Concentrated Solar Power Market to reach 22.4 GW in 2030

23 Apr 2019

The global Concentrated Solar Power Market is predicted to have 22.4 GW total capacity.

The Armenian Solar market is dominated by photovotaic solar sytems, however it is important to pay attention to global trends in developing other efficient technologies.

In its “Concentrated Solar Power (CSP) Market, Update 2019” report, GlobalData analyzes the sector development prospects and forecasts that in 2030 the total capacity of the global market will surge to 22.4 GW from the respective indicator of 5.6 GW in 2018. 

Last year the total capacity grew by 601 MW, 200 of which installed in China. China is meant to become the market leader, followed by significant developments in Chile and Middle East North Africa (MENA) countries. Morocco, in particular, plans to build CSP plants to cover 42% of its power needs by 2020.

“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,” Vyakaranam concluded.

The concentrating solar power (CSP) technologies use a mirror configuration to concentrate the sun’s light energy and convert it to thermal energy. The heat storage systems are used to generate electricity during cloudy periods or for hours after sunset or before sunrise. This ability to store solar energy makes concentrating solar power a flexible and dispatchable source of renewable energy. CSP systems can be also integrated into other thermal-fired power plants; coal, natural gas, biofuel or geothermal plants.