Concentrated Solar Power Market: Snapshot
The global concentrated solar power (CSP) market holds a huge opportunity to rise owing to the increasing implementation of heat storage systems as well as hybridization of concentrated solar power plants with traditional thermal plants. CSP technology is said to be immensely capital intensive in nature and it can be deployed at commercial scale without the requirement of support from financial and governmental institutions. The prominent players operating in the global CSP market are continuously flourishing due to the constantly rising energy demand and the growing concerns about clean energy within developing nations.
The chief players dominant in Concentrated Solar Power market include Abengoa Solar S.A., Ibereolica Group, GDF SUEZ, NextEra Energy Resources, LLC., and BrightSource Energy, Inc.
Parabolic Trough to Lead Concentrated Solar Power Market till 2020
In terms of product, the report segments the global concentrated solar power (CSP) market into dish stirling, linear freshnel, solar tower, and parabolic trough. Of these, parabolic trough is the most matured technology in the market and is extensively utilized at commercial level for the generation of power. This technology held a leading position in the market in 2013 and is poised to rise at the swiftest growth rate between 2014 and 2020. The segment of tower and fresnel trailed parabolic trough, respectively. Of these, the tower technology is expanding at an exponential rate owing to the integration of technology with traditional thermal power plants, while the technology of dish sterling is employed for pilot projects and demonstration.
The global CSP market stood at US$2.51 bn in 2013 and is poised to touch US$8.67 bn by 2020. The market is predicted to rise at a whopping 20.30% CAGR between 2014 and 2020. Factors such as the increasing awareness regarding global warming and the growing greenhouse gas emissions are driving the overall market for CSP. In addition, the increasing prices of traditional energy sources and the growing concerns on future supply of energy will further augment the development of the market for concentrated solar power. Furthermore, the incentives and support provided by government globally will further provide impetus to the development of the market in the coming years. Contrariwise, the soaring cost of electricity generation may come up as a roadblock in the growth of the global concentrated solar power market.