Solar Thermal Market Growth Rate Forecast:
The market is expected to grow at a Compound Annual Growth Rate (CAGR) of 5.29% from 2023 to 2029.
Solar Thermal Market Growth or Demand Increase or Decrease for what contains ?
The necessary infrastructure for solar thermal has been built in both industrialised and developing countries, as well as in those that already have it for capacity expansion.
By the end of 2021, 522 GWh of solar thermal capacity had been installed in solar heating and cooling systems, saving 45.7 million tonnes of oil and 147.5 million tonnes of CO2. Small-scale solar water heating systems account for over 60% of all solar installed systems, with the worldwide solar thermal market expected to expand 3% in 2021 compared to 2020.
China, the world's largest market by a wide proportion, steadied and experienced a modest 1% rise in 2021, contributing to the global growth of the solar thermal market. Market trends were very optimistic, Italy leads with a significant growth rate of 83%, followed by Brazil (28%), the United States (19%), Greece (18%), Poland (17%), and India (16%).
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Solar Thermal Market Overview:
Maximise Market Research provides clients with a comprehensive understanding of the competitive landscape, making it an invaluable resource for strategic planning. The comprehensive Solar Thermal Market overview includes complete information on market size, trade statistics, key players, and a range of industry indicators such as the life cycle and current trends.
Solar Thermal Market Segmentation:
by Collector Type
1.Evacuated Tube Collector
2.Flat Plate Collector
3.Unglazed Water Collector
4.Air Collector
5.Others
The Solar Thermal Market is divided into five collector types: evacuated tube collectors, flat plate collectors, unglazed water collectors, air collectors, and others. The Evacuated Tube Collector segment held the greatest market share in 2022. The evacuated tube consists of a smaller glass tube. Because of its potential to reduce heat loss from the solar collector, this vacuum layer is an essential component of solar thermal systems. Evacuated tube collectors have a variety of applications, including solar water heating, drying, air heating, and desalination.
by Applications
1.Domestic Hot Water Systems
2.Large DHW Systems
3.Solar Combi Systems
4.Swimming Pool Heating
5.Others
by Type of System
1.Thermosiphon Solar
2.Heating Systems
3.Pumped Solar Heating System
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Solar Thermal Market Scope Methodology:
The Solar Thermal market is highly competitive in terms of technical adoption, financial strength, portfolio, mergers and acquisitions, joint ventures, and strategic alliances. A thorough examination of the Solar Thermal Market’s drivers, constraints, possibilities, and issues. The Solar Thermal market estimations and growth rates were determined using a bottom-up approach.
To get insight into Solar Thermal Market penetration, pricing dynamics, demand analysis, and competitive landscape, the study conducted regional analyses at the local, regional, and global levels. Essential information about the Solar Thermal Market, including companies, investors, and new entrants, is supplied to assist in the development of marketing strategies and investment plans.
The Solar Thermal Market was examined using primary and secondary data collection methods. Primary methods comprised surveys, questionnaires, and interviews with industry executives and business owners, while secondary data sources included news releases, annual and financial reports, white papers, and so on. The SWOT analysis identified market vulnerabilities and weaknesses, while the PORTER framework assessed industry competitiveness in the energy-efficient lighting sector.
Solar Thermal Market Growth or Demand in which regions?
Asia Pacific held the largest market share of the global Solar Thermal Market in 2022. The APAC’s growth is attributed to the region's rising energy demand, which is also linked to the region's recent urbanization and population growth. Additionally, the region's pace of solar power deployment has increased as a result of governments' attention to green energy targets.
China accounted for 83% or 18 GWth installed capacity in 2022. Small thermosiphon systems, which were installed in their thousands on both single-family homes and urban apartment buildings, accounted for 75% of these installations. Pumped systems are becoming more and more prevalent. This is a result of financial incentives that have encouraged northern towns to switch from traditional fossil fuels to renewable energy sources for space heating in order to lower carbon emissions.
Europe is expected to grow at a significant growth rate through the forecast period. The solar thermal market has grown significantly in European countries, with solar district heating systems accounting for the majority of demand. The government-set renewable energy goals and the declining cost of technology are the driving Solar Thermal Market growth in the region.
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Solar Thermal Market Key Players:
1.Siemens AG
2.Solareast Holdings Co. Ltd
3.Greenonetec Solarindustrie GmbH
4.BTE solar Co. Ltd
5.Linuo Ritter International Co. Ltd
6.Acciona
7. SolarReserve
8.Torresol Energy
9.Trivelli Energy
10.Sener
11. Lointek
12.SCHOTT
13. Abors green GmbH
14. Liontek Photon Energy Systems Limited.
15.BrightSource Energy
16. Abengoa Solar
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Key questions answered in theSolar Thermal Market are:
- What is Solar Thermal Market?
- What is the growth rate of the Solar Thermal Market?
- Which are the factors expected to drive the Solar Thermal Market growth?
- What are the different segments of the Solar Thermal Market?
- What are the factors restraining the growth of the Solar Thermal Market?
- What is the demand pattern of the Solar Thermal Market?
- What major challenges could the Solar Thermal Market face in the future?
Key Offerings:
- Past Market Size and Competitive Landscape
- Past Pricing and price curve by region
- Market Size, Share, Size Forecast by different segment |
- Market Dynamics Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- Market Segmentation A detailed analysis by segment with their sub-segments and Region
- Competitive Landscape Profiles of selected key players by region from a strategic perspective
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