LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global concentrated solar power market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio analysts, the global concentrated solar power market will grow at a CAGR of around 19% during the forecast period. The installation of concentrated solar plants with thermal energy storage (TES) technology is expected to provide a major boost for the adoption of concentrated solar power as a primary source of electricity generation during the forecast period.
TES technology stores the thermal energy collected during the day from concentrated solar power plants and utilizes it to generate power when the sun is down, which helps in significantly increasing the operational time of these plants.
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The three emerging market trends driving the global concentrated solar power market according to Technavio research analysts are:
- Hybrid concentrated solar power plants
- Emergence of smart cities
- Reduction in concentrated solar power system cost
Hybrid concentrated solar power plants
Concentrated solar power plants are facing issues of solar power intermittency. However, this can be resolved by incorporating a thermal energy storage system with concentrated solar power plants. To allow concentrated solar power plants to provide baseload electricity, the use of hybrid concentrated solar power plants is on the rise.
According to a senior analyst at Technavio for power research, “Hybrid concentrated solar plants may add a fossil fuel power plant to provide peak load power requirements. Several companies are adopting this trend and combining concentrated solar power plant with natural gas or coal-fired power generation facilities. This eliminates the need to install a TES system. Also, this hybrid concentrated solar power plants can operate with lower costs when compared with conventional concentrated solar power steam generation technologies.”
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Global concentrated solar power market segmentation
This market research report segments the global concentrated solar power market based on the technology (parabolic trough collector, and solar tower and three major regions (Americas, APAC, and EMEA).
The parabolic trough collector (PTC) segment held the largest market share in 2017, accounting for over 85% of the market, and the market share for this application is expected to increase by over 1% during the forecast period.
EMEA was the leading region for the global concentrated solar power market in 2017, accounting for a market share of 60%, followed by the Americas and APAC. The market share of APAC is expected to witness an increase of over 2% while that of the Americas will decrease by over 3% by 2022.
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