Solar Thermal Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis

The Solar Thermal Market is expected to register a CAGR of 4.85% from 2023 to 2031, with a market size expanding from US$ XX million in 2023 to US$ XX Million by 2031.

The report on the Solar Thermal Market provides an in-depth analysis based on technology, applications, and geographical regions. This report covers detailed regional segmentation focusing on all major markets and countries, hence giving a global outlook. The market analyses are provided in US dollars (US$). This report shall help stakeholders understand the dynamics of the market, along with growth trends and the competitive landscape of the market in different segments. It shall enable them to pinpoint opportunities and achieve strategic decisions in the growing solar thermal market.

Purpose of the Report

The report Solar Thermal Market by The Insight Partners aims to describe the present landscape and future growth, top driving factors, challenges, and opportunities. This will provide insights to various business stakeholders, such as:

• Technology Providers/Manufacturers: To understand the evolving market dynamics and know the potential growth opportunities, enabling them to make informed strategic decisions.
• Investors: To conduct a comprehensive trend analysis regarding the market growth rate, market financial projections, and opportunities that exist across the value chain.
• Regulatory bodies: To regulate policies and police activities in the market with the aim of minimizing abuse, preserving investor trust and confidence, and upholding the integrity and stability of the market.

Solar Thermal Market Segmentation

Collector Type

• Evacuated Tube Collector
• Flat Plate Collector
• Unglazed Water Collector
• Air Collector

Type

• Thermosiphon Solar Heating Systems
• Pumped Solar Heating Systems

Application

• Domestic Hot Water Systems
• Large DHW Systems
• Solar Combi System

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Solar Thermal Market Growth Drivers

• High penetration of renewable energy: The solar thermal market is to a great extent marked by high penetration of renewable energy solutions. Solar thermal systems account for about 15% of the overall solar energy market. Different governmental incentives in forms such as tax credits and rebates have installed the devices in residential sectors by about 20% in the last five years.
• Affordability of solar energy: Solar thermal technologies have become affordable for customers as their prices have fallen by about 40% since 2010.
• Increasing demand for renewable energy source-based heating applications in both residential and commercial sectors, coupled with reduced energy costs by way of self-energy generation, is thus likely to drive the solar thermal market share in the forthcoming years. Much like district heating, the prevalence of natural gas competition is poised to stall the solar thermal market growth shortly.
• Most nations have set targets for green energy: Therefore, recently the trend of using solar thermal energy has increased in all regions. In the market of solar thermal installation, Asia Pacific dominated the market, where China had major share in that. China installed the highest number of installations in history, and it also has a strong strategy for installation that will be executed within the prediction period. The key drivers for regional growth will be plans for rural electrification, the deployment of green energy targets by major countries, population expansion, and increasing demand for clean energy.

Solar Thermal Market Future Trends

• market development: It also considers the residential segment to grow at a leading pace throughout the solar thermal market forecast period since the installation of solar district heating plants is growing across geographies. This would mean loads of opportunities for market development in the case of solar heating systems for industrial process heat introduction. Many companies have already tested the commercial viability of solar heating systems for commercial and industrial sectors. The best example is the Solar Payback Project initiated by the German solar association Bundesverband Solarwirtschaft e. V. It has lately helped four countries pave the way for using Solar Heat for Industrial Processes: South Africa, Brazil, Mexico, and India. because solar district heating plant installations are increasing globally, the residential segment is anticipated to dominate the market over the forecast period.
• commercial and industrial sectors expansion: There are a ton of prospects for market expansion with the introduction of solar heating systems for industrial processes. The commercial viability of solar heating systems in the commercial and industrial sectors has been successfully tested by numerous businesses. The Solar Payback Project, which was started by the German solar association Bundesverband Solarwirtschaft e. V., is the best example. It recently encouraged the use of Solar Heat for Industrial Processes (SHIP) in four nations: South Africa, Brazil, Mexico, and India.
• Advancements in Solar Thermal Technologies: Innovations in Concentrated Solar Power (CSP) systems, improved thermal storage solutions, and advanced materials for solar collectors are enhancing efficiency and cost-effectiveness.

Solar Thermal Market Opportunities

• emerging economies: Emerging economies present a great opportunity wherein regions like Africa have reported 25% annual growth in the installation of solar thermal installations on account of increasing energy needs. This can be furthered through collaborative efforts by the company along with local governments in propagating the use of solar thermal installations.
• Sustainability As differentiator: with the increasing interest among consumers in sustainability, the products focusing on eco-friendliness and energy efficiency will differentiate companies in this competitive market.
• Hybrid Renewable Systems: Integration of solar thermal with other renewable sources, such as biomass or wind, offers opportunities to develop hybrid systems that can ensure continuous energy supply.

Solar Thermal Market Regional Insights

The regional trends and factors influencing the Solar Thermal Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Solar Thermal Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Solar Thermal Market Report Scope

Solar Thermal Market Players Density: Understanding Its Impact on Business Dynamics

The Solar Thermal Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Solar Thermal Market are:

1. Abengoa Solar
2. BrightSource Energy
3. HTP Comfort Solutions LLC
4. Lointek
5. Robert Bosch

Disclaimer: The companies listed above are not ranked in any particular order.

Key Selling Points

• Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Solar Thermal Market, providing a holistic landscape.
• Expert Analysis: The report is compiled based on the in-depth understanding of industry experts and analysts.
• Up-to-date Information: The report assures business relevance due to its coverage of recent information and data trends.
• Customization Options: This report can be customized to cater to specific client requirements and suit the business strategies aptly.

The research report on the Solar Thermal Market can, therefore, help spearhead the trail of decoding and understanding the industry scenario and growth prospects. Although there can be a few valid concerns, the overall benefits of this report tend to outweigh the disadvantages.