The global market for concentrated solar power (CSP) will reach $53.7 billion by 2020. The forecast has been made by the market research firm Acute Market Reports.
According to the report, market for CSP was $1.3 billion in 2013. And growth of the CSP market will be powered by the development of molten salt storage technologies and existing steam electrical power generating capacity, the report adds.
CSP technology is the most promising and sustainable clean energy technology both in terms of performance and price. It delivers return on investment in more than 35 years.
The report says the cost of implementing CSP technology based projects will continue to fall. At the same time the competitiveness of the technology is also expected to improve.
The report concludes that stationary fuel cell power will be mature and available to act as a backup power source for CSP and further improve capability and better storage justifying growth of CSP.