Middle East and Africa Concentrated Solar Power Market is set to achieve lucrative growth in coming years owing to increasing investments to meet the needs of the stagnation across the North America and Spain solar industry.
>100 MW Concentrated Solar Power Market is set to witness robust growth on account of growing demand for electricity along with relatively lower specific cost distinguished by economies of scale. According to the International Renewable Energy Agency, the cost of a 100 MW concentrated solar power project is approximately 12% lower than a 50 MW project deploying the same technology. Furthermore, larger reflecting area associated with the large project provide higher operating temperatures resulting in an improved overall efficiency of the plant.
Favorable government initiatives coupled with rising adoption of energy efficient systems will drive the power tower concentrated solar power market share. The technology is set to gain prominence on account of its ability to offer less energy transfer steps, lower thermal loss and high working temperature when compared to other alternatives. Moreover, rising focus toward thermal energy storage system along with its enhanced suitability with power tower systems will augment the technology deployment.
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Key industry participants operating across the concentrated solar power market comprise of GE Renewable Energy, Suntrace, BrightSource, Acciona, Enel Green Power, Abengoa Solar, TSK Flagsol, Shams Power, Atlantica Yield, SolarReserve, CSP Services, ACWA, Therminol and Chiyoda Corporation amongst others.
Global Concentrated Solar Power Market is set to cross USD 4 Billion by 2025, as reported in the latest study by Global Market Insights, Inc. CSP market is set to witness growth on account of growing adoption of renewable energy driven by favorable governments initiatives. For instance in 2017, National Development & Reform Commission (NDRC) of China has drafted a policy to increase the 2030 renewable energy target from 20% to 35%. Furthermore, stringent carbon emission standards along with growing effects of global warming will drive the technological deployment.
Growing electricity demand along with increasing investments toward the enhancement of efficiency index will positively influence the concentrated solar power market growth. As per the Australian Energy Council, global electricity demand will surpass 40,000 TWh by 2030 witnessing a growth of over 30% from 2017 level. Additionally, growing need for decentralized electricity production at remote locations will further fuel the product demand.
Reduction in Levelized Cost Of Electricity (LCOE) driven primarily by reverse auction of projects and reduced O&M costs will stimulate the market growth across the forecast timeframe. According to IRENA, the LCOE of CSP projects are anticipated to fall in range of USD 0.06 to 0.10 per kWh by 2020. However, high capital cost as compared to solar photovoltaic project of comparable capacity have been diverting the investors toward a cheaper alternative.