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The solar thermal market in Europe size is forecast to increase by USD 2.45 billion and is estimated to grow at a CAGR of 7.78% between 2023 and 2027. The report includes historic market data from 2017 - 2021. The growth of the market depends on several factors such as the increasing demand for CSP, change in the energy mix in European countries, and the development of zero-energy buildings.
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Solar thermal-enhanced oil recovery is the primary trend in the market. Solar thermal enhanced oil recovery (EOR) is a technique to increase production from depleted wells using concentrated solar technology. As oil wells mature, production drops significantly. Therefore, it is important to use different oil recovery methods to ensure adequate production from the well. In solar EOR, mirrors are used to reflect and concentrate sunlight onto receivers that capture solar energy and then convert it into heat. This heat is then used to create steam, which is pumped into the reservoir to enhance oil production.
Moreover, the upstream companies are increasing operational efficiency to lower the overall costs associated with crude oil production. Additionally, due to the use of solar energy, carbon emissions will be reduced owing to low natural gas consumption. Therefore, oil recovery through solar thermal energy, the Europe solar thermal energy market is expected to witness significant growth during the forecast period.
The low and medium temperature segment is estimated to witness significant growth during the forecast period. The low and medium temperature segment mainly includes small and medium solar water heating systems for residential and commercial buildings. This segment faces stiff competition from photovoltaic systems and heat pumps. The solar water heating system includes a solar collector and a storage tank. This system uses solar collectors to collect solar radiation and transfer thermal energy to the heat transfer fluid, which in turn heats the water in the heat exchanger.
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In Europe, the solar thermal heating market is facing challenges from other competitors, leading to a gradual decline in the growth rate of the Europe - solar thermal market. This is because the availability of new technical solutions has led to the development of other high-efficiency heating systems, in particular thermodynamic water heaters and gas or oil-condensing boilers. Therefore, the overall low and medium-temperature segment of the Europe - solar thermal market is expected to see moderate growth during the forecast period.
Increasing demand for CSP is the key factor driving the growth of the market. Solar thermal enhances the system flexibility of solar power plants by expanding the contribution of solar power generation to improve their match with normal demand. Solar thermal energy storage achieves this by reducing ramp-up constraints and minimum production levels in CSP plants. By using thermal energy storage in CSP plants, it is possible to produce electricity even in adverse weather conditions with little or no loss of operating efficiency.
Moreover, these factors have led to the installation of new CSP plants over the years. These plants use solar thermal energy because they can withstand much higher temperatures than alternative storage technologies such as batteries. Therefore, solar thermal energy has become the main energy source in CSP power plants. Growing demand for CSP will drive the growth of the Europe solar thermal market during the forecast period.
Dependency on fossil fuels is a challenge that affects the market growth. Fossil fuels remain the main source of electricity generation across the globe. Governments in various countries with abundant non-renewable energy resources do not like to invest in alternative energy sources because the implementation costs are very expensive. Additionally, rising concerns about the impacts of climate change are encouraging many countries to reduce their use of non-renewable fuels and switch to low-emission alternative fuels.
Furthermore, concerns about grid stability arise when the contribution of intermittent renewable energy sources, such as wind and solar resources, is high. Hence, these factors could hinder the adoption of renewable energy, which could harm the growth of the solar thermal market in Europe during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Solar Thermal Market in Europe Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Aalborg CSP: The company offers solar thermal such as CSP parabolic troughs, Flat solar thermal panels, combination plants and heat storage accumulation tanks.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The solar thermal market in Europe report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Solar Thermal Market In Europe Scope |
|
Report Coverage |
Details |
Page number |
146 |
Base year |
2022 |
Historic period |
2017 - 2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.78% |
Market growth 2023-2027 |
USD 2.45 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
7.35 |
Regional analysis |
Europe |
Key countries |
Germany, Spain, France, Italy, and Rest of Europe |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Aalborg CSP, Abengoa SA, Acciona SA, ACS Actividades de Construccion Y Servicios SA, Atlantica Sustainable Infrastructure plc, BrightSource Energy Inc., CGC SAMCA, Cosmosolar Ltd, DEL PASO SOLAR SL, DIMAS SA, FRENELL GmbH, GREENoneTEC Solarindustrie GmbH, Greenville Energy and Research Inc., Nobel International EAD, PHOENIX SonnenWarme AG, Robert Bosch GmbH, SENER GRUPO DE INGENIERIA SA, Vaillant GmbH, Viessmann Climate Solutions SE, and Hewalex Sp. z o. o. Sp.k. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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