boost the power tower CSP market size. The technology will further witness growth on account of its higher working temperature, lower thermal losses and less energy transfer steps as compared to other available alternatives. In addition, shifting trends toward thermal energy storage systems coupled with its better compatibility with power tower systems will boost the technology deployment.

Relatively lower specific cost characterized by economies of scale along with growing demand for electricity will drive the >100 MW concentrated solar power market size in the forecast timeframe. As per the statistics stated by International Renewable Energy Agency (IRENA), cost of a 100 MW CSP project is nearly 12% lower than that of a 50 MW project employing the same technology. Moreover, larger reflecting area associated to larger project provide higher operating temperatures implying to better overall efficiency of the plant.

Notable industry participants across the concentrated solar power market include Acciona, Abengoa Solar, GE Renewable Energy, Enel Green Power, TSK Flagsol, Suntrace, BrightSource, Atlantica Yield, Shams Power, CSP Services, SolarReserve, ACWA, Chiyoda Corporation and Therminol amongst others.

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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.


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