World nations collectively boost global CSP capacity
Data and analytics company GlobalData says China will lead contributions to the global concentrated solar power (CSP) market by 2030, with many nations across the world also making significant contributions.
GlobalData estimates that global CSP will increase from 5.6 GW in 2018 to 22.4 GW in 2030 following significant capacity additions by China, Chile, and the Middle East and North Africa region.
The company’s latest report on CSP reveals a positive future for the global CSP market, with improved efficiencies, energy storage, cost reduction through competitive bidding and the development of PV-CSP hybrid systems.
GlobalData Power Analyst Pavan Kumar Vyakaranam commented, “The CSP industry added around 601 MW annual capacity in 2018, with projects being operational in countries such as Morocco, China, South Africa, Saudi Arabia and Kuwait.
“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 continued.
“China added around 200 MW of CSP capacity in 2018, which is almost seven times its cumulative installed capacity at the end of 2017. [The] China CSP market gained momentum after the announcement of 20 CSP projects as part of the first batch of demonstration projects, which will get a feed-in tariff of RMB 1.15/kWh ($0.172/kWh),” he said.
Chile is also predicted to make significant CSP capacity additions, with the CSP market driven by the nation’s goal to achieve a 20% renewable energy target by 2025. To achieve this goal, the country held a series of technology-neutral auctions, which saw the average tariff plummet from $129/MWh in 2013 to $32.5/MWh in 2017.
Vyakaranam added, “In Middle East Africa, countries such as Morocco, South Africa, Saudi Arabia, the UAE and Israel will play a major role for CSP development during 2019–2030.
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