The Market is expected to grow at a CAGR of XX percentage to reach USD XX Billion by 2022, from USD XX Billion in 2016. With innovative R&D activities and active promotion worldwide, CSP technology will see a period of fast growth in the following years.
Solar power generation systems are rapidly growing in significance in a world that is promoting clean renewable energy. CSP is a solar power generation technology that has reached a high level of commercial maturity in today’s market, and is well placed to compete with other renewable power generation techniques such as wind and photovoltaics. CSP technology taps the sun by concentrating solar energy onto a small area with the help of mirrors or lenses to produce heat, which can then be converted into electricity using a turbine.
The world today has an ever growing need for power. Power generation capacity is on the rise worldwide, and power generation agencies are on the lookout for new, efficient and low cost technologies. As there is growing concern and opposition to many conventional power generation plants like coal, nuclear etc., there is great demand for clean energy technologies like CSP. Governments around the world are also supportive of such technologies. One of the main factors restraining CSP technology is the high initial investment associated with it. Also, as solar energy is intermittent, CSP plants need to be coupled to thermal storage systems if they are to produce power at peak demand periods. CSP technology also faces tough competition from traditional power generation technologies. Despite these challenges, CSP has great prospects for development in the coming decade.
Based on the technology used, the global CSP market can be classified as parabolic trough system market, linear Fresnel reflector system market, solar power tower market and dish/engine system market. Of these, the parabolic trough system is the most popular, and also the most proven technology.
The report segments the global concentrated solar power market based on regions into North America, Europe, Asia-Pacific, South America, and Middle East & Africa. CSP technology has shown great progress in North America and Europe, with the United States leading in North America and Spain as the leading country in Europe. It is estimated that both of these countries together account for almost 85% of the market.
The market for concentrated solar power is a fast growing one and holds lot of potential. Some of the players active in this field include Abengoa Solar, Areva, General Electric, Aries and SolarReserve among others.