The global concentrated solar power market to grow at a CAGR of 18.65% during the period 2018-2022.
Global Concentrated Solar Power Market 2018-2022, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
According to the report, one of the major drivers for this market is demand for thermal energy storage to increase the operational time of concentrated solar power. The concentrated solar power plants can only generate power during the sunrise and sunset times. The introduction of thermal energy storage technology allows storage of the thermal energy it collects from these concentrated solar power plants and uses it to generate power when the sun is down, providing increased assistance in raising the operational time of the concentrated solar power plants. For instance, SolarReserve is one of the key companies that has adopted the solar thermal storage technology.
Concentrated solar panel, based on technology can be segmented into parabolic trough collector and solar tower. The parabolic trough collector segment accounted for the maximum share of the concentrated solar power market during 2017. According to our analysts, this segment will continue to contribute to the maximum share of this market during the forecast period as well. The increased usage of concentrated solar power systems will be a major factor driving the market's growth prospects in EMEA.
The latest trend gaining momentum in the market is introduction of hybrid concentrated solar power plants. The increase in the hybrid concentrated solar power plants is mainly to allow concentrated solar power plants to offer baseload electricity. In addition, hybrid concentrated solar power plants are also looking at adding fossil fuel power plants to cater to the peak power load necessities and operate in lower costs compared to conventional solar power steam generation technologies.