Concentrated Solar Power Market Analysis

Concentrated Solar Power Market Analysis

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Based on capacity, the >100 MW segment is anticipated to cross USD 4 billion by 2034 owing to booming project pipeline in the Middle East and Asia Pacific and surging demand for renewable energy production. Introduction of hybrid systems, combining CSP with photovoltaic solar technology, have gained attention for their ability to optimize energy generation and storage, stimulating the capacity demand. In addition, increasing global energy demand and the push to reduce greenhouse gas emissions, will influence the market statistics.
 

Based on technology, the power tower segments is anticipated to register at a CAGR of 2% through 2034, on account of its superior concentration ratios and operational efficiency. Widespread adoption of two-axis solar tracking heliostats and their ability to function at elevated temperatures and provide elevated storage capacity will strengthen the product demand. Furthermore, government policies, subsidies, and feed-in tariffs have been crucial in the development of CSP plants. Countries including Spain, UAE and China have played leading roles in incentivizing the projects, driving the business scenario.
 

China concentrated solar power market is projected to hit USD 1 billion by 2034, on account of high solar irradiance levels and competitive manufacturing costs. Stringent pollution regulations will further promote cleaner renewable technologies including CSP, contributing to the business scenario. Moreover, innovations in heat storage, system efficiency, and costs will support the technology become more competitive, augmenting the industry landscape.