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Concentrated Solar Power Market by Capacity Type (<50MW, between 50 and 99 Mega Watt, 100Mega Watt & above), By Application Type (Stirling Dish, Concentrating Systems, and Power Towers); and Region -Analysis of Market Size, Share & Trends for 2016 - 2019 and Forecasts to 2030
Concentrated Solar Power Market to reach USD 104.7 billion by 2030 from USD 26.07 billion in 2020 at a CAGR of 13.50 % in the coming years, i.e., 2021-30.
Concentrated solar energy consists of electricity produced using mirrors to focus the rays from the sun between 500 and 1,000 °C. In many different applications, this power is then usually used, such as boiling liquids, primarily water or oil that generate hot or steam. The produced steam is used for driving electricity-generating turbines that power a generator. There are various types of mirror forms and solar panel methods for providing useful energy, but they all operate according to the same concept of driving a heat engine for electricity to be injected into the network. Concentrated solar energy is therefore a source of power that is free from carbon and ideally suited to heavily radiated nations.
Concentrated Solar Power Market to reach USD 104.7 billion by 2030 from USD 26.07 billion in 2020 at a CAGR of 13.50 % in the coming years, i.e.,2021-30. According to the report, increasing the emissions of the atmosphere and offering policy incentives and tax rebates for the installation of concentrated solar panels in residential as well as commercial places contribute to the growth of concentrated solar power. Furthermore, the decline in solar-powered water footprint has increased their demand for power generation. Due to the growth of roof facilities and the growing use of the vehicular market, the market for solar cells has become more and more attractive. The market for parabolic troughs and concentrated solar towers is projected to increase the market for concentrated solar carports systems in electricity generation.
Source: Fatpos Global
Global Concentrated Solar Power market has been segmented based on application and capacity. It has been further segmented based on region into North America, Europe, Asia-Pacific, Mid East, and Africa.
In 2019, the Power Towers segment dominated the global Concentrated Solar Power market.
The global concentrated solar power market is segmented by application type into Stirling Dish, Concentrating Systems, and Power Towers. The solar tower division is poised to lead by technology, from 2019 to 2030, in the concentrated solar energy industry. Owing to the greater temperatures, the solar power tower sector is increasingly productive and decreases the water usage to refresh the condenser thus driving the segment growth. For the expected generation of electricity, a higher temperature requires thermal energy storage. Thus, increased use of solar towers due to cost reduction or increased storage at the same cost is anticipated to accelerate the segment of solar energy towers at the highest speed during the projection timeframe.
100Mega Watt & above accounted for XX% of the global volume in 2019 and is anticipated to dominate the market in the forecasted period
Global Concentrated solar power market is segmented by capacity: <50MW, between 50 and 99 Mega Watt, 100Mega Watt & Above. Solar technology needs progressively to be optimized so that renewable energy production goals and ongoing operations can be met, which will push the 100 MW or more over the forecast period.
Source: Fatpos Global
Growing carbon emission
Carbon emissions in the atmosphere are rising and are one of the main anthropological causes of climate change. The key explanation for this carbon pollution is the combustion or decomposition or combustion of fossil fuels such as oil, coal, and gas. A variety of significant proposals are being required to minimize emissions, such as energy conservation at residence or on the job, the pickup of portable gasoline containers labeled as "spill-proof," the use of public transport and renewable resources such as solar, wind, hydro, hydro, tidal, geothermal and biomass, hence accelerating the growth of concentrated solar power market.
Reduced cost and residential application
In residential car parking applications, there is a rising demand for concentrated solar panels. Prices for major components like silver and polysilicon which are used to produce concentrated solar power cells have dropped dramatically. No noise is created by solar panels and no emissions are made. The variables that are anticipated to boost the demand for solar panels for the forecast period are falling prices for industrial materials used for solar panels and high expectations for electricity and natural gas. The demand for solar panels is motivated by a rise in the price of energy combined with cheaper concentrated solar panels.
High initial cost
Solar power operates without a storage system like a battery and therefore does not work at night. The working of solar panels during daylight can be disrupted by changing weather patterns and rainy weather. Concentrated Solar technology is costly too. The high installation cost of the initial setup may limit to some extent the growth of concentrated solar panels. Solar energy is a technology that needs a large amount of money. The parabolic trough components include solar farms, power blocks, thermal energy storage systems, and fluid thermal energy systems. In solar towers, the most critical components are heliostat fields, receiver fields, power blocks, thermal energy storage, and a structure. These elements require high capital investment thus restricting the market growth.
Asia Pacific was the largest market accounting for XX% of the total market volume share in 2019
The key attribution lies in the increased investment in concentrating solar energy to mitigate the market-driving network sites. To sustain increasing fiscal operations, the need to generate constant renewable energy boosts demand growth in the region.
Asia Pacific: China, Japan, India, and the Rest of Asia Pacific
Europe: Germany, the UK, France, and the Rest of Europe
North America: The US, Mexico, and Canada
Latin America: Brazil and the Rest of Latin America
Middle East & Africa: GCC Countries and Rest of Middle East & Africa
Source: Fatpos Global
Because of several large and small players, the market is mildly concentrated. In line with the advances in energy companies' regenerative sources, the solar-concentrated manufacturers formulate strategies to boost their market share. Several players invest heavily in developing and improving the adoption level of these products' innovative technology and designs.
For instance, DEWA Tower CSP solar coating was introduced by BrightSource Energy in December 2019, which aimed at prolonged operational life and greater absorption than the regular Pyromark coating and was engineered with an aim to minimize O&M cost.
The continuing pandemic of COVID-19 has had a worldwide effect on the energy industry. Because of the current scenario, there have been many delayed building projects and postponed construction activities in many nations due mainly to China's supply chain disruptions, lock-downs across all advanced economies, worker-distance guidelines, and future financing difficulties. As a result of the unparalleled global COVID-19 downturn, the rate of new renewable energy installations around the world will fall in 2020.
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