System design and integration:
Parabolic Trough technology is used widely in concentrated solar power plants. This technology is one of the oldest technologies to be used in connection with concentrated solar power plants. This technology has experienced a large share in the market due to improved overall efficiency of the system, reduced battery charging time, and being cost-effective. Upcoming technologies and their impacts on the CSP market can be mapped using Global Market Database. The adaptability of a particular system on a regional and sub-regional basis can also be procured from this market research tool.
CAPEX and OPEX for CSP Market:
Free market data procured from market research tools state that the cost to construct a concentrated solar power (CSP) plant has decreased in the last half-decade. According to a study conducted by International Renewable Energy Agency (IRENA) in 2018, the CAPEX of CSP has reduced by over 35% from 2013. Although market research tools suggest that, the high initial investment to construct these plants has acted as a barrier for several market players.
The Levelized cost of energy (LCOE) is dominated by the initial investment costs. This is equivalent to the fourth-fifth of the overall cost involved in the project. The remaining cost is utilized for maintenance, operation, and insurance purposes. CSP can be built within 3 years depending on the objective and may be operated for almost 30 years. Several R&D projects are expected to improve the efficiency of the plant and decrease the costs. The increased investment in research associated with this sector can be studied using Global Market Database. The market research tool studies 600+ sectors.
CSP Market Research Tool
According to a study conducted by IRENA in 2017, the overall cost of the concentrated solar power plant can be decreased by approximately 12%. This is achieved by expanding the plant size from 50 MW to 100 MW or more. The use of high-capacity CSP plants is expected to rise as it provides an improved capacity utilization factor. The market outlook for the CSP sector on a regional and segment level can be procured using Global Market Database. Dynamic market data is the core of the Global Market Database. The market research tool provides relevant and free market data that is updated every quarter.
Segment distribution for the CSP sector:
CSP plants have varied applications, increased adoption is observed by the emerging nations. As per procured market database, the utility sector has dominated the market for use of CSP techniques. This is due to the increased demand for residential power in different countries and the need to stabilize the power grid. The second major use case for CSP has witnessed in Enhanced Oil Recovery (EOR) methods. The steam produced by concentrated solar power techniques is used to recover oil in an improved manner. Further use cases are observed in process heating, mining activity, and desalination plants.
Market research tools state that the Asia-Pacific region has dominated the CSP market. The dynamic growth of this sector and its drivers, restraints, as well as challenges, can be assessed using Global Market Database. The market research tool provides free market data for the first 5 GMD logins.
Covid-19 in CSP Market
Due to the COVID-19 pandemic, the market witnessed a decrease in overall projects. This was due to supply-chain constraints that were highlighted due to the pandemic as many countries went into lockdowns. The renewable energy industry experienced lower investment in the year 2020. The overall business recovery associated with this sector can be mapped using Global Market Database. The market research platform serves as an ideal secondary research platform.
Increased R&D activity along with stronger government policies is expected to drive the demand in this market. For example, the majority of concentrated solar power projects constructed in the U.S were sponsored via the Department of Energy’s (DOE) loan guarantee program.
Innovative solutions developed by active market players have reduced the operational costs of the projects. For instance, a leading U.S company developed solar-cured coating, this coating was designed for a longer service lifetime and higher absorbance than the standard coating to reduce O&M costs.