DUBLIN--(BUSINESS WIRE)--The "Concentrated Solar Power (CSP) Market, Update 2019 - Global Market Size, Market Segmentation, Competitive Landscape and Key Country Analysis to 2030" report has been added to ResearchAndMarkets.com's offering.
Global Concentrated Solar Power (CSP) capacity is estimated to increase significantly from 5.6 gigawatt (GW) in 2018 to 22.4 GW in 2030 following significant capacity additions by China, Chile and countries in Middle East North Africa (MENA) region. The prospects of the global Concentrated Solar Power (CSP) market are bright with improved efficiencies, energy storage, cost reduction through competitive bidding and the development of PV-CSP hybrid systems.
The Concentrated Solar Power (CSP) industry added around 601 megawatt (MW) annual capacity in 2018 with projects being operational in countries such as Morocco, China, South Africa, Saudi Arabia and Kuwait. China added around 200 MW of Concentrated Solar Power (CSP) capacities in 2018 which is almost seven times its cumulative installed capacity at the end of 2017. China Concentrated Solar Power (CSP) market gained momentum after the announcement of 20 Concentrated Solar Power (CSP) projects as part of the first batch of demonstration projects, which will get a feed in tariff (FIT) of RMB1.15/kWh ($0.172/kWh).
Chile will be another major country, which will have significant Concentrated Solar Power (CSP) capacity additions during the outlook period. The Concentrated Solar Power (CSP) market in Chile is mainly driven by its goal to achieve 20% renewable of the national energy mix by 2025. In order to achieve its goal, the country held a series of technology neutral auctions through which the average tariff plummeted from $129/MWh in 2013 to $32.5/MWh in 2017.
In Middle East Africa (MEA), countries such as Morocco, South Africa, Saudi Arabia, the UAE and Israel will play a major role for Concentrated Solar Power (CSP) development during 2019-2030. Morocco had set a plan to source 2 GW from solar power by 2020. The country plans to set up and implement sustainable Concentrated Solar Power (CSP) plants to cover 42% of Morocco's power needs by 2020. On the other hand, the UAE is promoting solar through auction mechanism. In July 2017, Dubai Electricity and Water Authority (DEWA) received four bids for the fourth phase of the 200 MW Mohammed bin Rashid Al Maktoum solar project.
The global CSP market is on a revival mode with reducing cost of generation through auction mechanism and hybrid PV-CSP. CSP with thermal storage will gain prominence due to increasing demand for reliable and stable power.
2.1 Global Installed Capacity for Concentrated Solar Power (CSP) to Reach 22.3 GW by 2030
2.2 Parabolic Trough is the Widely Deployed CSP Technology
2.4 Global Market Size of CSP to reach $10.8 billion by 2030
3.1 Concentrated Solar Power (CSP), Technology Definition