Concentrated solar power (CSP) is a technology for utilizing the sun’s heat to gather energy. The technology was developed to develop alternate technologies to meet the rising energy demand by consumers. Various nations are collaborating to enhance the technology in order to reduce their dependence on non-renewable fuels. The success of this technology is dependent on meeting the energy targets outlined by the respective countries.
Encouraging the Development of Energy-Resourceful Technologies
The four major technologies categorized under CSP are parabolic troughs, power tower, linear Fresnel, and dish. Parabolic technology accounted for the largest market demand in 2016 due to their use in major solar power plants by various countries. A popular instance includes the Nevada Solar One plant that powers up nearly 14,000 homes annually.
Thermal oil is normally used as a heat transfer fluid (HTF) in order to absorb sunlight at a rapid rate. But the use of molten salts as a HTF has led to successful results in two CSP plants in Sicily. This has led to the commissioning of additional 50 megawatt (MW) plants by Archimede Solar Energy. The adoption of molten salts is essential in keeping operating expenses at a minimum and meeting safety standards regarding to flashpoint and flammability.
Power tower technology is expected to exceed a valuation of USD 955 million by 2025 on account of better efficiency and performance ratings. The technology is expected to reach an extended energy capacity on account of using heliostat mirrors for energy conversion. It can be used for large solar energy generation plants. China, one of the biggest proponents of this technology, is expected to build additional solar power generation plants by 2020. Dubai is also planning to build a 200 MW solar power tower that would have a capacity of 1000 MW by 2020.
Market Outlook
The global concentrated solar power market is anticipated to attain USD 8.92 billion by 2025, according to a report by Grand View Research, Inc. It is driven by adoption of clean energy policies by various nations to reduce carbon emissions. Supportive government regulations as well as consumer awareness regarding green energy policies are expected to drive market growth.
Financial incentive schemes by governments are expected to attract a larger consumer base over the forecast period. Continuous influx of capital in order to capture a larger market share may deter new industry participants from entering the market. Prominent players operating in the market include Abengoa S.A., Areva, Siemens, and Brightsource Energy. These players are focused on developing hybrid solar power plants that use combination of the major technologies.
In-Depth Research Report On Concentrated Solar Power Market:
https://www.grandviewresearch.com/industry-analysis/concentrated-solar-power-csp-market
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