According to a new report by Grand View Research, the global concentrated solar power market is predicted to reach $8.92 billion by 2025. Increasing awareness about renewable energy, along with government regulations to control growing carbon footprint, is further propelling the market growth.
Increasing clean energy adoption over non-renewable fuels is expected to drive the global concentrated solar power over the forecast time frame. Favorable government regulations towards reduction of carbon footprint and greenhouse gas emissions will further enhance the business growth.
Growing electricity demand along with rising investments to augment the efficiency index will provide an impetus to the concentrated solar power market growth. The federal government sponsored $9 million towards the research and development of six new CSP projects in the country to reduce the total project costs though technological growth.
Substantial reduction in the component costs along with supportive government incentives like energy certificates, and carbon credits will expand the concentrated solar power market over the forecast period. Regulators around the world have been encouraging grid integration, making it an affordable alternative compared to non-renewable energy sources.
Concentrating solar power technology can store solar energy in the form of heat, even post sunset, which is perceived as the greatest advantage that it offers over all the other competing technologies. Reliable power supply coupled with flexibility in usage assist in bridging the demand supply deficit, currently faced by nations especially in the developing world. However, CSP technology is capital intensive as compared to other solar thermal technologies, as this may prove to be a restraint for the its adoption over the forecast period.