New York, June 29, 2021 (GLOBE NEWSWIRE) -- Concentrating Solar Power Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Concentrating Solar Power Market Research Report, Technology, Components, End User and Region - Forecast till 2027” the market size is projected to reach USD 16.41 billion by 2027 from an estimated USD 7.60 billion in 2020 with ~ 17.1% CAGR from 2020 to 2027.
The concentrating solar power market is proliferating on the global platform. Concentrating Solar Power (CSP) has several advantages over Photovoltaic (PV), such as higher efficiencies, lower investment costs, and an inherent thermal storage capacity that enables power generation even during cloudy weathers, after sunset, and a better hybrid operation capability with other fuels meeting the base-load demand at night.
Further, CSP plants help develop existing local industries and fulfilling renewable energy goals. Together with the potential for niche applications like absorption chilling, CSP becomes a rational choice in tackling the energy crisis. With its increased power generation capacity, the market is projected to garner significant traction over the years to come. Another major advantage that CSP has over solar PV is its storage capabilities. With CSP, engines have high heating capacities, allowing the heat transfer fluid to retain heat for a long period.
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Key Companies Profiled in the Concentrated Solar Power Market Report are –
Concentrating solar power market outlook appears competitive due to several notable players forming a competitive landscape. Technology providers strive to increase production capacities with improved cost efficiency and a leaner organization supported by new possibilities offered by digitalization. Many of them are exploring the possibility of new development after mastering their existing product lines.
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Rise in Renewable Energy Generation Shares Drives the Market Growth
The concentrating solar power market outlook appears promising mainly due to the continually growing energy demand worldwide. Additionally, the rise in CSP installations in commercial & industrial and utility-scale applications positively impacts the concentrating solar power market growth.
The use of thermal energy storage tanks is much easier than storing electricity. As a result, CSP is often dispatchable even when the sun isn't shining. This is a major factor boosting the concentrating solar power market size. In addition, growing government initiatives and investments in large CSP plant installations benefit the concentrating solar power market revenues.
High Costs Associated with Installation and Maintenance of CSP Restrict the Market Growth.
Concentrated solar power systems tend to be large, utility-scale projects capable of providing a lot of electricity as a power source to the grid. Resultantly, CSP systems require a significant amount of land with direct sunlight. Unlike solar PV, they're not used in residential applications. Limited availability of places to build these types of systems impedes market growth.
Besides, a concentrated solar power system is an expensive technology in terms of installation costs and Levelized cost of energy (LCOE) compared to solar PV. Also, being newer technology, CSP requires more specialized technology and installation practices, increasing the overall costs of these projects.
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COVID-19 Impacts on the CSP Market
The novel COVID-19 pandemic did not affect much to the concentrating solar power industry. The pandemic increased the energy demand, reassuring a robust rise in the renewable energy market. Due to the increased energy demand, especially from the industrial sectors, the renewable energy market kept growing steadily throughout 2020.
Also, the cost of renewable continued to fall in 2020, despite disruptions of the pandemic. The cost of electricity from utility-scale concentrating solar power declined by 16% during 2020 alone. The concentrating solar power market is rapidly returning to normal and is projected to pick up further.
The market is segmented into technology, components, end-users, and regions. The technology segment is sub-segmented into parabolic trough, power tower, linear Fresnel, and dish/engine system. Among these, the parabolic trough segment accounts for the largest market share, witnessing applications in all major end-use industries, such as enhanced oil recovery, utilities, and mining, and others.
The component segment is sub-segmented into solar field, power block, and thermal storage. The end-user segment is sub-segmented into utilities, EOR, and others. The region segment is sub-segmented into Europe, Americas, Asia Pacific, and rest-of-the-world.
The Asia Pacific region dominates the global concentrating solar power market. The region accounts for one of the largest producers and consumers of power globally. The region also largely relies on renewable power generation, making vast investments. Rising focus on developing renewable energy sources, especially India, China, and a few South Asian countries, boosts the region's concentrating solar power market size.
Besides, the ample renewable/ natural resources and raw materials advantages increase the region's markets share. With their significant investments, China, Japan, and India account for major concentrating solar power market shares. Japan also contributes colossally to the regional market growth.
Segmentation of Market covered in the research:
Information by Technology (Parabolic Trough, Power Tower, Linear Fresnel, and Dish/Engine System), and Components (Solar Field, Power Block, and Thermal Storage)), End User (Utilities, Enhanced Oil Recovery (EOR), and Others), and Region (North America, Europe, Asia-Pacific, the Middle East & Africa, and South America)
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