Market Trends of North America Concentrated Solar Power (CSP) Industry
This section covers the major market trends shaping the North America Concentrated Solar Power Market according to our research experts:
The Power Tower is Expected to Dominate the Market
- The power tower systems are expected to witness higher demand during the forecast period. These systems could efficiently achieve high temperatures with the help of high concentration ratios by using different configurations of the collector field and receiver. Solar power towers have high-temperature cycles, which permit higher efficiency in converting solar radiation to electricity; this could result in the reduction of the Levelized energy cost.
- These systems have the potential to operate in temperatures higher than 1000°C. However, there are few technological barriers due to which CSP companies can only use CSP plants at temperatures in the range of 600-800°C. Thus, the companies are developing CSP, which could utilize higher temperatures than the current CSP plants. This increase in efficiency would further reduce the Levelized energy cost.
- The presence of concentrated solar power projects in North America since the 1980s. Increased focus and investment in renewable energy projects to limit carbon and greenhouse gases emission is expected to drive the concentrated solar power market in the region. In 2010 the total CSP capacity was around 535 MW, and in 2020 the CSP capacity was around 1818 MW.
- Hence, the power tower systems are expected to dominate the market for concentrated solar power during the forecast period.
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The United States to Dominate the Market
- North America is one of the leading regions in installing concentrated solar power projects. The region witnessed 1st concentrated solar power in 1979 near Albuquerque, New Mexico, the United States. The project's total capacity is 5 MW and is still operational.
- The United States is the leading country in the region regarding the project installed and the overall capacity of concentrated solar power projects. In 2021, the United States contributes more than 95% market share in North America's concentrated solar power market.
- In 2021, the United States had 26 projects which generated around 1,810 MW of energy from concentrated solar power, whereas in 2010, concentrated solar power generation was about 535 MW.
- The U.S. Department of Energy Solar Energy Technologies Office (SETO) provides financial and technical support for CSP research and development projects. In this, the department focuses on improving performance, reducing operational cost, and improving the life & reliability of materials, components, and integrated solutions for CSP technologies. Therefore, in total concentrated solar power is expected to have significant growth in the market.
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