Asia Pacific Concentrated Solar Power Market size is projected to witness substantial growth from 2021 to 2027 on account of rising demand for clean energy resources along with large scale grid integration of renewable sources. Increasing power demand in line with extensive funding toward the adoption of solar power generation projects has instituted a favorable industry scenario. Rising environmental concerns toward limiting carbon emission coupled with favorable government norms for adoption of green energy alternatives will augment the market landscape.
APAC Market, By Technology
Power tower technology segment is anticipated to grow exponentially during the forecast timeframe owing to its advanced features including its capability to achieve higher operating temperatures and high thermal energy storage. Wide scale adoption of two-axis tracking technology to offer longer production time & high operational efficiency is set to drive the product penetration. Strict government regulations along with increasing government efforts to promote renewable energy will further stimulate the product penetration.
APAC Market, By Capacity
Surging investment toward construction of large solar power plants coupled with decline in CSP associated capital expenditure will fuel the demand of > 100 MW capacity concentrated solar power plants. Increasing applicability of large capacity CSP power plants to produce electricity, high temperature steam and heat storage systems will in turn accelerate the business growth. Furthermore, industrial focus toward adoption of renewable energy efficient systems will fuel the industry potential.
APAC Market, By Storage
Ongoing technological advancements including heat transfer ability of storage salts and surging adoption of effective heat and thermal storage systems across the renewable power plants is set to boost the CSP with storage market. The product integrates key advantages including Lower Levelized Cost of Electricity and higher Capacity Utilization Factor. The regional economy is at a standstill from COVID-19 and its uncommon effect of this health crisis on companies from all divisions.
APAC Market, By Country
China concentrated solar power (CSP) industry will gain an appreciable momentum through 2027 on account of increasing investments toward sustainable development for stabilizing power grid and shifting focus toward adoption of green energy alternatives. Growing installations of solar power plants coupled with increasing number of renewable projects will positively sway the product demand. Rising government focus to increase the sustainable energy across the energy mix will further amplify the market scenario.
Competitive Industry Landscape
Prominent participants operating across Asia Pacific market include Abengoa Solar, TSK Flagsol Engineering, Acciona Energy, GE Renewable Energy, Enel Green Power, Suntrace GmbH, Shams Power, BrightSource Energy, Therminol, and Chiyoda Corporation. Product integrated R&D investments and bulk manufacturing practices are the key strategies adopted by the major players.