The global concentrated solar power market is predicted to
reach USD 8.92 billion by 2025, according to a new report by Grand View
Research, Inc. Increasing awareness about renewable energy along with
government regulations to control growing carbon footprint is further propelling
the market growth.
Increasing clean energy adoption
over non-renewable fuels is expected to drive the global concentrated solar
power over the forecast timeframe. Favourable government regulations towards
reduction of carbon footprint and greenhouse gas (GHG) emissions will further
enhance the business growth.
Growing electricity demand along
with rising investments to augment the efficiency index will provide an impetus
to the concentrated solar power market growth. The Federal Government sponsored
USD 9 million towards the research and development of six new CSP projects in
the country, to reduce the total project costs though technological growth.
Substantial reduction in the
component costs along with supportive government incentives like energy certificates,
and carbon credits will expand the concentrated solar power market over the
forecast period. Regulators around the world have been encouraging grid
integration, making it an affordable alternative compared to non-renewable
energy sources.
Concentrating Solar Power
technology can store solar energy in the form of heat, even post sunset, which
is perceived as the greatest advantage that it offers over all the other
competing technologies. Reliable power supply coupled with flexibility in usage
assist in bridging the demand supply deficit, currently faced by nations
especially in the developing world. However, CSP technology is capital
intensive as compared to other solar thermal technologies, as this may prove to
be a restraint for the its adoption over the forecast period.
In terms of technology, the
parabolic trough technology held over 75% of the global concentrated solar
power market share in 2016. Matured technology coupled with affordable costs as
compared to other forms of available systems will positively influence the
growth of the concentrating solar power market over the forecast period. Power
tower technology was valued over USD 955.5 million by 2025. Enhanced heat
storage ability, higher efficiency, and favourable capacity factor will augment
the business growth.
U.S. concentrating solar power market, by technology,
2014 - 2025 (USD Billion)
Browse full research report on Concentrated Solar Power (CSP) Market: http://www.grandviewresearch.com/industry-analysis/concentrated-solar-power-csp-market
Further key findings from
the report suggest:
- The U.S.
concentrated solar power market, in terms of value, will witness growth of
over 18.9% over the forecast period. Favourable government initiatives
like tax credits, installation cost subsidies among other benefits will
augment the business growth.
- In Morocco,
climatic conditions are favourable to the growth of CSP technology
adoption, in tandem with the existing pipeline projects. Morocco
concentrating solar power market is expected to exceed USD 852.2 million
over the forecast period.
- Spain
concentrated solar power market size is set to exceed USD 1.22 billion by
2025. Spain is the market leader with the maximum installed capacity in
the world as of year 2017.
Access Press Release By Grand View Research: http://www.grandviewresearch.com/press-release/global-concentrated-solar-power-csp-market
About Grand View Research,
Inc:
Grand View Research, Inc. is a U.S. based market research and consulting
company, registered in the State of California and headquartered in San
Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
For more information: http://www.grandviewresearch.com
No comments:
Post a Comment