Global Solar Thermal Market to 2031

DUBLIN–(BUSINESS WIRE)–The “Solar Thermal Market By Collector Type, By System, By Application, By End Use: Global Opportunity Analysis and Industry Forecast, 2021-2031” report has been added to ResearchAndMarkets.com’s offering.

The global solar thermal market size was valued at $21.5 billion in 2021, and projected to reach $35.3 billion by 2031, with a CAGR of 5.1% from 2022 to 2031.

Solar thermal is an energy source, which is free of emissions. Solar thermal systems use sunrays to produce heat, which is subsequently used to operate different systems. They are usually composed of panels that absorb the sunrays. The panels utilized can be concentrating solar panels that are photovoltaic.

Concentrating solar panels are the most recommended panels for solar thermal systems, as they generate larger volume of energy and caters to increasing energy need as compared to photovoltaic panels. Increase has been witnessed in the adoption of solar thermal systems, owing to rise in need to meet renewable energy goals of various countries. Solar thermal systems are relatively low in maintenance, as they use simplified technologies and passive systems without relocating components.

Introducing clean fuel substitutes to curb carbon emissions is one of the factors responsible for the market growth. Solar thermal systems can be installed for a range of applications, which vastly reduce the consumption of fossil fuels. This is expected to act as a remunerative opportunity for the solar thermal market, along with operational and economic benefits for both the user and the service provider.

In addition, rise in demand for continuous power supply and increase in adoption of decentralized power systems are projected to boost the growth of the solar thermal market. The ability to generate power round the clock in line with energy storage capability is expected to further increase demand for the product. However, insufficient rewards for investment may pose a market challenge. Taxation policies could increase costs that would lead to high energy prices. Economical and technical viability further serves as a key concern, as the costs of the equipment is high.

Impact of Covid-19 on Global Solar Thermal Market

The global COVID-19 pandemic had a negative impact on the solar thermal market. The major problems being it might be possible that companies may not be able to meet project delivery timelines that could alter tax treatment or eligibility for state incentives for such projects.

In November 2020, the City of Albuquerque Parks and Recreation announced the temporary closure of the Highland Pool to limit the spread of the virus to employees. Such disruptions across the swimming pool facilities may create an indirect impact on the deployment of solar thermal heating systems.

Post pandemic outbreak, the gradual surge in the construction sector and tourism industry has led to increase in the demand for solar thermal systems. The government of various developing and developed countries has invested in the development of solar thermal power plants in order to reduce their imports of fossil fuels, and other energy resources.

Furthermore, increase in awareness among people regarding the impact of conventional water heating systems in residential applications will drive the demand for solar thermal systems. The trend is expected to continue during the forecast period.

Key Benefits For Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the solar thermal market analysis from 2021 to 2031 to identify the prevailing solar thermal market opportunities.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the solar thermal market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global solar thermal market trends, key players, market segments, application areas, and market growth strategies.

Key Market Segments

By Application

• Hot Water Systems
• Type
• Domestic
• Large
• Solar Combi Systems
• Swimming Pool Heating
• Others

By End Use

• Residential
• Commercial
• Industrial

By Collector Type

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

By System

• Thermosiphon Solar Heating System
• Pumped Solar Heating System

By Region

• North America
• U.S.
• Canada
• Mexico
• Europe
• Germany
• Italy
• Spain
• UK
• France
• Rest Of Europe
• Asia-Pacific
• China
• Japan
• India
• South Korea
• Rest Of Asia-Pacific
• LAMEA
• Brazil
• Chile
• South Africa
• Rest Of LAMEA

Key Market Players

• Solareast Holdings Co. Ltd,
• Greenonetec Solarindustrie GmbH,
• BTE solar Co. Ltd,
• Linuo Ritter International Co. Ltd,
• Photon Energy Systems Limited.
• BrightSource Energy
• Abengoa Solar
• Siemens AG
• Acciona
• SolarReserve
• Torresol Energy
• Trivelli Energy
• Sener
• Lointek
• SCHOTT
• Abors green GmbH
• Liontek

For more information about this report visit https://www.researchandmarkets.com/r/2axvzm-thermal?w=4

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