San Francisco, CA -- (SBWIRE) -- 09/14/2018 -- Global Concentrating Solar Power Market: Overview
Concentrating solar power (CSP) refers to the solar power generation technology that produces electricity by focusing sunlight on receivers with the help of reflecting mediums. The sunlight is used to heat the receivers to a high temperature. The heat thus collected is first transformed into mechanical energy with the help of Stirling engines or turbines and then to electricity. The concentrating solar power technology is more beneficial than the solar photovoltaic technology, which directly converts sun's rays into electricity using semiconductor materials.
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The CSP technology fares well than the PV technology in terms of higher efficiency, lower cost of investment, and thermal storage capacity than enables the generation of power even after sunset and cloud cover. The technology also features a better capability to operate in a hybrid setup with other fuels to be able to effectively supply power during nights.
Global Concentrating Solar Power Market: Drivers and Restraints
In the past few years, increased focus on the inclusion of renewable sources in the energy mix of most developing and developed economies has been the key factor to have boosted the overall rate of development in the field of concentrating solar power. Supportive government policies, technology development and the availability of more efficient product designs, fiscal support from governments in developed economies, and purely market-led demand for newer and more sustainable energy resources in developing economies have also collectively driven the market.
In the next few years, the market is expected to exhibit growth at a remarkable pace as a number of factors contribute to the increased need for finding sustainable, environment-neutral, and reliable power production resources. The market is expected to benefit from the constant rise in electricity consumption across the globe, the focus of developing economies on providing universal and continuous access to electricity to remote areas, and stringent emission regulations. However, for commercial-scale production, the requisition of large areas is sometimes a drawback that hinders the adoption of the CSP technology in some regions.
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Global Concentrating Solar Power Market: Regional Overview
From a geographical perspective, Europe is presently the leading contributor to the global concentrating solar power market owing to the availability of vast subsidies from private and public bodies to encourage the shift from conventional power resources to renewables. North America has also ramped up its solar energy capacity in the past few years and features a conducive growth environment for the concentrating solar power technology, thanks to vast grants from the energy departments of countries such as the U.S.
Global Concentrating Solar Power Market: Market Potential
In the next few years as well, Europe and North America will continue to account for a significant share in the global market for concentrating solar power. Nevertheless, undersupplied and developing regions such as Asia Pacific and Latin America will be the ones to look out for opportunities with strong returns. In contrast to the heavily subsidized markets in North America and Europe, the market in Asia Pacific and Latin America will be driven purely on the basis of the constantly rising market-led energy demand.
Industry analysts estimate that the established and world's leading renewables market, Europe, will add nearly 109 GW of renewables to its electricity grid by 2020. India, on the other hand, featuring an increasingly developing and rapidly expanding market for renewables, aims to add 140 GW to its energy mix by 2022. This denotes a compelling opportunity for companies in the concentrating solar power market.
Global Concentrating Solar Power Market: Competitive Dynamics
Owing to stiff competition from solar PV systems, which still continue to take a significant chunk of the global solar power industry owing to the vast reduction in their costs over the years, the market for concentrating solar power witnessed few players. The market dynamic is however, changing at a rapid pace and a decent number of companies are entering the global space. Some of the leading players presently operating in the global concentrating solar power market are NextEra Energy Resources, LLC., GDF SUEZ, TSK Flagsol, Ibereolica Group, SCHOTT Solar AG, Solar Millennium AG, Acciona S.A., BrightSource Energy, Inc., SkyFuel, Inc., eSolar, Inc, Areva Solar, and Abengoa Solar, S.A.
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