Solar Thermal Market: Current Analysis and Forecast (2021-2027)

Solar thermal energy is that form of energy and a technology for harnessing solar energy to generate thermal energy which is then used in various industries, in residential areas and commercial sector. Solar thermal collectors are basically known to collect heat by absorbing sunlight. Solar thermal power systems are those who collect and concentrate sunlight to produce high temperature heat required to generate electricity.
In 2020, the consumption of all other fuels declined while the only source which increased the demand for energy sources was renewables 2020. As the global economy recovers from the crisis, The renewable energy source witnessed an uptake, therefore, expand more quickly. As per International Energy Agency (IEA), in 2020, the annual renewable capacity additions increased witnessed the highest year-on-year increase since 1999 and increased by 45% or 280 GW. Furthermore, exceptionally high-capacity additions become the “new normal” in 2021 and 2022, with renewables accounting for 90% of new power capacity expansion globally. Owing to this wide adoption of renewables across the world due to the deteriorating environment is propelling the solar thermal market.
Another significant reason responsible for the growth of solar thermal market is the rising demand for energy and surge in solar thermal heat consumption across the globe. For instance, China leads in consumption of solar thermal heat accounting for nearly 25 PJ in 2020 and 44 PJ in 2021. Further, it is expected that the consumption of solar thermal heat will reach 45 PJ by 2022. Owing to the growing demand for solar thermal energy there has been rise in installed capacity additions of solar thermal energy globally. For instance, in 2018, China was leading in installing new capacity of solar thermal energy systems. The country installed around 24.8 gigawatts of solar thermal capacity in that year, representing almost 80% of the total solar thermal new capacity installed all over the world.
Based on collector type, the global solar thermal market is fragmented into evacuated tube collector, flat plate collector, unglazed water collector, air collector. The evacuated tube collector segment of global solar thermal market dominated the market with around XX% market share in 2020 and generated the revenue of USD XX Mn in 2020. However, flat plate collector segment is also anticipated to grow at a highest CAGR of XX% during the forecast period.
Based on Application, the global solar thermal market is segmented into space heating system, domestic hot water systems, solar combi systems and others. The space heating systems segment accounted for a market valuation of US$ XX billion in 2020 and is expected to reach US$ XX billion by the year 2027 growing with a CAGR of XX% over the projected timeframe owing to its growing applications in varied segments and growing demand for renewable energy alternatives for conventional space heating systems.

For a better understanding of the market adoption of the solar thermal, the market is analyzed based on its worldwide presence in the countries such as North America (the United States and Canada), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia and Rest of APAC), and Rest of World. Asia-Pacific constitutes a major market for the solar thermal industry and generated revenue of USD XX Million in 2020 due to the emerging demand for clean energy owing to the rising death due to pollution from fossil fuels. Also, the presence of well-established players in the region adding pace to the growth of the market in the region.

Some of the major players operating in the market are Siemens AG, SolarReserve, Sunrain, Photon Energy Systems Ltd, BTE Solar Co. Ltd, Sener, SCHOTT, ACCIONA, Greenonetec Solarindustrie GmbH, LINUO RITTER INTERNATIONAL CO. LTD, among others. Several M&As along with partnerships have been undertaken by these players to develop solar thermal systems.

This market is expected to witness a boost on account of the growing demand for energy and wide adoption of renewable energy sources across the globe. In addition to this, key players worldwide are introducing new and advanced technologies as well as applications to cater to the middle-income group propelling the growth of the solar thermal market across the globe.

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UMI-19159820

16-Sep-2021

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