The global concentrating solar power market is expected to witness significant growth during the forecast period (2017-2023) on account of rising concerns about the harmful effects of fossil fuels coupled with increasing government norms for reducing greenhouse gas emissions. Based on technology, the parabolic trough is expected to be the largest segment of the global concentrating solar power market during the forecast period.
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According to the U.S. Department of Energy (DOE), CSP is a technology that generates solar power by using mirrors to reflect and concentrate sunlight onto receivers. The technology is gaining traction in the global concentrating solar power market.
CSP exists in various forms: parabolic trough, linear fresnel, power tower and dish/stirling. In systems. Parabolic trough is the most preferred choice in various applications as they have higher efficiency and are less expensive as compared to other technologies.
CSP plants offer significant advantage for electric grids on account of their lower costs and back-up and storage abilities. The losses in thermal storage cycles are comparatively less than other storage technologies such as batteries and pump storage making them more cost-effective.
CSP technologies are widely-used in the utilities sector owing to the increasing demand from medium-scale and large-scale projects that are under development or in pipeline on a global front.
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Some of the key players in the global market include Abengoa Solar, S.A., Aalborg CSP A/S, ACWA Power, BrightSource Energy, Inc., eSolar, Inc., SolarReserve, LLC., ALSOLEN, Archimede Solar Energy, Frenell Gmbh and Siemens AG.
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