USD 19.96 billion
Report ID: SQMIG10B2038 | Region: Global | Published Date: April, 2023 | Pages: 165 | Tables: 90 | Figures: 76
Global Solar Thermal Market size was valued at USD 19.96 billion in 2021 and is poised to grow from USD 20.94 billion in 2022 to USD 30.24 billion by 2030, growing at a CAGR of 4.7% in the forecast period (2023-2030).
The heat from the sun is collected into solar thermal energy for human use. It differs from photovoltaic (PV) energy, which transforms some of the electromagnetic radiation from the sun directly into electrons and electricity. Since the sun's heat can be captured and transmitted in a medium, solar thermal technology has a broad spectrum of applications than PV. This energy can be used to heat and cool a home, heat water, cook food, or generate electricity.
In recent years, there has been increased adoption of solar thermal. For instance, the European market returned to growth post COVID-19 in 2021. Preliminary estimates point to an installation level of as much as 2,146,901 m sq, or 8.0% growth compared to 2020 (1,987,345 m. sq.). The year’s newly installed surface equates to about 1,502.8 MWth of thermal capacity (up from 1,391.1 MWth in 2020)
The emergence of solar power as the most sustainable source of renewable energy will also boost the installation of solar thermal power plants worldwide. Solar thermal power or electric generation systems can collect and concentrate the sunlight to generate high-temperature heat that is required to produce electricity. The most rising trend in the solar thermal market is the solar district heating system coupled with seasonal storage. The most classic example is the solar district heating system recently established by Savosolar Oyj company in Cadaujac, France, in December 2021.
The incentives offered by the government can propel the market to the greatest extent. For instance, in March 2021, Danish gas transmission system operator Evida decided to exempt those households who want to use renewable energy for heating instead of gas supplied through the grid from paying grid disconnection fees. Evacuated tube collectors feature thin, copper tubes filled with a fluid, such as water, housed inside larger vacuum-sealed clear glass or plastic tubes.
US Solar Thermal Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 19.96 billion
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Solar Thermal Market is segmented on the basis of Collector Type, System, Application, and Region. Based on Collector Type the Solar Thermal Market is segmented into Evacuated Tube Collector, Flat Plate Collector, Unglazed Water Collector, and Air Collector. Based on System the Solar Thermal Market is segmented into Thermosiphon Solar Heating Systems and Pumped Solar Heating systems. Based on Application the Solar Thermal Market is segmented into Residential, Commercial, and Industrial. Based on the region, the global Solar thermal market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Solar Thermal Market Analysis by Collector Type
Based on collector type the market is segmented into evacuated tube collector, flat plate collector, unglazed water collector, and air collector. Among these segments, the Evacuated tube collector segment is growing at a higher rate of 4.5% followed by the segment of Flat plate collectors which is growing due to increasing demand for solar thermal in Europe whereas Air collectors stand at the bottom because of their low rate of operational efficiency.
Solar Thermal Market Analysis by System
Based on the system the market is segmented into thermosiphon solar heating systems and pumped solar heating systems. For the last few years, the Thermosiphon Solar Heating Systems over the Pumped Solar Heating system due to its efficiency of usage in multiple combinations with flat plate collectors for hot water purposes in various countries. Thermosiphon solar heating systems accounted for 57.9% in 2021 followed by pumped solar heating systems with more than 40% in 2021.
Solar Thermal Market Analysis by Application
Based on application the market is segmented into residential, commercial, and industrial. Among all these segments, the segment of Residential is held to grow at a faster rate due to the increasing district solar heating projects worldwide. They are essential to decarbonizing the heating industry and addressing the rising demand for environmentally benign methods of providing heating services like residential water heating and space heating. The solar district heating system combined with seasonal storage is the market's fastest-growing trend in solar thermal technology.
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In terms of market share, the Asia Pacific region dominated the Global Solar Thermal Market in the year 2021 with more than 50% market share, due to increasing electricity demand, Rising standards of living, and suitable solar irradiance. The European region held the second most dominating share in the market with more than 20% share. The solar thermal market has grown considerably in the European nations, with solar district heating systems accounting for the majority of demand. As an example, in January 2020, the European Parliament adopted the resolution on the European Green Deal, which focuses on the importance of decarbonizing the energy sector as the topmost priority for a net-zero greenhouse gas emissions economy by 2050.
The government-set renewable energy goals and the falling cost of technology are the driving forces behind the market's rapid expansion. Lastly, the Middle East and Africa are stepping into competition slowly due to government initiatives like PV projects that are yet to be completed in the region. Hence, such factors will significantly drive the regional growth of the market in the upcoming years.
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Solar Thermal Market Driver
Growing Adoption of Green Energy Will Cater to Solar Thermal Market Growth
Solar Thermal Market Restraint
Higher installation Costs of Solar Systems
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The Global Solar thermal market is consolidated in nature, with a limited number of players operating in the market. These industry leaders are focusing on developing strategies that would help them in their sustainable growth. Companies are focusing on investments in the research and development field and developing solutions to utilize maximum solar radiation. Companies are experimenting with solutions in underdeveloped countries and remote areas.
Solar Thermal Market Top Players Company Profiles
Solar Thermal Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, based on the collector type segmental analysis, the evacuated tube collector segment is growing at a higher rate followed by the segment of flat plate collector due to increasing demand for solar thermal in Europe, whereas air collectors stand at the bottom because of their low rate of operational efficiency. Further, the adoption of clean fuels and increasing government policies toward renewable sources of energy are also driving the segmental growth of the market. Furthermore, based on the geographical analysis, the Asia Pacific region dominated the global solar thermal market in the year 2021 due to increasing electricity demand, rising standards of living, and suitable solar irradiance.
|Market size value in 2021||USD 19.96 billion|
|Market size value in 2030||USD 20.94 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
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For the Global Solar Thermal Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Solar Thermal Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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