Growing investments for establishing large capacity plants to boost the consumption of concentrated solar power
Concentrated solar power (CSP) is generated by using a mirror configuration to focus the sunlight in a receiver, which will be converted into heat energy. This heat can be used for creating steam and driving the turbine to be used as industrial process heat or produce electrical power.
Plants generating concentrated solar power incorporate thermal energy systems to be used for generating electricity during the time between after-sunset and before sunrise or cloudy periods. This makes concentrated solar power a dispatchable and flexible renewable energy source.
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CSP systems are also used with combined cycle power plants which result in hybrid power plants that offer dispatchable, high-value power. Also, they can be incorporated with current thermal power plants using a CSP-like block like natural gas, biofuel, geothermal or coal plants.
The primary advantage of using a CSP system is that it is an effective replacement for traditional fuels to produce steam. It also has low operational costs and can effectively use thermal storage for bridging the demand-supply gap. In addition, CSP systems are eco-friendly as they are free from carbon emissions.
On that note, the concentrated solar power market is predicted to surpass USD 7 billion by the end of 2027.
Government regulations favorable to renewable energy to boost the demand for concentrated solar power plants
High storage of thermal energy along with the aim of achieving higher operational temperatures has prompted the construction of power tower concentrated solar power plants. In addition, strict environmental regulations along with current efforts by the government in promoting the usage of renewable energy will encourage the adoption of this technology.
The growing demand for large capacity CSP plants
There is a growing consensus towards building CSP plants of >100 MW capacity, which has increased the demand for large capacity CSP systems. Incorporation of renewable energy sources with the power grid along with rising usage of clean energy in industrial applications will bolster the utilization of concentrated solar power.
In addition, large capacity CSP plants produce greater amount of electricity, heat storage and high-temperature steam, thus boosting their demand further. Furthermore, technological advancements like using gas-based turbines in CSP power plants for producing electricity will encourage the construction of these plants.
Rising importance of CSP systems in Middle East and Africa
Government bodies in Middle East and Africa are increasingly focused on investing in sustainable development and green energy alternatives. This, along with growing pipeline of renewable energy projects has propelled the demand for using CSP systems. UAE is shifting their focus on renewable energy sources for their daily consumption. This initiative is supported by private and public investments to encourage the usage of these sources. Such initiatives will boost the demand for concentrated solar power in the region.
Strategic partnerships initiated by key industry players
Many major market players are implementing strategies like product launches, collaborations and partnerships to strengthen their market position. Industry players are also encouraging the importance of product cost minimization and offer forward integration across the ecosystem. These ventures will boost the utilization of concentrated solar power over the coming years.
