The concentrated solar power market is set to witness promising growth over the forthcoming time period due to increasing demand for energy, large scale solar integration, and for generating electricity. CSP or concentrated solar power technologies generally utilizes mirrors to focus more on the sun’s light energy, converting it into heat to make steam. This steam is then used to drive a turbine generating electrical power. This technology mainly used focused or concentrated sunlight.
The plants comprise of two parts, one that gathers solar energy and converts it into heat and the other which converts the heat energy into essential electricity. Concentrated solar power technology is specifically used to store solar power so that it could be efficiently used during the times of need such as on cloudy days or in the hours before sunrise or after sunset.
The Department of Energy Solar Energy Technologies Office, U.S. supports concentrated solar power R&D projects that work to enhance the performance, cut cost, as well as enhance the lifetime and reliability of components, materials, subsystems, and integrated solutions for CSP technologies.
The concentrated solar power market is bifurcated in terms of technology, capacity, storage, and regional landscape.
On the regional front, in 2020, the Greece concentrated solar power market in surpassed $317 million and would exhibit considerable growth trend in the coming years. Likewise, in 2019, the concentrated solar power market in France exceeded installation of 9 MW and will follow similar kind of growth trend over the upcoming years.
In 2020, the China concentrated solar power market in exceeded a valuation of more than $750 million, with estimates expecting it to following a robust growth rate over the projected time period. Subsequently, increasing energy demand coupled with large scale solar integration will considerably drive the technology demand across India. Concentrated solar power market in Australia surpassed installation of 150 MW in 2020 and will exhibit momentous growth over the coming years.
In 2019, the concentrated solar power market in Israel surpassed a valuation of more than $1.6 billion and is likely to showcase a promising growth trend during the study period. In 2019, the Kuwait concentrated solar power market in exceeded $400 million and will register similar growth over the forthcoming years.
Meanwhile, Morocco concentrated solar power market will surpass a valuation of $1.4 Billion by the end of 2027. Meanwhile, concentrated solar power market in South Africa will exceed installed capacity of 100 MW. Saudi Arabia concentrated solar power market will exceed installed capacity of 150 MW owing to a shift towards green energy from fossil fuel-based economy.
In 2020, concentrated solar power market in Chile surpassed a valuation of $1.08 billion. Brazil concentrated solar power market will exceed installed capacity of 100 MW.