Solar energy is used to produce electricity in two different ways namely, using photovoltaic systems and solar concentrators. In concentrated solar power technology, mirrors with tracking systems are used to focus sunlight to a small area from a large area. This forms heat which is then used for the generation of power. The concentrated solar power plant consists of thermal energy storage, solar field, and power block. Where the demand for power generation is increasing across the globe, governments of many nations are focusing on promoting environment-friendly ways to generate power. The rising awareness of global warming can be credited to be the most important factor expected to propel the global concentrated solar power market.
Transparency Market Research (TMR), in its new report, states that the global concentrated solar power market stood at US$2.51 bn in 2013 and is predicted to reach US$8.67 bn by 2020, progressing at a 20.30% CAGR between 2014 and 2020.
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Analysts predict that, the introduction of new concentrated solar power systems by key companies and the startups will create new growth opportunities in the global market in the near future. For instance, in North Africa, Morocco’s Noor Ouarzazate solar complex announced the launch of its new concentrated solar power plant to manufacture clean energy. Another example of concentrated solar power facilities is the Ivanpah in California that provides clean electricity to approximately 140,000 homes every year.
TMR experts answers a few questions related to the global concentrated solar power market:
Q. How has global warming affected the global concentrated solar power market?
The increasing awareness about global warming is one of the crucial factors expected to propel the global concentrated solar power market. Carbon radiations from fossil fuel generating stations cause greenhouse gasses in the atmosphere. Changes made in the procedures to generate power is one of the primary steps taken by many nations to minimize the carbon footprints present in the atmosphere. The rising greenhouse gas emission is also expected to propel the demand for concentrated solar power generation systems.
Q. Will rising prices of conventional energy affect the global market?
Yes, the rising prices of conventional energy are expected to affect the global market for concentrated solar power positively. The concerns regarding the future energy supply are growing across many regions, which is why the demand for concentrated solar power is expected to increase.
Q. Which product segment would dominate the global market for concentrated solar power?
By product type, the global concentrated solar power market is divided into linear Fresnel, parabolic trough, dish stirling, and solar tower. Currently, the global market is led by the parabolic trough technology segment owing to it rising application in commercial power plants. This product type segment is expected to maintain its dominance throughout the forecast period. However, many commercial and industrial power plants are expected to increase their adoption of dish stirling technology.
The entry of new companies is expected to make the global concentrated solar power market highly comparative. However, with mergers and acquisitions, the startup companies expect to increase their share in the global market. With mergers, new companies are also expected to introduce many new concentrated solar power systems.
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