expenditure. As analyzed by IRENA, adding four to eight hours of thermal storage can lead to a surge in capex by over 35%. However, the recent industry trends implicate the divestiture by investors owing to certain technological drawbacks including lower reliability and reduced capacity utilization.



Concentrated Solar Power Market, By Region

Asia Pacific market in 2018, was valued over USD 1.5 billion. Lower manufacturing cost of components, economical human resource and high solar irradiance levels are the key factors that will boost the industry growth. High carbon emission reduction targets by countries including China and India in line with rising demand for electricity will further stimulate the market growth.



Ongoing sizable investments toward sustainable development, along with shifting focus of investors toward green energy alternatives will favor the Middle East marketsize. For instance, in 2017, UAE invested over USD 2 billion toward the integration of renewable energy, witnessing a growth of over 2,500% from previous year. Significant number of clear days and high solar irradiance along with depleting fossil fuel reserves will further complement the business outlook.



Competitive Market Share

Key players operating in the concentrated solar power market include Abengoa Solar, Acciona, GE Renewable Energy, TSK Flagsol, Enel Green Power, Suntrace, BrightSource, CSP Services, Atlantica Yield, Shams Power, SolarReserve, ACWA, Therminol and Chiyoda Corporation amongst others.



CSP Industry Background

Concentrated Solar Power (CSP) technology utilizes the thermal energy associated with direct solar radiation by concentrating the sunlight spread over a large area to a single point with the help of an array of parabolic mirrors in different configurations. The concentrated radiation