Info
Info
Info

CSP Market To Grow By 12.7% By 2025

The global concentrating solar power market size was valued at over USD 3.03 billion in 2016 and is anticipated to grow by 12.7% by 2025 owing to the electricity crisis coupled with diminishing non-conventional energy resources for electricity generation. Strict government guidelines to curb the increasing carbon footprint coupled with economic benefits offered to boost the adoption of alternate energy sources is predicted to drive the CSP market growth. However, CSP technology is capital intensive, which may prove to be a restraint to its adoption, unless supported by government institutions and regulatory authorities. Increasing awareness in developed of Europe and North America coupled with developing countries of Asia Pacific is projected to boost the growth of the business.

U.S. concentrating solar power market, by technology, 2014 - 2025 (USD Billion)


Parabolic Troughs technology leads the segment by a huge proportion of more than 85% primarily due to the large-scale penetration of the design along with ease in installation and usage. In terms of volume in 2016, parabolic trough technology contributed over 385 MW in the global concentrating solar power market. However, the segment is anticipated to experience a slight slowdown by 2025, largely due to the adoption of alternate upcoming technologies with better efficiency and enhanced features. Power Tower technology is trailing closely at the second spot, and is expected to witness exponential rise in installed capacity over the forecast period, chiefly owing to economically priced products along with enhanced designs and numerous other benefits. Power Tower technology of the CSP market is witnessing large scale adoption especially in countries with abundant land availability as large tracts of land are a pre-requisite for the installation of power towers.

Dish technology is the most recent innovation in the concentrating solar power market, and is expected to surpass USD 297.9 million by 2025. This technology is proving to be disruptive the field of CSP, with many countries and companies opting for installing dish technology as it is more efficient in conversion and storage of heat. Linear Fresnel is a mature technology in the concentrated solar power market and was valued at over USD 115.7 million in 2016. The apparatus of this technology has ground mounted mirrors with a flat curved curvature set at varying angles. The affordable prices of collectors and mirrors will encourage the adoption of this technology and boost the industry growth.

The utilities segment is anticipated to surpass USD 5.56 billion in 2025 chiefly due to the favorable government regulations towards increasing the adoption of renewable sources of energy. Various economic and financial benefits offered by government bodies including tax credits, Feed in Tariffs (FiT) among others will boost the concentrating solar power market growth till 2025. Enhanced Oil Recovery (EOR) is an upcoming application which is gaining ground at a rapid pace, and is expected to account for over 136.4 MW in terms of capacity by 2025. In this application, steam generated by CSP plants is pumped in to oilfields for tertiary recovery. The adoption of this technology in the oil producing countries will encourage the concentrated solar power market growth. In 2016, others segment was valued at over USD 569.9 million and is expected to witness growth over the forecast period owing to on-going research and development in the CSP market.

Global concentrating solar power market revenue, by application, 2016 (%)


Europe dominated the global concentrating solar power market with over 45% of installed capacity of the world. Spain has the maximum cumulative installed capacity with over 2300 MW as of 2015, virtually dominating the global scenario, chiefly due to the large-scale investments made into developing the technology.

North America emerged to be the second largest market in 2016, and is anticipated to surpass over USD 452.7 million in revenue in the global concentrating solar power market. However, modest adoption rate in Canada owing to unfavorable climatic conditions will limit the growth of the market. On the other hand, Central and South American regions are making new strides in the adoption of this technology because of the suitable weather conditions prevalent in these countries. Morocco is among the top adopters of CSP in the world.

Asia Pacific concentrating solar power market, led by China, was valued over USD 608.9 million in 2016 and is predicted to witness the maximum gains by 2025. Asia Pacific is faced with a large-scale energy crisis, which is anticipated to affect the growth of industries and individuals alike in the future. In such a crucial situation, renewable energy sources are the future of the power and energy sector, as fast depleting resources need to be addressed with alternatives.



Info
Your First Name
Your Email Address
Next »Close
 
×
Search the news archive

To close this popup you can press escape or click the close icon.
Logo
×
Logo
×
Register - Step 1

You may choose to subscribe to the Solar Magazine, the Solar Newsletter, or both. You may also request additional information if required, before submitting your application.


Please subscribe me to:

 

You chose the industry type of "Other"

Please enter the industry that you work in:
Please enter the industry that you work in:
 
X
Info
X
Info