Concentrated solar power (CSP) is progressively known
as the technology which grasps the highest promise in convention the energy
challenges facing around the globe. Concentrated solar power systems operate
solar power by utilizing mirrors or lenses to deliberate a huge area of
sunlight, or solar thermal energy, onto a small area. Power is produced when
the rigorous light is converted to heat, which operates a heat engine,
connected to an electrical power operator. Moreover, in many of the cases, this
technology currently cannot participate on price with the photo voltaic solar
panels, which have observed high growth in the recent years owing to the
falling prices and much smaller generating price. Moreover, the key players of
this is using advance techniques and technologies for developing the
specification more enormously which further leading the market in the near
future and attaining the highest market share around the globe more
significantly.
These systems can be used by means of combined cycle
power plants. Moreover, the market of concentrated solar power plants is
majorly operated by the numerous key factors such as rising demand for the
cleaner energy, a global rise in the electricity requirement and a favourable
government initiatives and policies among the others. Not only has this, the
market of CSP has wide constraints that hinder the growth of the market such as
the land use constraints.
According to the report analysis, ‘Global Concentrated Solar Power (CSP)
Market Research Report - Forecast to 2025’ states that some of the
major companies which are currently functioning in this market more
significantly around the globe for dominating the highest share around the
globe includes Abengoa S.A., ACCIONA S.A., BrightSource Energy, Inc.,
SolarReserve, LLC, ACWA Power, eSolar, Wilson Solarpower Corporation, Novatec
Solar, Supcon Solar, Thai Solar Energy, ABROS green GmbH, and several others. Moreover,
the of CSP is segmented on the basis of types such as Parabolic Troughs, Power
Towers, Linear Fresnel Reflectors, and Parabolic Dishes. For instance, the
parabolic Troughs system sector accounts the global CSP market with a share of
67.2% in 2016, with a market value of USD 8,605.6 million and it is anticipated
that to rise at a CAGR of 15.4% in the forecasted period.
The global concentrated solar power market is
anticipated to rise at 15.3% CAGR in the near future. The market was led by Europe
in 2016, with a share of 49.8%, followed by Americas with the 37.95% market
share. Moreover, on the basis of application the market of this is segmented as
industrial, utilities and several others. For instance, in 2016 the utilities
registered for the highest market share of 65.4%, with a market value of USD
8,373.7 million and are estimated to rise at the maximum CAGR of 15.5% in the
coming period. The significant growth is expected in this segment because of
the increasing information related to the utilization of renewable energy and
decreasing the carbon footprints. The decrease in costs is contingent on by
economies of scale in manufacturing and innovation in financing with the
significant advancement in the technology. It is expected that in the coming
years it is expected that market of concentrated solar power plant will grow
more effectively around the globe with the growing demand of electricity over
the decades.
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