Sellbyville, DE -- (SBWire) -- 11/07/2018 --U.S. concentrated solar power market is set to expand significantly over the forecast timeline. Federal and state government initiatives including financial assistance, net metering and tax rebate will complement the industry outlook. The U.S. DOE introduced SunShot Initiative in 2011 which encourage and support adoption of solar energy by making it affordable through research and development in collaboration with private and public partners.
South Africa concentrated solar power market is set to exceed 1 GW by 2025. The country is developing CSP projects under Renewable Energy Independent Power Producer Procurement Programme announced by Department of Energy (DoE) to stimulate the renewable energy. The renewable energy is expected to contribute around 18 GW of capacity by 2030 with 1 GW of CSP.
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Morocco concentrated solar power Market is set to expand over 18% by 2025. In 2015, Government of Morocco aims to increase its renewable electricity generation share to 52% by 2030, with the installation of 10 GW, out of which, 14% is expected to come from solar. Favorable government incentives including tax benefits and feed in tariff will further boost the business outlook.
Global Concentrated Solar Power Market is expected to grow at over 17% CAGR to surpass USD 120 billion by 2025. Shifting trend from conventional fuel to clean energy fuel will augment industry landscape. Strict government norms towards reduction of greenhouse gas emission will further stimulate the industry landscape. Government of China aims to cut carbon dioxide emissions from coal power by 180 mt by 2020.
Increasing electricity demand along with technological advancement to increase efficiency will drive the CSP market. In July 2016, Federal government invested USD 9 million for detailed study of six concentrated solar power projects to reduce overall project cost.
Decreasing component cost along with favorable government initiative including REC and carbon credits will propel the concentrated solar power market. Easy grid integration makes this system favorable over other alternatives. As per U.S. Department of Energy's SunShot initiative, estimated LCOE of CSP plants fell from USD 210/MWh to USD 120/MWh from 2010 to 2015.
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Power tower accounted for over 10% of the global concentrated solar power market share in 2015. Effective capacity factor, improved heat storage and low cost are some of the features which will favor the business landscape. Crescent Dunes solar power tower facility in U.S. has the storage of 10 hours and it provide energy to 75,000 homes.
Spain concentrated solar power market is set to expand owing to its high direct normal irradiance rate and favorable climatic condition fir solar plants. Rising concern to replace conventional power generation technology with clean energy will further boost the industry outlook.
Major industry players include TSK Flagsol, NextEra Energy Resources, Siemens, eSolar, Acciona, Solar Reserve Solar Millennium, Areva, Abengoa. and BrightSource Energy.
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Concentrated Solar Power Market in United States to See 8% CAGR Till 2025 : Siemens, Abengoa, Areva, eSolar, Acciona and 15 Other Companies Profile
Concentrated Solar Power Market growth will be driven by increasing electricity demand along with technological advancement to increase efficiency.