Global Concentrating Solar Power Market – Industry Challenges, Key Vendors, Drivers, Trends and Forecast to 2022
Market Highlights Concentrating Solar Power use mirrors to focus sun’s light energy and convert it into heat. The plants consist of two parts, one that collects solar energy and converts it to heat or converts the heat energy to electricity. The global market of Concentrating Solar Power around the world is growing rapidly due to factors such as heat stored and used even if sun is not shining as well as most cost-effective solar option for large-scale electricity generation are booming the market of concentrating solar power market. Advances in system design have made power plants more efficient at producing electricity. Moreover, factors like low maintenance cost of these panels and growing investments in clean energy are driving the concentrated solar power market. Geographically, Europe Concentrating Solar Power market share witness considerable growth on account of Increasing environmental concern and government supportive initiatives which drives the market in this region. CSP is more expensive to install than the widely used conventional solar panels. Rising prices of conventional energy and concerns over future energy supply will drive the growth of the global concentrated solar power market. Moreover, has opportunity to grow with the adoption of heat storage systems and hybridization of concentrated solar power plants with conventional thermal plants. However, the high cost of electricity generation is expected to undermine the growth of the market. Industry Updates: Feb 2018 JA Solar Holdings Co Ltd which is a Chinese solar products maker recently stated that it has supplied for a portion of a 250-MW project in Israel about 35 MW of photovoltaic (PV) modules. The mono PERC modules are fuelling a solar plant inside the 250-MW Ashalim park in the Negev desert, which will pool concentrating PV technology and solar power (CSP). When finished, the whole complex is anticipated to source 2% of Israel’s total electricity demand. Sep 2017 Dubai Electricity and Water Authority of late presented a record bid of $7.3 cents per KWh for the 700MW parabolic trough concentrated solar power phase 4 of the Mohammed bin Rashid Al Maktoum Solar Park in a Saudi Arabia- China consortium.The plan is regarded as the main concentrated solar power development in the world, and was given to a consortium involving China’s Shanghai Electric and Saudi Arabia’s ACWA Power. The mega venture will cost around $3.9 billion, and is anticipated to be built in stages, with the first stage planned for the fourth quarter of the year 2020. Though, financial closure has not been attained yet, it is