Top Five Solar Thermal Power Generation Markets in 2021
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Spain, United States of America, China, South Africa, and Morocco were the top five solar thermal power generation markets in 2021
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Spain was the leading solar thermal power generation market in 2021. The solar thermal power generation in Spain recorded a value of 5,221.9 GWh, up 15.0% YoY, while the solar thermal cumulative capacity declined by 0.0% YoY
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United States of America ranked second with a solar thermal power generation of 3,248.6 GWh (up 3.4% YoY), with the other three markets (China, South Africa, and Morocco) having a cumulative solar thermal power generation of 4,049.1 GWh in 2021
Top Five Solar Thermal Power Generation Markets in 2021
With ever-increasing energy demands, rising levels of pollution, fear of global warming, scarcity of fossil fuels, and increasing levels of greenhouse gases (GHG), many countries have opted for clean renewable energy sources. Many countries have signed protocols with pre-defined emission reduction targets. The Paris Agreement is the most recent step taken by several countries whereby each country voluntarily determined their emission reduction targets, presented them and pledged to achieve GHG reductions according to these targets. Several countries that have been party to the Paris Agreement have devised plans to reduce conventional power and aid the growth of renewable power to reduce emissions. The main renewable energy sources are Hydro, Geothermal, Wind, Solar, and Biopower.
Solar Thermal Power, also known as concentrating solar power (CSP), produces electricity by obtaining energy input by concentrating solar radiation and converting it into high-temperature steam or gas to run a turbine or motor engine. Solar energy helps in reducing greenhouse gas emissions for factories where Scope 1 & 2 emission factors were a concern, as this renewable source can be installed on-site and can replace energy extracted from conventional sources.
The global installed solar thermal power capacity increased from 1,106.3 megawatts (MW) in 2010 to 6,596.6 MW in 2020, at a compound annual growth rate (CAGR) of 19.5%. The global installed hydropower capacity is expected to reach 14,172.8 MW by 2030. In 2021, the top five regions in the solar thermal power market are Spain, the United States of America, China, South Africa, and Morocco.
Spain is the largest solar thermal power market, with cumulative wind installed capacity of 2,304 MW as of 2021, growth was flat between 2017 and 2021. The solar thermal power market in the country generated 5,222 GWh of electricity in 2021, which declined at a CAGR of 0.6% between 2017 and 2021. Spain’s energy policies focus on the promotion of renewable sources for power generation to increase the share of renewable energy in the total power mix. New regulation for electricity production was enacted in 2007, to promote the generation of power from renewable energy sources by providing a Special Feed–. This new regulation aims to give special grants for the new renewable power plants in the mainland electricity system which would likely boost the renewable market in Spain.
The United States of America ranked second with a solar thermal power generation of 3,248.6 GWh (up 3.4% YoY), with the other three markets (China, South Africa, and Morocco) having a cumulative solar thermal power generation of 4,049.1 GWh in 2021.
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