Global Solar Thermal Market Growth 2024-2030

Global Solar Thermal Market Growth 2024-2030

Solar thermal energy concentrates sun rays on a heat transfer fluid to produce steam. This steam is then converted into mechanical energy in a turbine that turns a generator to produce electricity. It is different from solar photovoltaic (PV) systems, wherein the electricity is produced directly from solar radiation using solar panels.

The global Solar Thermal market size is projected to grow from US$ million in 2023 to US$ million in 2030; it is expected to grow at a CAGR of % from 2024 to 2030.

LP Information, Inc. (LPI) ' newest research report, the “Solar Thermal Industry Forecast” looks at past sales and reviews total world Solar Thermal sales in 2023, providing a comprehensive analysis by region and market sector of projected Solar Thermal sales for 2024 through 2030. With Solar Thermal sales broken down by region, market sector and sub-sector, this report provides a detailed analysis in US$ millions of the world Solar Thermal industry.

This Insight Report provides a comprehensive analysis of the global Solar Thermal landscape and highlights key trends related to product segmentation, company formation, revenue, and market share, latest development, and M&A activity. This report also analyzes the strategies of leading global companies with a focus on Solar Thermal portfolios and capabilities, market entry strategies, market positions, and geographic footprints, to better understand these firms’ unique position in an accelerating global Solar Thermal market.

This Insight Report evaluates the key market trends, drivers, and affecting factors shaping the global outlook for Solar Thermal and breaks down the forecast by Type, by Application, geography, and market size to highlight emerging pockets of opportunity. With a transparent methodology based on hundreds of bottom-up qualitative and quantitative market inputs, this study forecast offers a highly nuanced view of the current state and future trajectory in the global Solar Thermal.

It is expected that global demand for photovoltaic products will remain high in the next few years. According to our PV & Solar Research Center, by the end of 2022, the global cumulative installed photovoltaic power generation capacity is about 1180 GW. According to the data of China Photovoltaic Industry Association, the global newly installed photovoltaic capacity in 2022 is about 230 GW, and this number in 2023 is predicted to be 280-330 GW. According to the data of the Ministry of Industry and Information Technology, the total output value of China's photovoltaic industry exceeded 1.4 trillion yuan in 2022. From the perspective of production value, mainland China is still the global center of the PV industry. According to the International Energy Agency, China market share in all key products of the supply chain have exceeded 80%. Among them, the production capacity of silicon wafers, solar cells, and components accounts for as high as 98%, 85% and 77%, respectively. According to the data released by the European Photovoltaic Association, 27 EU countries gained a new PV installed capacity of 41.4 GW in 2022. According to the report of the US Solar Energy Industries Association (SEIA), the US held a new PV installed capacity of less than 19 GW in 2022. But it is estimated that from 2023, the average annual growth rate of new photovoltaic installed capacity will exceed 21%. In terms of Japan, based on data from Fitch and the US Energy Information Administration (EIA), in 2022, Japan's newly installed photovoltaic capacity was 3.380 GW.

This report presents a comprehensive overview, market shares, and growth opportunities of Solar Thermal market by product type, application, key manufacturers and key regions and countries.

Segmentation by type
Concentrated Solar Thermal
Non-Concentrated Solar Thermal

Segmentation by application
Heat Generation
Power Generation

This report also splits the market by region:
Americas
United States
Canada
Mexico
Brazil
APAC
China
Japan
Korea
Southeast Asia
India
Australia
Europe
Germany
France
UK
Italy
Russia
Middle East & Africa
Egypt
South Africa
Israel
Turkey
GCC Countries

The below companies that are profiled have been selected based on inputs gathered from primary experts and analyzing the company's coverage, product portfolio, its market penetration.
Abengoa
Bosch Thermotechnology
ACCIONA
GREENoneTEC
Viessmann

Key Questions Addressed in this Report

What is the 10-year outlook for the global Solar Thermal market?

What factors are driving Solar Thermal market growth, globally and by region?

Which technologies are poised for the fastest growth by market and region?

How do Solar Thermal market opportunities vary by end market size?

How does Solar Thermal break out type, application?

Please note: The report will take approximately 2 business days to prepare and deliver.