Solar power has emerged as the most leading renewable source to generate electricity. Concentrated solar power (CSP) is an exciting and powerful technology for large-scale solar power generation. In order to drive engines or traditional steam turbines that generate electricity, CSP plants use mirrors to concentrate the sun’s energy. Whenever needed, the thermal energy that is concentrated in the CSP plant can be stored and used to generate electricity.
The global concentrated solar power market is primarily boosted by the increase in the consumption of electricity in the industrial sector. CSP has a wide range of advantages that include high efficiency, low operating costs, scalable to the 100MW+ level, renewable source of natural & clean energy, and except for emissions generated during the process of manufacture and transportation of the components is carbon-free & non-polluting in its operation. All such factors coupled with an increase in government initiatives to adopt clean energy and a rise in installations of parabolic trough CSP system are combinedly fostering the growth of the global market. Moreover, an increase in investments in concentrated solar power is also fueling the growth of the global market. Furthermore, developments in thermal energy retention and heat transfer fluids may serve as advantageous opportunities for the growth of the global market during the forecast period.
The global concentrated solar power market is fragmented based on technology, capacity, operation type, end-user, and region. The technology segment is classified into parabolic trough, power tower, dish, and linear fresnel. Based on the capacity, the global concentrated solar power market is categorized into less than 50 MW, 50 – 99 MW, and 100 MW & above. With storage and stand-alone systems are the types of operations in the global market. Based on end-user, the global market is segregated into utilities, desalination, EOR, and others.
Geographically, Asia Pacific region is projected to rule the global concentrated solar power market during the forecast period. In this region, China is predicted to account for the maximum share owing to heavy investments in CSP to stabilize the power grid. In addition to this, the growing focus on the use of renewable sources of energy and growing initiatives to reduce carbon footprint are the factors that are boosting the growth of the market in Asia Pacific region. North America is estimated to hold the second position and Europe is projected to grow at a substantial rate owing to technological advancements and an increase in the installation of CSP plants. MEA is expected to show a healthy growth rate during the forecast period.
The major players that are operating in the global concentrated solar power market are Aalborg CSP, ACWA Power, BrightSource Energy, Abengoa, Enel Green Power, Acciona Energy, Torresol Energy, Cobra Energia, Alsolen, and TSK Flagsol Engineering GmbH.
Recent developments: In June 2021, in Chile, EIG-Owned Cerro Dominador initiated concentrated solar power (CSP) plant. It is Latin America’s first CSP plant and on a 24-hour basis it will provide 100% renewable energy.