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 report by Grand View
Research :
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: http://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
o
U.S.
·
Europe
o
Spain
o
Italy
·
Asia
Pacific
o
China
o
India
·
Central
& South America
o
Morocco
o
Algeria
·
Middle
East and Africa
o
South
Africa
o
Saudi
Arabia
Access
press release by Grand View Research: http://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.
No comments:
Post a Comment