Market Research

Solar Thermal Market Forecasts to 2028 – Global Analysis By Collector Types (Flat Plate Collector, Air Collector, Unglazed Water Collector, Evacuated Tube Collector and Other Collector Types), Application, End User and By Geography

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from $4,150 175 Pages Stratistics Market Research Consulting June, 2023 SMR18014588
Best Price Guarantee
Price from $4,150
Length 175 Pages
Publisher Stratistics Market Research Consulting
Published Date June, 2023
SKU SMR18014588

Solar Thermal Market Forecasts to 2028 – Global Analysis By Collector Types (Flat Plate Collector, Air Collector, Unglazed Water Collector, Evacuated Tube Collector and Other Collector Types), Application, End User and By Geography


According to Stratistics MRC, the Global Solar Thermal Market is accounted for $23.02 billion in 2022 and is expected to reach $34.75 billion by 2028 growing at a CAGR of 7.1% during the forecast period. Solar thermal energy is a type of energy that is obtained from the sun and used to generate heat using a variety of technologies for industrial, domestic, and commercial applications. As there is a high need for solar heating systems for direct heating, drying, and water desalination, solar thermal is anticipated to expand gradually. The photovoltaic generators, which have previously been utilised to construct gigawatt photovoltaic power stations, are more appropriate for producing electricity from solar energy. As a result, the sector of electricity generation will use solar thermal systems less.

According to International Energy Agency (IEA), in 2020, the annual renewable capacity additions increased witnessed the highest year-on-year increase since 1999 and increased by 45% or 280 GW. Furthermore, exceptionally high-capacity additions become the “new normal” in 2021 and 2022, with renewables accounting for 90% of new power capacity expansion globally.

Market Dynamics

Driver

Growing adoption of clean fuel alternatives

The increasing emphasis on the adoption of clean fuel alternatives with the aim to curb carbon emissions is one of the primary factors driving the growth of the market. Solar thermal systems can be used for a variety of purposes, which undoubtedly lessens our reliance on fossil fuels. This, along with the practical and financial benefits for both the customer and the service provider, will serve as the main drivers of market expansion.

Restraint

Ecological and cultural issues

Massive mirror arrays are known to have a negative influence on desert animals and jeopardise endangered species. Only areas with abundant sun radiation are suitable for the construction of solar thermal energy plants. They generally need a huge land area and can be constructed in deserts. As a result, it is not feasible to construct them near populous regions. Consequently, these are the factors limiting market growth.

Opportunity

Rapid technological advancements

The market is expanding as a result of the quick advancement in solar energy technology, increasing public and private sector investments, and the availability of solar thermal applications in the building sector. Raising the percentage of renewable energy sources in energy production is given top priority under these aims. These factors are anticipated to accelerate market expansion throughout the course of the forecast period.

Threat

High cost of raw materials

Some of the challenges restricting the market's growth are the high installation and maintenance costs of solar thermal power plants, the need for vast, unstable plots of land for plant construction, and the difficulty in locating land with increased solar radiation. The cost of initial installation will rise along with the amount of electricity a solar system can produce. The global market's expansion is constrained by the high installation costs.

Covid-19 Impact

The market for solar thermal was negatively impacted by the worldwide COVID-19 outbreak. One of the main issues is that it's possible for businesses to fall short of project delivery deadlines, which could affect how tax incentives are treated or whether a project qualifies for them. The installation of solar thermal heating systems may be indirectly impacted by such disturbances in the swimming pool infrastructure. In order to decrease their reliance on imported fossil fuels and other energy sources, the governments of several emerging and established nations have invested in the construction of solar thermal power plants. The market for solar thermal systems will also be fueled by a rise in public awareness of the effects of conventional water heating systems in household applications.

The evacuated tube collector segment is expected to be the largest during the forecast period

The evacuated tube collector segment is estimated to have a lucrative growth, due to its capability to lower heat loss from the solar collector, this vacuum layer is a crucial component of solar thermal systems. The evacuated tube is composed of a smaller glass tube. A few applications for evacuated tube collectors include solar water heating, solar drying, solar air heating, and solar desalination. These elements should offer a number of opportunities for the market's expansion.

The residential segment is expected to have the highest CAGR during the forecast period

The residential segment is anticipated to witness the fastest CAGR growth during the forecast period, due to rise in investment in the construction sector in re-establishment and refurbishment of buildings. Residential solar thermal systems are mostly used to provide hot water for domestic hot water systems. The introduction of new regulations for green buildings, such as energy-efficient building codes, would further boost market expansion.

Region with Largest share

Asia Pacific is projected to hold the largest market share during the forecast period owing to huge population and due to their demand for energy. A rapidly growing sector of the renewable energy sector is solar power. More than a third of all energy use is accounted for by buildings, so the government is urging individuals to switch to solar thermal systems in order to lower home energy consumption. As a result, there will be an increase in the demand for residential and commercial buildings that are energy efficient.

Region with highest CAGR

North America is projected to have the highest CAGR over the forecast period, owing to the government-set renewable energy goals and the declining cost of technology. Pool heating, commercial use and growing worry about the depletion of natural resources are anticipated to boost demand. The use of evacuated tube collectors in industrial applications is projected to increase as a result of the region's growing technological development.

Key players in the market

Some of the key players profiled in the Solar Thermal Market include Acciona, Siemens AG, Torresol Energy, Solareast Holdings Co. Ltd., Trivelli Energy, SCHOTT Solar, Greenonetec Solarindustrie GmbH, Lointek, SolarReserve, Photon Energy Systems Limited, Linuo Ritter International Co. Ltd., Abors Green GmbH, BTE Solar Co. Ltd, BrightSourcEnergy, Sener and Abengoa Solar.

Key Developments

In November 2019, Heliogen launched a new breakthrough in its technological portfolio, which is being funded by Bill Gates who also has investments made in Malta.

In November 2019, Abengoa carried out a successful synchronization of the turbine at Luneng Haixi 50GW solar thermal power plant, which indicates the correct operation of mechanical and electrical infrastructure in the solar field.

Collector Types Covered
• Flat Plate Collector
• Air Collector
• Unglazed Water Collector
• Evacuated Tube Collector
• Other Collector Types

Applications Covered
• Swimming Pool Heating
• Solar Combi Systems
• Hot Water Systems
• Large DHW systems
• Other Applications

End Users Covered
• Industrial
• Commercial
• Residential
• Other End Users

Regions Covered
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities,Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements


1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Solar Thermal Market, By Collector Type
5.1 Introduction
5.2 Flat Plate Collector
5.3 Air Collector
5.4 Unglazed Water Collector
5.5 Evacuated Tube Collector
5.6 Other Collector Types
6 Global Solar Thermal Market, By Application
6.1 Introduction
6.2 Swimming Pool Heating
6.3 Solar Combi Systems
6.4 Hot Water Systems
6.5 Large DHW systems
6.6 Other Applications
7 Global Solar Thermal Market, By End User
7.1 Introduction
7.2 Industrial
7.3 Commercial
7.4 Residential
7.5 Other End Users
8 Global Solar Thermal Market, By Geography
8.1 Introduction
8.2 North America
8.2.1 US
8.2.2 Canada
8.2.3 Mexico
8.3 Europe
8.3.1 Germany
8.3.2 UK
8.3.3 Italy
8.3.4 France
8.3.5 Spain
8.3.6 Rest of Europe
8.4 Asia Pacific
8.4.1 Japan
8.4.2 China
8.4.3 India
8.4.4 Australia
8.4.5 New Zealand
8.4.6 South Korea
8.4.7 Rest of Asia Pacific
8.5 South America
8.5.1 Argentina
8.5.2 Brazil
8.5.3 Chile
8.5.4 Rest of South America
8.6 Middle East & Africa
8.6.1 Saudi Arabia
8.6.2 UAE
8.6.3 Qatar
8.6.4 South Africa
8.6.5 Rest of Middle East & Africa
9 Key Developments
9.1 Agreements, Partnerships, Collaborations and Joint Ventures
9.2 Acquisitions & Mergers
9.3 New Product Launch
9.4 Expansions
9.5 Other Key Strategies
10 Company Profiling
10.1 Acciona
10.2 Siemens AG
10.3 Torresol Energy
10.4 Solareast Holdings Co. Ltd.
10.5 Trivelli Energy
10.6 SCHOTT Solar
10.7 Greenonetec Solarindustrie GmbH
10.8 Lointek
10.9 SolarReserve
10.10 Photon Energy Systems Limited
10.11 Linuo Ritter International Co. Ltd.
10.12 Abors Green GmbH
10.13 BTE Solar Co. Ltd
10.14 BrightSourcEnergy
10.15 Sener
10.16 Abengoa Solar
List of Tables
Table 1 Global Solar Thermal Market Outlook, By Region (2020-2028) ($MN)
Table 2 Global Solar Thermal Market Outlook, By Collector Type (2020-2028) ($MN)
Table 3 Global Solar Thermal Market Outlook, By Flat Plate Collector (2020-2028) ($MN)
Table 4 Global Solar Thermal Market Outlook, By Air Collector (2020-2028) ($MN)
Table 5 Global Solar Thermal Market Outlook, By Unglazed Water Collector (2020-2028) ($MN)
Table 6 Global Solar Thermal Market Outlook, By Evacuated Tube Collector (2020-2028) ($MN)
Table 7 Global Solar Thermal Market Outlook, By Other Collector Types (2020-2028) ($MN)
Table 8 Global Solar Thermal Market Outlook, By Application (2020-2028) ($MN)
Table 9 Global Solar Thermal Market Outlook, By Swimming Pool Heating (2020-2028) ($MN)
Table 10 Global Solar Thermal Market Outlook, By Solar Combi Systems (2020-2028) ($MN)
Table 11 Global Solar Thermal Market Outlook, By Hot Water Systems (2020-2028) ($MN)
Table 12 Global Solar Thermal Market Outlook, By Large DHW systems (2020-2028) ($MN)
Table 13 Global Solar Thermal Market Outlook, By Other Applications (2020-2028) ($MN)
Table 14 Global Solar Thermal Market Outlook, By End User (2020-2028) ($MN)
Table 15 Global Solar Thermal Market Outlook, By Industrial (2020-2028) ($MN)
Table 16 Global Solar Thermal Market Outlook, By Commercial (2020-2028) ($MN)
Table 17 Global Solar Thermal Market Outlook, By Residential (2020-2028) ($MN)
Table 18 Global Solar Thermal Market Outlook, By Other End Users (2020-2028) ($MN)
Table 19 North America Solar Thermal Market Outlook, By Country (2020-2028) ($MN)
Table 20 North America Solar Thermal Market Outlook, By Collector Type (2020-2028) ($MN)
Table 21 North America Solar Thermal Market Outlook, By Flat Plate Collector (2020-2028) ($MN)
Table 22 North America Solar Thermal Market Outlook, By Air Collector (2020-2028) ($MN)
Table 23 North America Solar Thermal Market Outlook, By Unglazed Water Collector (2020-2028) ($MN)
Table 24 North America Solar Thermal Market Outlook, By Evacuated Tube Collector (2020-2028) ($MN)
Table 25 North America Solar Thermal Market Outlook, By Other Collector Types (2020-2028) ($MN)
Table 26 North America Solar Thermal Market Outlook, By Application (2020-2028) ($MN)
Table 27 North America Solar Thermal Market Outlook, By Swimming Pool Heating (2020-2028) ($MN)
Table 28 North America Solar Thermal Market Outlook, By Solar Combi Systems (2020-2028) ($MN)
Table 29 North America Solar Thermal Market Outlook, By Hot Water Systems (2020-2028) ($MN)
Table 30 North America Solar Thermal Market Outlook, By Large DHW systems (2020-2028) ($MN)
Table 31 North America Solar Thermal Market Outlook, By Other Applications (2020-2028) ($MN)
Table 32 North America Solar Thermal Market Outlook, By End User (2020-2028) ($MN)
Table 33 North America Solar Thermal Market Outlook, By Industrial (2020-2028) ($MN)
Table 34 North America Solar Thermal Market Outlook, By Commercial (2020-2028) ($MN)
Table 35 North America Solar Thermal Market Outlook, By Residential (2020-2028) ($MN)
Table 36 North America Solar Thermal Market Outlook, By Other End Users (2020-2028) ($MN)
Table 37 Europe Solar Thermal Market Outlook, By Country (2020-2028) ($MN)
Table 38 Europe Solar Thermal Market Outlook, By Collector Type (2020-2028) ($MN)
Table 39 Europe Solar Thermal Market Outlook, By Flat Plate Collector (2020-2028) ($MN)
Table 40 Europe Solar Thermal Market Outlook, By Air Collector (2020-2028) ($MN)
Table 41 Europe Solar Thermal Market Outlook, By Unglazed Water Collector (2020-2028) ($MN)
Table 42 Europe Solar Thermal Market Outlook, By Evacuated Tube Collector (2020-2028) ($MN)
Table 43 Europe Solar Thermal Market Outlook, By Other Collector Types (2020-2028) ($MN)
Table 44 Europe Solar Thermal Market Outlook, By Application (2020-2028) ($MN)
Table 45 Europe Solar Thermal Market Outlook, By Swimming Pool Heating (2020-2028) ($MN)
Table 46 Europe Solar Thermal Market Outlook, By Solar Combi Systems (2020-2028) ($MN)
Table 47 Europe Solar Thermal Market Outlook, By Hot Water Systems (2020-2028) ($MN)
Table 48 Europe Solar Thermal Market Outlook, By Large DHW systems (2020-2028) ($MN)
Table 49 Europe Solar Thermal Market Outlook, By Other Applications (2020-2028) ($MN)
Table 50 Europe Solar Thermal Market Outlook, By End User (2020-2028) ($MN)
Table 51 Europe Solar Thermal Market Outlook, By Industrial (2020-2028) ($MN)
Table 52 Europe Solar Thermal Market Outlook, By Commercial (2020-2028) ($MN)
Table 53 Europe Solar Thermal Market Outlook, By Residential (2020-2028) ($MN)
Table 54 Europe Solar Thermal Market Outlook, By Other End Users (2020-2028) ($MN)
Table 55 Asia Pacific Solar Thermal Market Outlook, By Country (2020-2028) ($MN)
Table 56 Asia Pacific Solar Thermal Market Outlook, By Collector Type (2020-2028) ($MN)
Table 57 Asia Pacific Solar Thermal Market Outlook, By Flat Plate Collector (2020-2028) ($MN)
Table 58 Asia Pacific Solar Thermal Market Outlook, By Air Collector (2020-2028) ($MN)
Table 59 Asia Pacific Solar Thermal Market Outlook, By Unglazed Water Collector (2020-2028) ($MN)
Table 60 Asia Pacific Solar Thermal Market Outlook, By Evacuated Tube Collector (2020-2028) ($MN)
Table 61 Asia Pacific Solar Thermal Market Outlook, By Other Collector Types (2020-2028) ($MN)
Table 62 Asia Pacific Solar Thermal Market Outlook, By Application (2020-2028) ($MN)
Table 63 Asia Pacific Solar Thermal Market Outlook, By Swimming Pool Heating (2020-2028) ($MN)
Table 64 Asia Pacific Solar Thermal Market Outlook, By Solar Combi Systems (2020-2028) ($MN)
Table 65 Asia Pacific Solar Thermal Market Outlook, By Hot Water Systems (2020-2028) ($MN)
Table 66 Asia Pacific Solar Thermal Market Outlook, By Large DHW systems (2020-2028) ($MN)
Table 67 Asia Pacific Solar Thermal Market Outlook, By Other Applications (2020-2028) ($MN)
Table 68 Asia Pacific Solar Thermal Market Outlook, By End User (2020-2028) ($MN)
Table 69 Asia Pacific Solar Thermal Market Outlook, By Industrial (2020-2028) ($MN)
Table 70 Asia Pacific Solar Thermal Market Outlook, By Commercial (2020-2028) ($MN)
Table 71 Asia Pacific Solar Thermal Market Outlook, By Residential (2020-2028) ($MN)
Table 72 Asia Pacific Solar Thermal Market Outlook, By Other End Users (2020-2028) ($MN)
Table 73 South America Solar Thermal Market Outlook, By Country (2020-2028) ($MN)
Table 74 South America Solar Thermal Market Outlook, By Collector Type (2020-2028) ($MN)
Table 75 South America Solar Thermal Market Outlook, By Flat Plate Collector (2020-2028) ($MN)
Table 76 South America Solar Thermal Market Outlook, By Air Collector (2020-2028) ($MN)
Table 77 South America Solar Thermal Market Outlook, By Unglazed Water Collector (2020-2028) ($MN)
Table 78 South America Solar Thermal Market Outlook, By Evacuated Tube Collector (2020-2028) ($MN)
Table 79 South America Solar Thermal Market Outlook, By Other Collector Types (2020-2028) ($MN)
Table 80 South America Solar Thermal Market Outlook, By Application (2020-2028) ($MN)
Table 81 South America Solar Thermal Market Outlook, By Swimming Pool Heating (2020-2028) ($MN)
Table 82 South America Solar Thermal Market Outlook, By Solar Combi Systems (2020-2028) ($MN)
Table 83 South America Solar Thermal Market Outlook, By Hot Water Systems (2020-2028) ($MN)
Table 84 South America Solar Thermal Market Outlook, By Large DHW systems (2020-2028) ($MN)
Table 85 South America Solar Thermal Market Outlook, By Other Applications (2020-2028) ($MN)
Table 86 South America Solar Thermal Market Outlook, By End User (2020-2028) ($MN)
Table 87 South America Solar Thermal Market Outlook, By Industrial (2020-2028) ($MN)
Table 88 South America Solar Thermal Market Outlook, By Commercial (2020-2028) ($MN)
Table 89 South America Solar Thermal Market Outlook, By Residential (2020-2028) ($MN)
Table 90 South America Solar Thermal Market Outlook, By Other End Users (2020-2028) ($MN)
Table 91 Middle East & Africa Solar Thermal Market Outlook, By Country (2020-2028) ($MN)
Table 92 Middle East & Africa Solar Thermal Market Outlook, By Collector Type (2020-2028) ($MN)
Table 93 Middle East & Africa Solar Thermal Market Outlook, By Flat Plate Collector (2020-2028) ($MN)
Table 94 Middle East & Africa Solar Thermal Market Outlook, By Air Collector (2020-2028) ($MN)
Table 95 Middle East & Africa Solar Thermal Market Outlook, By Unglazed Water Collector (2020-2028) ($MN)
Table 96 Middle East & Africa Solar Thermal Market Outlook, By Evacuated Tube Collector (2020-2028) ($MN)
Table 97 Middle East & Africa Solar Thermal Market Outlook, By Other Collector Types (2020-2028) ($MN)
Table 98 Middle East & Africa Solar Thermal Market Outlook, By Application (2020-2028) ($MN)
Table 99 Middle East & Africa Solar Thermal Market Outlook, By Swimming Pool Heating (2020-2028) ($MN)
Table 100 Middle East & Africa Solar Thermal Market Outlook, By Solar Combi Systems (2020-2028) ($MN)
Table 101 Middle East & Africa Solar Thermal Market Outlook, By Hot Water Systems (2020-2028) ($MN)
Table 102 Middle East & Africa Solar Thermal Market Outlook, By Large DHW systems (2020-2028) ($MN)
Table 103 Middle East & Africa Solar Thermal Market Outlook, By Other Applications (2020-2028) ($MN)
Table 104 Middle East & Africa Solar Thermal Market Outlook, By End User (2020-2028) ($MN)
Table 105 Middle East & Africa Solar Thermal Market Outlook, By Industrial (2020-2028) ($MN)
Table 106 Middle East & Africa Solar Thermal Market Outlook, By Commercial (2020-2028) ($MN)
Table 107 Middle East & Africa Solar Thermal Market Outlook, By Residential (2020-2028) ($MN)
Table 108 Middle East & Africa Solar Thermal Market Outlook, By Other End Users (2020-2028) ($MN)

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