Global Solar Thermal Market
As stated in our extensive report; the Global Solar Thermal Market accounted for USD 20.1 Billion in the year 2021.
The expansion of flat plate solar collectors, which are solar devices that utilize solar energy to generate thermal energy, is being aided by the increasing integration of low-carbon power production technologies and increasing steps by national and international organizations & administrations. Solar is the most popular green technology that has seen considerable investments from public and private firms, showing significant untapped potential. Therefore, there will be plenty of prospects for developing the Solar Thermal market expansion due to its utilization to capture solar rays and produce energy for ultimate use. Solar Thermal energy is a type of energy obtained from the sun and used to generate heat using various industrial, residential, and commercial technologies. Furthermore, as there is a high need for solar heating systems for direct heating, drying, and water desalination, Solar Thermal is anticipated to expand gradually.
Key factors influencing Solar Thermal Market Growth
The growth of the global Solar Thermal market can be attributable to the following:
- During the projected period, a growing number of clean fuel alternatives are expected to support the worldwide Solar Thermal market expansion. The goal of reducing carbon emissions and practical and financial benefits is anticipated to support market expansion.
- The amount of electricity produced has increased in response to the rising investment in renewable energy. The majority of new renewable capacity comes from solar and wind energy.
- The market will rise due to increased investments in the construction sector to re-establish and renovate structures.
- There is a rapid expansion in the use of innovative technology to produce electricity from renewable energy sources. This element will present a significant potential opportunity for the market in the upcoming years.
- It is anticipated that implementing advantageous programs to promote the installation of heat pumps and solar water heater technologies will significantly accelerate industry expansion in the coming years.
- Many governments and international organizations have set several goals that must be accomplished by 2020, 2030, 2040, and 2050. These objectives emphasize increasing reliance on renewable energy sources. This would help the industry grow even more when combined with government incentives.
- Introducing new regulations relating to green building codes, such as energy-efficient building codes in the United States, China, India, and other countries, will further boost the market growth.
On the other hand, the rising acceptance of solar PV technology is a restraint that might prevent the future expansion of the Solar Thermal industry.
Asia Pacific Region to Capture the Market
Asia Pacific holds the most considerable market revenue in the Solar Thermal market and is projected to continue during the forecast period. The increasing energy demand in Asia Pacific, related to the region’s recent urbanization and population expansion, is credited with driving the region’s growth. In addition, as governments pay more attention to green energy targets, the pace of solar power installations in the region has accelerated. As solar power investment rises, it is anticipated that China will continue to dominate the global and local Solar Thermal energy markets. The presence of major industrial players will help the regional Solar Thermal energy market flourish.
The total Solar Thermal market sales have benefited from the rising demand for renewable energy sources.
Some of the key players in the Global Solar Thermal Market include- 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) and others.