The market is expected to generate an incremental $ opportunity of US$ 11,053.2 Mn between 2022 and 2032
Category: Clean Energy & Power Published Date : November 2022 ID: CVC-00548 Format: PDF Pages: 300
Solar Thermal Market Size Analysis
According to a recent survey conducted by ChemView Consulting, the Global Solar Thermal Market grew at a CAGR of 4.7% between 2017-2021 and is estimated to be US$ 19,463.5 Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 4.6% and is expected to reach a valuation of US$ 30,516.7 Mn by 2032 end.
The market is anticipated to grow in response to rising demand throughout the projected period. Due to the green energy goals that nations have established, solar thermal energy has become more popular recently in all locations.
THE RISE IN THE ADOPTION OF CLEAN FUEL ALTERATION DRIVES THE MARKET FOR SOLAR THERMAL
The solar thermal market is an energy generation system for space or off-grid applications. The increasing emphasis on adopting clean fuel alternatives to curb carbon emissions is one of the primary factors driving the growth of the solar thermal market. Solar thermal systems can be deployed for diverse applications, which certainly reduces fossil fuel dependency. This, coupled with the operational and economic advantages for the user and the service provider, will act as the driving factors for solar thermal market growth.
MASS AVAILABILITY & LESS KNOWLEDGE OF PRODUCTS HAMPER THE MARKET GROWTH
Some key factors that will reduce the market growth in the forecast period are limited mass availability, lack of knowledge of potential demand, and growing competition from other product categories.
GOVERNMENT INITIATION WILL CREATE MORE OPPORTUNITIES FOR THE MARKET
The solar thermal market is expected to witness high growth during the forecast period, mainly driven by a growing demand for desalination and other industrial applications. The government’s efforts to promote green energy, expand installation base, and strong support offered by government agencies and energy-efficient building standards. The global solar energy market development has increased the expectations for this technology.
The abrupt coronavirus outbreak has had a negative impact on the expansion of utility applications. In several projects, the installation of Solar Thermal systems was declining in 2021. Additionally, the worldwide closure of production facilities in 2020’s first and second quarters is to blame for slowing the market’s expansion.
However, it is anticipated that the adoption of batteries and, therefore, Solar Thermal systems will expand due to the growing installation of Solar Thermal systems in operational projects and the growing government focus on upgrading the electricity sector. The market value might not catch up to the pre-COVID-19 value until 2027.
Market Segments Covered in Report
By Collector Type:
By Type of System:
By Application :
By Region and Country:
Why is Evacuated Tube Collector projected to ensure the most revenue during the forecast period?
The evacuated tube solar thermal collector segment is dominant in the global solar thermal market, with a share of around 69.0% in revenue. This segment is also expanding at an impressive rate and is expected to continue its growth throughout the forecast period. The demand for solar thermal is growing rapidly due to its dual benefits like reducing CO2 emission, increasing energy efficiency, and reducing energy expenditure. Moreover, countries like the USA, Europe, and Japan are driving the global solar thermal market in terms of demand.
Why is the Thermosiphon Solar Heating Systems segment expected to expand the fastest during the forecast period?
In 2021, The teralsiphon systems were gaining popularity as a more affordable alternative to solar thermal systems. The usage of this technology is growing in regions like Africa, South America, and the Middle East. In these regions, there is a need for a hot water supply during winter. These systems are also used for pool heating in warmer climates. Severe weather conditions make it hard to rely on solar power alone.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
Manufacturers dominate the solar thermal market at a national scale. Some major solar thermal industry companies include the Murugappa group, Welspun energy group, and Tata power corporation. The increasing focus on R&D activities has enabled key players to pursue new projects of more efficient equipment procured from leading vendors in the industry.
Some of the key developments that have taken place in the Solar Thermal Market include:
A list of some of the key suppliers present in the market are:
Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Collector Type, Type of System System, Application, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|