According to a report available on Radiant Insights, Inc., the United States concentrating solar power market is highly promising in nature. It is anticipated to grow at a remarkable CAGR during the forecast period (2017 to 2022). Growing demand for electricity due to increasing population is likely to drive the demand for solar electricity via concentrating solar power (CSP) systems. Such systems are highly efficient, safe for the environment, and can reduce dependency on non-renewable resources.
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Growing awareness regarding renewable energy and strict government regulations to reduce carbon emissions are expected to propel market growth. Increasing adoption of clean energy over non-renewable energy is anticipated to drive the market in coming years. Improved heat storage ability, greater capacity, and higher efficiency are likely to contribute well to the growth of the market. Supportive government initiatives and reduction in component costs can also augment the uptake of concentrating solar power in United States.
Concentrating solar power systems are equipped with advanced technology to store energy even in the absence of sunlight. The energy is stored in the system in the form of heat. This unique property of CSPs is a key advantage it presents over other conventional systems. In addition, reliable power supply and comfort in usage is likely to increase the demand for CSPs in coming years.
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Considering the rising demand, most manufacturing companies are working continuously to make CSPs more efficient for consumer use. For instance, U.S.-based Company Sandia National Laboratories recently built concentrating solar power receivers resembling a fractal. These receivers are believed to be 20% more efficient than existing technologies. Generally, receiver panels in CSP facilities are made up of tubes and are arranged in flat cylinders. Flat arrangement of receiver panels renders them incapable of capturing 100% of the light. To improve the efficiency of receiver panels, the team of researchers at Sandia made few changes in the design. The newly designed receiver panels can now capture more of the sunlight.
High implementation cost is likely to be major challenge for the market, unless supported by regulatory authorities and government institutions. In addition, growing competition in the market and availability of alternative products can create an obstruction in the growth of this market. However, wide scope for improvement, increasing adoption of advanced technologies, and supportive government initiatives are expected to create several opportunities for manufactures in this field.
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The United States concentrating solar power market can be segmented on the basis of product type, application, and region. Based on product type, the market can be segmented into solar tower, linear Fresnel, parabolic trough, and engine system. By application, the United States concentrating solar power market can be divided into residential, commercial, and industrial.
Regional segmentation includes the West, Southwest, the Middle Atlantic, New England, the South, and the Midwest. Suitable weather conditions such as sufficient availability of sunlight to charge solar panels are likely to propel the market. In addition, favorable government initiatives like installation cost subsidies, tax credits and others can augment growth in these regions.
Some of the key players contributing to the United States concentrating solar power market are ACWA Power, Bright Source Energy, Abengoa Solar, Aalborg CSP, and Esolar In
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