Solar Thermal Market Overview
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.
ChemView Consulting has analyzed that Solar thermal energy is a form of renewable energy that uses the sun’s energy to heat water and generate electricity. This clean, efficient, and sustainable resource can be used to supply space heating and air conditioning in buildings, fuel power plants, and produce steam for industrial processes. Solar thermal power generation is one of the most popular applications of solar technology today due to its high performance, low emissions, security of supply, and cost efficiency.
As of 2022, the global solar thermal capacity is pegged at 589 GW and is projected to reach 660 GW by 2025. Non-standardized sizing and promotion policies in China have proved a major hindrance to the growth of this sector. India and Japan are also expected to have a significant increase in the market due to favorable policies and supportive regulations.
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Segments Covered in Report
By Collector Type:
- Evacuated Tube Collector
- Flat Plate Collector
- Unglazed Water Collector
- Air Collector
By Type of System:
- Thermosiphon Solar Heating Systems
- Pumped Solar Heating System
By Application :
- Domestic hot water systems
- Large DHW systems
- Solar Combi systems
- Swimming pool heating
- Others
By Region and Country:
- North America (U.S., Canada)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
- Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
- Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
- Africa (South Africa, Nigeria, Egypt, Rest of Africa)
Key Takeaways from the Solar Thermal Market
- Based on the Collector Type, 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.
- Based on the Type of System, 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.
- Based on Region, the Asia Pacific market held a sizeable revenue share of 53.0%. China has a large hot water market; solar thermal systems are deployed for domestic hot water system applications. Solar thermal devices are equipped with a heat transfer fluid to transfer heat from the collector to the dish or panel and then radiate it toward the absorber.
Competition Summary
Key companies covered in the market study are HTP Comfort Solutions LLC, Heliodyne, Inc, Solimpeks, Sunerg Solar s.r.l. , Absolicon Solar Collector AB, GREENONETEC SOLARINDUSTRIE GMBH, SunEarth, Ouraset, TVP Solar, Alternate Energy Technologies, LLC.
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Report Key Highlights and Coverage
- Our comprehensive, data-backed, and facts-oriented report provides niche and cross-sectional analysis at global and country levels.
- Assessment of the historical (actual data) and current market size (2017-2021), market projections (2022-2032), and CAGR.
- The market assessment across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa.
- Competitive tactical intelligence, key strategies adopted by top players, production capacity and company shares analysis, product brand surveys, and export-import analysis
- Pricing analysis to set and benchmark your current or future offerings across each product type helps you understand whether your pricing strategy is aligned with market expectations and can be compared to market disruptions.
- Predictions on critical supply and demand trends and technological expertise needed to address operations scalability.
- Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
- Key drivers, restraints, opportunities, and emerging trends impacting the market growth.
- Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
- Strategic market analysis, recommendations, and future headways on crucial winning strategies.
About ChemView Consulting
ChemView Consulting is a leading information, market intelligence, and business consulting firm serving clients worldwide in Chemical & Materials, Food & Beverage, Oil & Gas, Clean Energy & Power, and Packaging domains. In their business transformation journey, we have been collaborating with global enterprises, including 70% of the largest Forbes 1000 enterprises, helping them deliver on their business ambitions. ChemView Consulting serves clients in approximately 100 countries, with its office in New York, U.S., and Pune, India.
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