A number of countries place the development of solar power high on their agenda since it enables carbon-free power generation and energy storage.
Conventional fossil fuels are expensive and are expected to become even more expensive in the future. This provides growth opportunities for solar technologies.
Concentrated solar power (CSP) is perfectly positioned to address the energy challenges currently plaguing several industries. It provides a reliable and continuous supply of energy that is easily dispatchable while being cost effective at the same time.
In terms of investment, the United States accounted for the major share with an estimated investment of $billion in 2014.
The United States is working on multiple projects to promote hybrid CSP plants in the region.
Further, the National Renewable Energy Laboratory (NREL) and the Idaho National Laboratory are researching and developing a geothermal plant as well as a CSP plant.
To promote investments, research institutes are working towards reducing material cost through light weight, high strength materials and strong structures. Such research is likely to drive confidence among investors, encouraging them to opt for CSP plants in the future.
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