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.
Browse full
research report on Concentrated Solar Power Market: https://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.
Browse more
reports of this category by Grand View Research: https://www.grandviewresearch.com/industry/renewable-energy
Grand View Research has segmented the global CSP market on the basis of
product and region:
Technology
Outlook (Volume, Megawatts, 2014 - 2025) (Revenue, USD Million, 2014 - 2025)
- Parabolic
Trough
- Linear
Fresnel
- Dish
- Power
Tower
Application Type Outlook
(Volume, Megawatts, 2014 - 2025) (Revenue, USD Million, 2014 - 2025)
- Utilities
- Enhanced
Oil Recovery
- Desalination
- Others
Regional
Outlook (Volume, Megawatts, 2014 - 2025) (Revenue, USD Million, 2014 - 2025)
- North
America
- U.S.
- Europe
- Spain
- Italy
- Asia
Pacific
- China
- India
- Central
& South America
- Morocco
- Algeria
- Middle
East and Africa
- South
Africa
- Saudi
Arabia
Access
Press Release By Grand View Research: https://www.grandviewresearch.com/press-release/global-concentrated-solar-power-csp-market
About Grand
View Research:
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, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
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