Market Definition
The Solar Thermal Market represents a key player in the renewable energy sector, harnessing the power of sunlight to generate heat and electricity through innovative technologies. This market plays a pivotal role in the global transition towards sustainable energy by providing efficient and eco-friendly solutions for various applications, from residential heating to industrial processes.
Market Outlook
The Solar Thermal market size was USD 22.6 Billion in 2023 and is anticipated to reach USD 36.1 Billion in 2033, growing at a rate of 4.8% from 2024 to 2033.
In the dynamic landscape of renewable energy, the Solar Thermal Market emerges as a frontrunner, capitalizing on the abundant and clean energy resource provided by the sun. By converting sunlight into thermal energy, this market addresses the growing demand for sustainable alternatives to conventional power sources. Solar thermal technologies, including concentrating solar power and solar water heating, contribute significantly to reducing carbon emissions and promoting environmental sustainability.
The demand for solar thermal solutions is on the rise, driven by the global commitment to combating climate change and transitioning towards a low-carbon future. As nations seek to diversify their energy portfolios and reduce dependency on fossil fuels, the Solar Thermal Market responds with advancements in collector technologies, storage systems, and integration solutions to maximize the efficiency and scalability of solar thermal applications.
While the Solar Thermal Market holds great promise, it encounters challenges associated with [mention specific challenges, e.g., intermittency, storage, etc.]. Addressing these challenges requires ongoing research and development, fostering collaborations within the renewable energy sector. These challenges, however, present opportunities for market players to refine and enhance solar thermal technologies, ensuring they remain competitive and effective in a rapidly evolving energy landscape.
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Research Objectives
- Estimates and forecast the overall market size for the total market, across product, service type, type, end-user, and region
- Detailed information and key takeaways on qualitative and quantitative trends, dynamics, business framework, competitive landscape, and company profiling
- Identify factors influencing market growth and challenges, opportunities, drivers and restraints
- Identify factors that could limit company participation in identified international markets to help properly calibrate market share expectations and growth rates
- Trace and evaluate key development strategies like acquisitions, product launches, mergers, collaborations, business expansions, agreements, partnerships, and R&D activities
- Thoroughly analyze smaller market segments strategically, focusing on their potential, individual patterns of growth, and impact on the overall market
- To thoroughly outline the competitive landscape within the market, including an assessment of business and corporate strategies, aimed at monitoring and dissecting competitive advancements.
- Identify the primary market participants, based on their business objectives, regional footprint, product offerings, and strategic initiatives
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Market Segmentation
The report analyses the global Solar Thermal Market based on system, collector type, application, end user, and region.
Solar Thermal Market by End User
Based on end user, the Solar Thermal Market is segmented into residential, commercial and industrial. The residential segment is expected to dominate the market during the forecast period. The majority of residential solar thermal system use is in the generation of hot water via a home hot water system. Increased investment in the construction sector for re-establishment and renovation will boost market growth. The existence of new legislation about implementing green building codes, such as energy conservation building codes in India, China, the United States, and others, will further boost market growth. The expansion of solar district heating projects worldwide is the most prominent driver of the residential solar thermal market. They play an important role in decarbonizing the heating sector and addressing the growing demand for eco-friendly heating solutions, such as residential water heating and space heating. During the projection period, the aforementioned reasons will give significant chances for market expansion.
Solar Thermal Market by System
By system, the market is classified into thermosiphon solar heating system, and pumped solar heating system. The thermosiphon solar heating system segment dominated the market in 2022 in terms of revenue and is expected to dominate the market during the forecast period. Thermosiphoning is a technique used in heating and cooling applications such as heat pumps, water heaters, boilers, and furnaces to circulate liquids and volatile gases. Thermo-siphoning also occurs over temperature variations in the air, such as those used in solar chimneys. Demand for thermosiphon solar heating systems has increased as demand for renewable energy resources has increased. The aforementioned elements will give significant prospects for market expansion.
Solar Thermal Market by Collector Type
Based on collector type, the Solar Thermal Market is segmented into evacuated tube collector, flat plate collector, unglazed water collector, and air collector. In 2023, the evacuated tube collector segment dominated the market in terms of revenue and is expected to be the same during the upcoming years. Sunwater heating, sun drying, solar air heating, and solar desalination are all applications for evacuated tube collectors. The significant growth in electricity consumption, along with the steady loss of oil and gas supplies throughout the world, will fuel demand for the solar thermal sector. Furthermore, the massive use of oil and gas has harmed the ecosystem, putting oil and gas reserves on the verge of extinction. The increasing use of solar thermal power plants across the world, as well as continued investments in this sector, has resulted in a growth in demand for evacuated tube collectors, which are critical in converting solar radiation into heat and transferring heat to a medium. The existence of the aforementioned variables will present the industry with several prospects.
Solar Thermal Market by Application
Based on application, the Solar Thermal Market is segmented into hot water systems, solar combi systems, swimming pool heating, and others. The hot water systems segment is expected to dominate the market during the forecast period. The increased need for hot water from different domestic uses such as bathing, washing, cleaning, and cooking has increased the demand for environmentally friendly and sustainable technology such as solar thermal systems. Green technologies and sustainability are becoming more important as many states and towns around the country adopt regulatory measures to reduce greenhouse gas emissions and energy consumption in buildings, which are predicted to give enough prospects for market development.
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Major Players
Some of the key players of Solar Thermal market are AES Solar (UK), Apollo Power Systems Pvt .Ltd. (India), Siemens AG (Germany), SolarUK Limited (UK), Solcrafte (Austria), Stiebel Eltron, Inc. (US), SunEarth (US), SunMaxx Solar (US), THERMIC (Greece), and THERMO|SOLAR Žiar s.r.o. (Slovakia).
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Research Scope
- Scope – Highlights, Trends, Insights. Attractiveness, Forecast
- Market Sizing – Product Type, End User, Offering Type, Technology, Region, Country, Others
- Market Dynamics – Market Segmentation, Demand and Supply, Bargaining Power of Buyers and Sellers, Drivers, Restraints, Opportunities, Threat Analysis, Impact Analysis, Porters 5 Forces, Ansoff Analysis, Supply Chain
- Business Framework – Case Studies, Regulatory Landscape, Pricing, Policies and Regulations, New Product Launches. M&As, Recent Developments
- Competitive Landscape – Market Share Analysis, Market Leaders, Emerging Players, Vendor Benchmarking, Developmental Strategy Benchmarking, PESTLE Analysis, Value Chain Analysis
- Company Profiles – Overview, Business Segments, Business Performance, Product Offering, Key Developmental Strategies, SWOT Analysis
- Market Size in 2022 – $22.6 Billion
- Market Size in 2032 – $36.1 Billion
- CAGR % – 4.8%
- Historic Period – 2016 – 2021
- Forecast Period – 2023 – 2032
- Base Year – 2022
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