WASHINGTON, Jan. 31, 2023 (GLOBE NEWSWIRE) — The Global Solar Thermal Market is valued at USD 20.1 Billion in 2021 and is projected to reach USD 26.7 Billion by 2028 at a CAGR (Compound Annual Growth Rate) of 4.9% over the forecast period 2022-2028.
Market Overview
The key factors anticipated to accelerate are stated as follows, according to Vantage Market Research, the Solar Thermal Market growth over the forecast period. The market is anticipated to grow more in the upcoming years due to rising demand for heating systems based on renewable energy in the residential and commercial sectors and the decrease in energy costs brought on by self-energy generation. Globally, the market will rise due to rising power demand and dwindling freshwater supplies in developed and developing nations.
We forecast that the residential category in Solar Thermal Market sales will account for more than 42% of total sales by 2028. Residential Solar Thermal Market systems are mostly used to provide hot water for domestic hot water systems. The market will rise due to increased investments in the construction industry to re-establish and renovate structures.
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Market Dynamics
Growing Use of Clean Fuel Alternatives Will Support the Development of the Solar Thermal Market
One of the main factors propelling the growth of the Solar Thermal Market is the growing emphasis on using clean fuel alternatives to reduce carbon emissions. Solar Thermal Market systems can be used for various, which undoubtedly lessens our reliance on fossil fuels. The operational and financial benefits for both the user and the service provider will also propel the expansion of the Solar Thermal Market.
Governmental Renewable Target Rollouts are Anticipated to Support Solar Thermal Market Industry Growth
Many governments and international organizations have set several goals that must be accomplished by 2020, 2030, 2040, and 2050. These goals primarily focus on raising the proportion of renewable energy sources in energy production. Rising investments in the solar business are being driven by this aspect, together with the government incentives offered to accomplish the same. This has also contributed to market fragmentation and opened up new opportunities for participants. During the projection period, it is projected that all of these factors will contribute to an expansion of the Solar Thermal Market.
Top Players in the Global Solar Thermal Market
- Solareast Holdings Co. Ltd. (China)
- Greenonetec Solarindustrie GmbH (Austria)
- BTE Solar Co. Ltd (China)
- Linuo Ritter International Co. Ltd. (China)
- Photon Energy Systems Limited (India)
- BrightSourcEnergy (US)
- Abengoa Solar (Spain)
- Siemens AG (Germany)
- Acciona (Spain)
- SolarReserve (US)
- Torresol Energy (Spain)
- Trivelli Energy (Italy)
- Sener (Spain)
- Lointek (Spain)
- SCHOTT (Germany)
- Abors Green GmbH (Germany)
- Liontek (US)
For Additional Information on Solar Thermal Market Players and Detail List, Download a Report PDF Brochure
Top Trends in Global Solar Thermal Market
- One trend that Vantage Market Research (VMR) expects to see in the Solar Thermal Market industry is increasing the use of alternative clean fuels. The goal of reducing carbon emissions and practical and financial benefits is anticipated to support market expansion. Many governments and international organizations have set goals that must be accomplished by the end of 2020, 2030, 2040, and 2050. These objectives emphasize increasing reliance on renewable energy sources.
- Another trend that VMR predicts will continue in the Solar Thermal Market industry is an increase in renewable energy investments. The power produced using renewable energy sources is more expensive than electricity produced using conventional energy sources. But since renewable energy generation technology advances quickly, it can compete with recently constructed fossil fuel power plants. The market for Solar Thermal Market energy is projected to develop due to the rising demand for solar energy and investments in renewable energy sources.
Top Report Findings
- Based on the Applications, most of the Solar Thermal Market’s revenue is controlled by the hot water systems category. This is a result of the increasing use of solar water heaters in homes due to their numerous advantages, including their high efficiency and low carbon footprint.
- Based on End Use, most of the Solar Thermal Market’s revenue is controlled by the residential category. The expansion of solar district heating projects worldwide is the most prominent development factor for the residential Solar Thermal Market. They are essential to decarbonizing the heating industry and addressing the rising demand for environmentally benign heating services like residential water and space heating.
- Based on Collector Type, most of the Solar Thermal Market’s revenue is controlled by the evacuated tube collector category. Solar desalination, solar drying, solar water heating, and various other uses are all possible using evacuated tube collectors. The market for Solar Thermal Market energy will experience strong growth due to the sharp rise in global energy demand and the steady depletion in oil and gas reserves.
- Based on the System, most of the Solar Thermal Market’s revenue is controlled by the thermosiphon solar heating system category. Heat pumps, water heaters, boilers, and furnaces are examples of heating and cooling equipment that use thermosiphon to circulate liquids and flammable gases. As with air temperature gradients used in solar chimneys, thermosiphon also happens across them.
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Recent Developments in the Global Solar Thermal Market
- Yingli Green Energy Holding Company Limited has invested $2 billion in a manufacturing facility that will produce multi-crystalline silicon PV modules using its advanced technology.
Hot Water Systems Category in Solar Thermal Market to Generate Over 40% Revenue
Solar Thermal Market are an expensive investment. Vantage Market Research has analyzed the market for Solar Thermal Market to understand its current state and potential future growth factors. For better understanding, based on the application, the Solar Thermal Market is divided into Hot Water Systems, Solar Combi Systems, and Swimming Pool Heating.
During the forecast period, the market for Solar Thermal Market is anticipated to experience the highest CAGR for the hot water systems category. Solar Thermal Market systems are mostly used for domestic hot water systems in China, where they account for a sizeable portion of the global market for Solar Thermal Market energy, as opposed to the Middle East and Africa, where they are primarily used for huge DHW systems.
On the other hand, the swimming pool heating category is anticipated to grow significantly. Swimming pool applications are commonly used for North America’s Solar Thermal Market systems. Thus, Solar Thermal Market energy finds use depending on the particular needs in a particular place, and this tendency is anticipated to continue in the projection period.
Asia Pacific Region in Solar Thermal Market to Generate More 51% Revenue
Asia Pacific dominates the market for Solar Thermal Market throughout the projection period, ascribed to a rise in energy demand in the area, partly due to its recent urbanization and population increase. In addition, as governments pay more attention to green energy targets, the pace of solar power installations in the region has accelerated.
Browse market data Tables and Figures spread through 150 Pages and in-depth TOC on Solar Thermal Market Forecast Report (2022-2028).
Global Solar Thermal Market Segmentation
By Applications
- Hot Water Systems
- Solar Combi Systems
- Swimming Pool Heating
- Other Applications
By End Uses
- Residential
- Commercial
- Industrial
By Collector Type s
- Evacuated Tube Collector
- Flat Plate Collector
- Unglazed Water Collector
By Systems
- Air Collector System
- Thermosiphon Solar Heating System
- Pumped Solar Heating System
By Region
North America
- United States
- Canada
- Mexico
Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- South-East Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa
- GCC Countries
- South Africa
- Rest of MEA
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Scope of the Report:
| Report Attributes | Details |
| Market Size in 2021 | USD 20.1 Billion |
| Revenue Forecast by 2028 | USD 26.7 Billion |
| CAGR | 4.9% from 2022 to 2028 |
| Base Year | 2021 |
| Forecast Year | 2022 to 2028 |
| Key Players | Solareast Holdings Co. Ltd., Greenonetec Solarindustrie GmbH, BTE Solar Co. Ltd, Linuo Ritter International Co. Ltd., Photon Energy Systems Limited, BrightSourcEnergy, Abengoa Solar, Siemens AG, Acciona, SolarReserve, Torresol Energy, Trivelli Energy, Sener, Lointek, SCHOTT, Abors Green GmbH, Liontek |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
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