Concentrated Solar Power Market Size, By Technology (Parabolic, Linear Fresnel, Power Tower, Dish), Industry Analysis Report, Regional Outlook (U.S., Spain, Italy, Australia, Morocco, China, India, South Africa, Chile, Saudi Arabia, the UAE), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2025
Published Date: Feb 2017 | 117 Pages | Report ID: GMI1164 | Authors: Ankit Gupta, Aditya Singh Bais Report Format: PDF
Concentrated Solar Power Market size was over USD 30 billion in 2015 and the cumulative installed capacity is set to exceed 24GW by 2025.
Global Concentrated Solar Power (CSP) Market installed capacity, by technology 2016 & 2025 (GW)
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Growing concerns towards fossil fuel depletion with strict government norms to reduce greenhouse gas emissions will drive the concentrated solar power market from 2016 to 2025. Incentives including FIT, carbon credits, and renewable energy certificates will augment the business growth.
State government and the U.S. treasury department has introduced tax credits to CSP projects which may differ with states. In July 2016, the Office of Energy Efficiency and Renewable Energy funded around USD 9 million to six CSP Research and Development (R&D) projects aims to achieve technological advancements and cost reductions.
The backup and storage abilities of CSP plants offer significant advantage for electric grids. Losses in thermal storage cycles are less when compared with other available storage technologies including batteries and pump storage making them more cost effective.
Increasing electricity demand owing to rapid industrialization an urbanization will propel the demand for concentrated solar power market share over forecast timeframe. Easy integration with electric utility grid makes it most cost-effective energy source option for large scale electricity generation. However, high initial cost and lack of technology awareness may act as restraint.
Concentrated Solar Power Market, By Technology
The global industry revenue generated by parabolic troughs was over USD 27 billion in 2015 and is expected to witness substantial growth due to its high efficiency. Mature technology with low cost when compared with other available thermal technologies makes its preferable over other alternatives.
Global concentrated solar power market demand from power tower is predicted to grow over 23% by 2025. Heat storage, improved performance, high efficiency, low cost, and high capacity factors are some of the advantages of power tower. Dish is set to witness a promising growth during the forecast timeframe as it does not require cooling systems for the exhaust heat, making it suitable for water constrained regions. High modularity and efficiency are some of the features which may positively influence the business growth.
Linear Fresnel concentrated solar power market size is set to exceed USD 9 billion by 2025. It consists of flat curved and ground-based mirrors at different angles. The low cost of collectors and ground-based mirrors will complement the industry outlook.
Concentrated Solar Power Market, By Region
The U.S. concentrated solar power market size for 2015 was valued over USD 12 billion. Government measures to reduce carbon footprints will stimulate the industry growth. Favorable initiatives including feed in tariff and tax subsidy with further complement the business growth.
Chile concentrated solar power market share is predicted to witness highest growth over 27% on account of strong pipeline of existing and potential projects. Favorable climatic condition subject to high radiation will further complement the industry landscape.
Spain concentrated solar power market share is set to exceed 3.5 GW by 2025. In 2013, Spain met 3.1% of its total electricity demand with photovoltaics, and another 1.8% with CSP plants. Government emphasis on clean energy over fossil fuel will positively favor the business growth.
Morocco concentrated solar power market is set to exceed USD 5 billion by 2025. Moroccan Agency for Solar Energy has introduced a USD 9 billion national solar power plan to install 2GW of solar power capacity across Morocco by 2020.
India concentrated solar power market size for 2015 was valued over USD 1 billion. Favorable government initiatives towards sustainable energy with rising electricity demand will favor the industry growth. China is predicted to witness strong growth of over 20% over the forecast timeframe. Feed in tariff, net metering and tax benefits are some of the initiatives which may favor the business growth.
Competitive Market Share
The key industry players includes NextEra Energy Resources, BrightSource Energy, Solar Millennium, Siemens, Abengoa, Areva, eSolar, Acciona, Solar Reserve, TSK Flagsol, etc.
The leading industry players are focusing towards mergers and acquisitions strategy to gain competitive edge, expand its regional presence and serve the various industry sectors. Siemens has acquired Israeli based company Solel Energy with the aim to enter into the thermal energy business.
Concentrated Solar Power Industry Background
Concentrated solar power market growth has been dynamic owing to favorable government incentives. This technology use the sun energy to generate ecofriendly and low cost thermal energy when compared with other available fossil fuels. Thermal systems are usually incorporated with thermal storage so that thermal energy can be delivered anytime even at night when there is no sunlight resulting in reduction of fuel bills. It finds its wide application among utilities, automotive, pharmaceutical, metal processing, refineries, large buildings, hospitals, military bases, textile, and food & beverage industries
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