Concentrating solar power technologies utilizes several mirror configurations to focus the sunlight on a receiver to transform it in heat energy. The heat generated can be utilized to generate steam to make a turbine rotate to generate electricity. CSP systems can be utilized by means of combined cycle power plants. This results in hybrid power plants. Growing environmental issues on carbon emissions and focus on reduction of air pollution, rising awareness of global warming, and rising government support are the factors which are contributing to the growth of the concentrated solar power market. Geographically, the Global concentrated solar power market is segmented into North America, Europe, APAC and ROW. Europe is anticipated to lead the market. Rise in usage, increasing number of installation, and new projects are contributing to the growth of CSP market in Europe region. Concentrated solar power market companies are undertaking mergers and acquisition and innovation in technology, which are growing the market share of the key players. Bright Source Inc. has adopted various strategies to withstand the competition in the market such as, they have launched a new solar field technology recently. Thus, giving its contribution to the robust growth of the concentrated solar power market.
Moreover, there are some factors which are hindering the growth of concentrated solar power market such as high generation cost in comparison to other renewable sources. According to International Renewable Energy Agency (IREA). Levelised cost of electricity (LCOE) from concentrating solar power plants is presently high. Supposing the cost of capital (COC) is 10%, LCOE of parabolic trough plants lies in the range of $ 0.20 to $ 0.36/kWh and on the other hand solar towers range between USD 0.17 and USD 0.29/kWh. The LCOE depends mainly on the local solar resources and cost of capital.
On the basis of segmentation, the parabolic trough division by technology segment reported the largest market share in 2015 owing to its extensive application in utilities and advanced oil recovery.
Many key market players who are contributing to the growth of this market are Abengoa Solar, ACWA Power, Baysolar CSP, Cobra Energia, Siemens AG, Bright Source And Solar Reserve. Product launch, mergers, acquisitions, joint ventures and geographical expansions are the key strategies adopted by the market giants to withstand the competition. Brightsource Energy Inc. is a one of the leading manufacturing company of concentrated solar power technology (CSP), has launched next generation solar field technologies. Which are being installed with 121 megawatt (MW) in Israel’s Negev Desert. This technology is basically planned for designing additional power production at optimum level, much low project costs and reduction in construction time. The latest version of this technology maximizes power production efficacy and improves project performance. The new technology allows increased heliostat density which yields higher energy output per square meter around the solar field. These strategies adopted by various companies are providing immense growth to the global concentrated solar power market.