April 22 (Renewables Now) - The cumulative installed concentrated solar power (CSP) capacity around the world is expected to hit 22.4 GW in 2030, surging from 5.6 GW in 2018 thanks to competitive bidding and the pursuit of hybrid projects, according to GlobalData.
In its “Concentrated Solar Power (CSP) Market, Update 2019” report, the research and consulting firm bets on China to be the leader in this sector and says that significant capacity additions will also be made in Chile and countries in the Middle East North Africa (MENA) region.
“In Middle East Africa (MEA), countries such as Morocco, South Africa, Saudi Arabia, the UAE and Israel will play a major role for CSP development during 2019-2030,” stated Pavan Kumar Vyakaranam, power analyst at GlobalData. He noted that Morocco, in particular, plans to build CSP plants to cover 42% of its power needs by 2020.
Last year, the CSP sector deployed a total of 601 MW of capacity, including 200 MW in China. Other countries with fresh installations include Morocco, South Africa, Saudi Arabia and Kuwait. Vyakaranam pointed out that the Chinese CSP market gained momentum following the announcement of 20 such projects, which will receive a feed-in tariff (FiT) of CNY 1.15 per kWh.
“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 concluded.
(CNY 1.0 = USD 0.171/EUR 0.152)