Market Trends of Europe Concentrated Solar Power
This section covers the major market trends shaping the Europe Concentrated Solar Power Market according to our research experts:
Molten Salt Segment to Dominate the Market
- Molten salts of sodium and potassium are used as heat transfer fluid in CSP plants due to their capability to operate at temperatures beyond 500°C. They improve power efficiency to about 40% and reduce the cost of electricity. However, due to the comparatively low freezing point of about 250°C, auxiliary power is required during shut-off periods to keep them in a molten state.
- Molten salt technology accounts for 75% of the thermal energy storage developed for electricity applications. It increases solar power plants' efficiency and storage capacity while reducing solar thermal energy costs. These applications also support CSP projects and dispatch electricity outside peak sunshine hours.
- In Europe, several projects are underway of such technology type owing to declining CSP costs and increasing shift towards renewable energy sources to contain emissions. In 2015, In Europe, the installed CSP capacity stood at 4750 MW, which rose to 6379 MW in 2020.
- In November 2021, SENER Renewable Investments has begun construction on Spain's first hybrid solar project, which combines CSP with molten salt storage and photovoltaic technologies. The Solgest-1 plant now features a CSP unit with a storage capacity of over 6 hours and a gross power generation of 110 MWe, allowing it to generate energy at night or in overcast conditions.
- Hence, owing to the above points, the Molten salt technology segment is likely to see significant growth in the market during the forecast period.
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Spain Expected to Witness Significant Growth
- Spain is one European country that receives a significantly high number of hours of sunshine. The region was significant in the development of solar electricity. Actual prices for grid-connected solar power were provided to encourage the industry.
- In 2020, the total installed concentrated solar power in Spain has 2304 MW, and it is the leading country in the world. After Spain, US total installed capacity is 1758 MW. Spain is the top market, driven by the country's government support schemes and feed-in tariffs.
- Spain has the largest fleet of operating CSP plants globally (2.3 GW), and a recent government plan has announced 5,000 MW of additional CSP capacity by 2030 as part of a plan to expand renewable energy to cover 74 percent of electricity demand by 2030.
- In 2020, In Spain, 6.1% of energy production came from Solar power, 21.7% from wind, and 22.2% from nuclear.
- More technological advancements and novel market solutions are required to boost efficiency, lower prices, and enable utilities to rely on solar power.
- Hence, owing to the above points, Spain is expected to see significant market growth during the forecast period.
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