Concentrated Solar Power Market by Technology, Components, End-User, and Region - Global Forecast to 2025

Concentrated Solar Power Market by Technology,
Components, End-User, and Region - Global Forecast
to 2025
The global concentrated solar power market was estimated as USD 4.5 Billion
in 2016 and is expected to reach USD 11.2 Billion by 2025, growing
significantly with a CAGR of over 10t during the forecast period. Growing
concerns towards depletion of fossil fuels, stringent government rules and
guidelines to control the increasing carbon footprint and the ability of
concentrated solar power systems to supply dispatchable power is predicted
to drive the growth of the market.
Concentrated solar power systems utilizes mirrors to concentrate a large area
of sunlight on a small area for generating solar power. When the
concentrated light is converted to heat; the heat is then channeled through a
conventional generator and electricity is generated. The plants consist of two
major parts, one part collects solar energy and converts it to heat and
another one converts heat energy to electricity.
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Concentrating solar power systems can be used for grid-connected
applications of up to 100 MW. It is considered as an attractive renewable
energy option in the sunbelt regions across the globe, as the amount of
power generated by a concentrating solar power plant depends on the
amount of direct sunlight collected by the collector panels. With many other
options available, such as photovoltaic cells, concentrated solar power
system is the cheapest form of solar at utility-scale which is about ten times
cheaper than photovoltaic combined with battery for storage.
The global concentrated solar power market is bifurcated based on the
technology, component, end-user and region. Based on the technology, the
market is segmented as parabolic trough, solar tower, linear fresnel and dish/
engine systems. The parabolic trough segment is expected to dominate the
concentrating solar power market during the forecast period, owing to the
large-scale penetration of the design and ease in installation and usage.
Parabolic trough systems consist of parabolic trough-shaped refectors which
follows the sun during the daylight hours by tracking along the axis.

Currently, all parabolic trough plants are hybrids, i.e. they use fossil fuel to
supplement the solar output during periods of low solar radiation.
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Power-Market
Based on the components, the market is segmented as, solar field, power
block and thermal energy storage system. Solar field block includes the
refector surfaces and pipes that collect sunlight. The power block consists of
heating system and pipe through which the fuid is passed, whereas the
energy storage system stores the generated energy for the future
application. The solar field segment is projected to be the largest market; due
to the major presence of large number of complex and costly subcomponents
included within the segment. The global concentrated solar power market,
based on end users are bifurcated as, residential, commercial & utilities and
industrial. The commercial & utilities segment is anticipated to account to the
largest market share, owing to the favorable government regulations towards
increasing the adoption of renewable sources of energy and rising number of
medium to large scale projects, which are under advancement and in pipeline
globally
Geographically, the concentrated solar power market is bifurcated into North
America, Europe, Asia Pacific, Middle East and Africa and Latin America.
North America region is anticipated to dominate the market, in terms of
revenue. However, Asia Pacific region is expected to be the fastest growing
market, owing to the rising demands of electricity supply due to increasing
population during the forecast period. Moreover, Middle East and African
region is also anticipated to grow substantially, owing to governments’
intervention in solar powered projects.
Major players in the global concentrated solar power market includes,
Brightsource Energy, Areva, eSolar, Acciona, Solar Millennium, Abengoa,
Solar Reserve, Siemens, GE, Aalborg CSP and ACWA Power, among all the
others. GE Renewable Energy in February 2017 announced to ofer
equipment for the first commercial integrated solar-wind hybrid power
generation project in the industry. It is the 4.6MW community based project
in Red Lake Falls, Minnesota, developed by Juhl Energy which uses two 2.3-
116 wind turbines from GE Renewable Energy’s portfolio. Other players are
similarly involved in innovations for their strategic growth.
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