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.
San Francisco, CA -- (SBWIRE) -- 06/28/2019 -- The growing demand for cost-effective and environmental-friendly options for producing solar power is a key factor driving the demand for concentrating solar power (CSP) technology. Favorable governmental policies on the adoption of renewable power in the overall energy mix in a number of developing and developed nations are providing substantial and steady push to the demand for CSP technology. The strong impetus by governments in developed countries to support the operation of concentrating solar power is a notable factor accentuating the growth of the market.
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The growing popularity of CSP technology over solar photovoltaic cells is attributed to their notable efficiencies and the capability of this technology even after sunset and the presence of cloud cover. Governments in several develop nations, notably the U.S., have offered substantial fiscal incentives to boost the operation of CSP plants. The increasing participation of private players by boosting the production of this technology by taking commercial interest is a noteworthy factor expected to accentuate the growth of the market.
The staggering rise in electricity consumption in a number of developing economies is a notable factor propelling the demand for renewable power production to be integrated with conventional sources. This is a potential factor aiding in the expansion of worldwide markets. The marked focus of governments in these regions for ensuring constant access to electricity to populations in remote regions is a crucial aspect boosting the market.
The growing development of utility-scale solar power projects in some developed nations is bolstering the demand for concentrating solar power technology. Advancements in product design and the ability to be operational in hybrid setups, concentrating solar power plants are picking up steam in a number of developing and developed nations.
The presence of large swathes of land for setting CSP projects and the need for massive infrastructures are noteworthy factors that may hinder the growth of the market, especially in less developed regions. In addition, the large investment required may dissuade many players in regions not support by public fiscal initiatives. Nevertheless, various parts of Asia Pacific and Latin America are expected to present abundant opportunities for market players. These regions are expected to provide attractive market prospects in the coming years.
On the other hand, the decline in cost of solar PV systems can ffect the revenue of the concentrating solar power market. However, the commercialization of CSP technology for the large-scale generation of solar power in developed nations bodes well for the market. The emergence of co-generation facilities for natural gas and solar power in these nations is a welcome trend accentuating the growth of the market.
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Meanwhile, governments in key economies of North America will continue to pour robust funds and grants, thereby catalyzing the growth of the market. The regional market is expected to be led by the U.S.
At present the market has few players. However, over the years, the entry of a large number of companies in this arena will significantly up the competition level. Some of the prominent players operating in the concentrating solar power market are Abengoa Solar, S.A., Areva Solar, eSolar, Inc, SkyFuel, Inc., BrightSource Energy, Inc., Acciona S.A., Solar Millennium AG, SCHOTT Solar AG, Ibereolica Group, NextEra Energy Resources, and TSK Flagsol.
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