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Tuesday, 30 January 2018

Concentrated Solar Power (CSP) Market Growth Forecast by Latest Trends, Scope and Supply Demands to 2022

The major factors driving the Concentrated Solar Power (CSP) Market are the durability that it offers, cost-efficiency, its ability to cut down on the greenhouse gas emissions. Few other factors such as the growing concern of increased global temperatures among multiple nations, diminishing reserves of conventional energy resources also drive the market of CSP. Thus, the increased use of technologies associated to the CSP are used drastically all over the world which reduces the concern of increased temperatures and energy reserves and also boosts the growth of the overall CSP market.


The CSP market is emerging at a fast pace. The energy costs are expected to diminish since increased number of suppliers will come into the market. The CSP market is segmented by geography to provide a complete view. Areas appropriate for CSP can be found between 15-40 degree parallels and sometimes at higher altitudes. Spain has the maximum number of plants currently built and operated and a huge number of plants are planned to be built. The electricity production is majorly dependent on the solar radiation. We find the best solar radiation of Europe, in Spain with 2,000 - 2,100 kWh/m2 per annum. Europe is projected to dominate the CSP market in terms of new projects, number of installation and usage. However, the economic downturn in Europe can negatively affect the progress of the CSP market.


In North America, the U.S. is the leading player of the CSP market. Spain and the U.S. together contribute to 90% of the total CSP market. The installed capacities of CSPs worldwide is around 1 gigawatt (GW) and projects under development and construction surpasses 15 GW. Since the CSP technology is utilized to its maximum in countries having abundant land availability and outstanding solar radiation, Middle East and North Africa (MENA) region is projected to be the ideal market to expand the CSP development in the near future. Similar trend is noted in China and India. Few companies are trying to gain approval for a number of plants in Italy even though they face a strong local and political resistance. Since the CSP technology functions best with high insolation, places like Africa, Mexico and southwest United States is projected to have the highest growth.


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