Concentrated Solar Power Market size to exceed $7bn by 2027

Concentrated Solar Power Market size is expected to surpass USD 7 Billion by 2027, as reported in the latest study by Global Market Insights, Inc.
 

Concentrated solar power industry will grow on account of increasing renewable integration favored by rising energy-efficiency concord. Favorable government policies and norms toward installation of clean energy sources across the grid network along with strict regulations to minimize emissions will sway the business landscape. Moreover, strong project pipeline across the developing regions along with rising infrastructural expenditure will foster the industry landscape.

 

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Strong project pipeline across the developing regions will sway the industry dynamics

< 50 MW to ≤ 100 MW concentrated solar power market is anticipated to grow on account of the increasing demand for renewable generation sources along with rising project pipelines across Asia Pacific & Middle East. For instance, in 2019, the 100 MW Redstone CSP plant project was commissioned to minimize the energy supply gap and reduce dependence on coal, thus limiting carbon emissions. Ongoing project deployment to add new, reliable, dispatchable, and solar energy generation capacity will further propel the industry outlook.
 

Ongoing innovative designs to provide effective power generation systems will escalate the product adoption

Linear Fresnel CSP market will witness a significant growth on account of low capital and initial expenditure along with easy installation and low maintenance and operating cost. Ongoing technological development to minimize the CapEx owing to relatively cheaper flat glass mirrors and a standard mass-produced commodity when compared to its alternatives will further sway the technology demand. In addition, construction of these projects requires a lesser amount of concrete and steel support structure, implying reduced installation cost and simplified assembly process which enhance the deployment rate.
 

Browse key industry insights spread across 265 pages with 314 market data tables & 35 figures & charts from the report, “Concentrated Solar Power Market Statistics By Technology (Parabolic Trough, Linear Fresnel Reflector, Power Tower), Capacity (≤ 50 MW, > 50 MW to ≤ 100 MW, > 100 MW), Storage (With Storage {Molten Salt}, Without Storage), Industry Analysis Report, Regional Outlook, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/concentrated-solar-power-market
 

Increasing adoption of advanced energy receiving material will complement the product demand

Molten salt based concentrated solar power market is estimated to exceed USD 7 billion by 2027. Applicability of these salts across the CSP plant to provide Heat Transfer Fluids (HTFs) owing to its cost-effectiveness and high efficiency will positively stimulate the business scenario. Ability to deliver high heat transfer for long duration of time when compared to their alternatives such as minerals oils will further boost the product demand. In addition, increasing adoption energy receiving materials to enhance the plant flexibility and provide an on-demand power supply will stimulate the market forecasts.
 

Growing demand for sustainable power generation sources will foster the Asia Pacific CSP market statistics

Asia Pacific concentrated solar power market is set to grow on account of high solar irradiance levels, cheaper human resources, and lower manufacturing cost of components. Stringent carbon emission reduction targets coupled with the growing demand for sustainable power generation sources will further stimulate the industry growth. For instance, the National Development and Reform Commission (NDRC) of China has published a draft policy to increase the 2030 clean energy goal from 20% to 35%. Favorable government norms and policies to deploy CSP integrated solar power plants across the region will fuel the business demand.
 

Despite of COVID-19 impact, majority of projects including the development of power towers and parabolic trough solar power plants are as scheduled and have not witnessed significant delay.
 

Eminent players operating across concentrated solar power market include ACWA Power, Abengoa Solar, TSK Flagsol, SolarReserve, Enel Green Power, Suntrace, Acciona Energy, Shams Power, Atlantica Yield, BrightSource Energy, CSP Services, GE Renewable Energy, Therminol and Chiyoda Corporation.
 

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