Europe - Solar Thermal Market by Technology and Application - Forecast and Analysis 2023-2027

Published: Oct 2023 Pages: 146 SKU: IRTNTR46573

Solar Thermal Market in Europe Report 2023-2027

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. 

Solar Thermal Market in Europe Overview :

  • The market segmentation includes Technology which is classified into low, medium-temperature, and high-temperature.
  • The Application segment includes heat generation and power generation.
  •  The technology segment is fastest fastest-growing segment during the forecast year.
  • The low and medium temperature segment was the largest segment and was valued at USD 3.32 billion in 2017.

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Solar Thermal Market In Europe Trends 

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.

Solar Thermal Market in Europe  Largest-Growing Segments 

Technology Segment

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.

Solar Thermal Market in Europe Dynamic

Europe Key Solar Thermal Market Driver

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.

Europe Key Solar Thermal Market Challenge

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.

Solar Thermal Market In Europe Customer Landscape

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

Major Solar Thermal Market in Europe Companies

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:

  • 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
  • Hewalex Sp. z o. o. Sp.k.

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.

Segment Overview

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. 

  • Technology Outlook (USD Million, 2017 - 2027)
    • Low and medium temperature
    • High temperature
  • Application Outlook (USD Million, 2017 - 2027)
    • Heat generation
    • Power generation

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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What are the Key Data Covered in this Solar Thermal Market In Europe In Regional Research Report?

  • CAGR of the market during the forecast period
  • Detailed information on factors that will drive the growth of the market between 2023 and 2027
  • Precise estimation of the size of the market  size and its contribution of the market in focus to the parent market
  • Accurate predictions about upcoming trends and changes in consumer behaviour
  • Growth of the market industry across Europe
  • Thorough analysis of the market’s competitive landscape and detailed information about companies
  • Comprehensive analysis of factors that will challenge the growth of market companies

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1 Executive Summary

  • 1.1 Market overview
    • Exhibit 01: Executive Summary – Chart on Market Overview
    • Exhibit 02: Executive Summary – Data Table on Market Overview
    • Exhibit 03: Executive Summary – Chart on Country Market Characteristics
    • Exhibit 04: Executive Summary – Chart on Market by Geography
    • Exhibit 05: Executive Summary – Chart on Market Segmentation by Technology
    • Exhibit 06: Executive Summary – Chart on Market Segmentation by Application
    • Exhibit 07: Executive Summary – Chart on Incremental Growth
    • Exhibit 08: Executive Summary – Data Table on Incremental Growth
    • Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 10: Parent market
    • Exhibit 11: Market Characteristics

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 12: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 13: Market segments
  • 3.3 Market size 2022
    • 3.4 Market outlook: Forecast for 2022-2027
      • Exhibit 14: Chart on Europe - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 15: Data Table on Regional - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 16: Chart on Europe: Year-over-year growth 2022-2027 (%)
      • Exhibit 17: Data Table on Regional - Market size and forecast 2022-2027 ($ billion)

    4 Historic Market Size

    • 4.1 Solar thermal market in Europe 2017 - 2021
      • Exhibit 18: Historic Market Size – Data Table on solar thermal market in Europe 2017 - 2021 ($ billion)
    • 4.2 Technology Segment Analysis 2017 - 2021
      • Exhibit 19: Historic Market Size – Technology Segment 2017 - 2021 ($ billion)
    • 4.3 Application Segment Analysis 2017 - 2021
      • Exhibit 20: Historic Market Size – Application Segment 2017 - 2021 ($ billion)
    • 4.4 Geography Segment Analysis 2017 - 2021
      • Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ billion)

    5 Five Forces Analysis

    • 5.1 Five forces summary
      • Exhibit 22: Five forces analysis - Comparison between 2022 and 2027
    • 5.2 Bargaining power of buyers
      • Exhibit 23: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027
    • 5.3 Bargaining power of suppliers
      • Exhibit 24: Bargaining power of suppliers – Impact of key factors in 2022 and 2027
    • 5.4 Threat of new entrants
      • Exhibit 25: Threat of new entrants – Impact of key factors in 2022 and 2027
    • 5.5 Threat of substitutes
      • Exhibit 26: Threat of substitutes – Impact of key factors in 2022 and 2027
    • 5.6 Threat of rivalry
      • Exhibit 27: Threat of rivalry – Impact of key factors in 2022 and 2027
    • 5.7 Market condition
      • Exhibit 28: Chart on Market condition - Five forces 2022 and 2027

    6 Market Segmentation by Technology

    • 6.1 Market segments
      • Exhibit 29: Chart on Technology - Market share 2022-2027 (%)
      • Exhibit 30: Data Table on Technology - Market share 2022-2027 (%)
    • 6.2 Comparison by Technology
      • Exhibit 31: Chart on Comparison by Technology
      • Exhibit 32: Data Table on Comparison by Technology
    • 6.3 Low and medium temperature - Market size and forecast 2022-2027
      • Exhibit 33: Chart on Low and medium temperature - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 34: Data Table on Low and medium temperature - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 35: Chart on Low and medium temperature - Year-over-year growth 2022-2027 (%)
      • Exhibit 36: Data Table on Low and medium temperature - Year-over-year growth 2022-2027 (%)
    • 6.4 High temperature - Market size and forecast 2022-2027
      • Exhibit 37: Chart on High temperature - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 38: Data Table on High temperature - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 39: Chart on High temperature - Year-over-year growth 2022-2027 (%)
      • Exhibit 40: Data Table on High temperature - Year-over-year growth 2022-2027 (%)
    • 6.5 Market opportunity by Technology
      • Exhibit 41: Market opportunity by Technology ($ billion)
      • Exhibit 42: Data Table on Market opportunity by Technology ($ billion)

    7 Market Segmentation by Application

    • 7.1 Market segments
      • Exhibit 43: Chart on Application - Market share 2022-2027 (%)
      • Exhibit 44: Data Table on Application - Market share 2022-2027 (%)
    • 7.2 Comparison by Application
      • Exhibit 45: Chart on Comparison by Application
      • Exhibit 46: Data Table on Comparison by Application
    • 7.3 Heat generation - Market size and forecast 2022-2027
      • Exhibit 47: Chart on Heat generation - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 48: Data Table on Heat generation - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 49: Chart on Heat generation - Year-over-year growth 2022-2027 (%)
      • Exhibit 50: Data Table on Heat generation - Year-over-year growth 2022-2027 (%)
    • 7.4 Power generation - Market size and forecast 2022-2027
      • Exhibit 51: Chart on Power generation - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 52: Data Table on Power generation - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 53: Chart on Power generation - Year-over-year growth 2022-2027 (%)
      • Exhibit 54: Data Table on Power generation - Year-over-year growth 2022-2027 (%)
    • 7.5 Market opportunity by Application
      • Exhibit 55: Market opportunity by Application ($ billion)
      • Exhibit 56: Data Table on Market opportunity by Application ($ billion)

    8 Customer Landscape

    • 8.1 Customer landscape overview
      • Exhibit 57: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

    9 Geographic Landscape

    • 9.1 Geographic segmentation
      • Exhibit 58: Chart on Market share by geography - 2022-2027 (%)
      • Exhibit 59: Data Table on Market share by geography - 2022-2027 (%)
    • 9.2 Geographic comparison
      • Exhibit 60: Chart on Geographic comparison
      • Exhibit 61: Data Table on Geographic comparison
    • 9.3 Germany - Market size and forecast 2022-2027
      • Exhibit 62: Chart on Germany - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 63: Data Table on Germany - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 64: Chart on Germany - Year-over-year growth 2022-2027 (%)
      • Exhibit 65: Data Table on Germany - Year-over-year growth 2022-2027 (%)
    • 9.4 Spain - Market size and forecast 2022-2027
      • Exhibit 66: Chart on Spain - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 67: Data Table on Spain - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 68: Chart on Spain - Year-over-year growth 2022-2027 (%)
      • Exhibit 69: Data Table on Spain - Year-over-year growth 2022-2027 (%)
    • 9.5 France - Market size and forecast 2022-2027
      • Exhibit 70: Chart on France - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 71: Data Table on France - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 72: Chart on France - Year-over-year growth 2022-2027 (%)
      • Exhibit 73: Data Table on France - Year-over-year growth 2022-2027 (%)
    • 9.6 Italy - Market size and forecast 2022-2027
      • Exhibit 74: Chart on Italy - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 75: Data Table on Italy - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 76: Chart on Italy - Year-over-year growth 2022-2027 (%)
      • Exhibit 77: Data Table on Italy - Year-over-year growth 2022-2027 (%)
    • 9.7 Rest of Europe - Market size and forecast 2022-2027
      • Exhibit 78: Chart on Rest of Europe - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 79: Data Table on Rest of Europe - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 80: Chart on Rest of Europe - Year-over-year growth 2022-2027 (%)
      • Exhibit 81: Data Table on Rest of Europe - Year-over-year growth 2022-2027 (%)
    • 9.8 Market opportunity by geography
      • Exhibit 82: Market opportunity by geography ($ billion)
      • Exhibit 83: Data Table on Market opportunity by geography ($ billion)

    10 Drivers, Challenges, and Trends

    • 10.1 Market drivers
      • 10.2 Market challenges
        • 10.3 Impact of drivers and challenges
          • Exhibit 84: Impact of drivers and challenges in 2022 and 2027
        • 10.4 Market trends

          11 Vendor Landscape

          • 11.1 Overview
            • 11.2 Vendor landscape
              • Exhibit 85: Overview on Criticality of inputs and Factors of differentiation
            • 11.3 Landscape disruption
              • Exhibit 86: Overview on factors of disruption
            • 11.4 Industry risks
              • Exhibit 87: Impact of key risks on business

            12 Vendor Analysis

            • 12.1 Vendors covered
              • Exhibit 88: Vendors covered
            • 12.2 Market positioning of vendors
              • Exhibit 89: Matrix on vendor position and classification
            • 12.3 Aalborg CSP
              • Exhibit 90: Aalborg CSP - Overview
              • Exhibit 91: Aalborg CSP - Product / Service
              • Exhibit 92: Aalborg CSP - Key offerings
            • 12.4 Abengoa SA
              • Exhibit 93: Abengoa SA - Overview
              • Exhibit 94: Abengoa SA - Product / Service
              • Exhibit 95: Abengoa SA - Key news
              • Exhibit 96: Abengoa SA - Key offerings
            • 12.5 Acciona SA
              • Exhibit 97: Acciona SA - Overview
              • Exhibit 98: Acciona SA - Business segments
              • Exhibit 99: Acciona SA - Key news
              • Exhibit 100: Acciona SA - Key offerings
              • Exhibit 101: Acciona SA - Segment focus
            • 12.6 ACS Actividades de Construccion Y Servicios SA
              • Exhibit 102: ACS Actividades de Construccion Y Servicios SA - Overview
              • Exhibit 103: ACS Actividades de Construccion Y Servicios SA - Product / Service
              • Exhibit 104: ACS Actividades de Construccion Y Servicios SA - Key offerings
            • 12.7 BrightSource Energy Inc.
              • Exhibit 105: BrightSource Energy Inc. - Overview
              • Exhibit 106: BrightSource Energy Inc. - Product / Service
              • Exhibit 107: BrightSource Energy Inc. - Key offerings
            • 12.8 CGC SAMCA
              • Exhibit 108: CGC SAMCA - Overview
              • Exhibit 109: CGC SAMCA - Product / Service
              • Exhibit 110: CGC SAMCA - Key offerings
            • 12.9 Cosmosolar Ltd
              • Exhibit 111: Cosmosolar Ltd - Overview
              • Exhibit 112: Cosmosolar Ltd - Product / Service
              • Exhibit 113: Cosmosolar Ltd - Key offerings
            • 12.10 DEL PASO SOLAR SL
              • Exhibit 114: DEL PASO SOLAR SL - Overview
              • Exhibit 115: DEL PASO SOLAR SL - Product / Service
              • Exhibit 116: DEL PASO SOLAR SL - Key offerings
            • 12.11 DIMAS SA
              • Exhibit 117: DIMAS SA - Overview
              • Exhibit 118: DIMAS SA - Key offerings
            • 12.12 FRENELL GmbH
              • Exhibit 119: FRENELL GmbH - Overview
              • Exhibit 120: FRENELL GmbH - Key offerings
            • 12.13 GREENoneTEC Solarindustrie GmbH
              • Exhibit 121: GREENoneTEC Solarindustrie GmbH - Overview
              • Exhibit 122: GREENoneTEC Solarindustrie GmbH - Product / Service
              • Exhibit 123: GREENoneTEC Solarindustrie GmbH - Key offerings
            • 12.14 Greenville Energy and Research Inc.
              • Exhibit 124: Greenville Energy and Research Inc. - Overview
              • Exhibit 125: Greenville Energy and Research Inc. - Key offerings
            • 12.15 Hewalex Sp. z o. o. Sp.k.
              • Exhibit 126: Hewalex Sp. z o. o. Sp.k. - Overview
              • Exhibit 127: Hewalex Sp. z o. o. Sp.k. - Product / Service
              • Exhibit 128: Hewalex Sp. z o. o. Sp.k. - Key offerings
            • 12.16 PHOENIX SonnenWarme AG
              • Exhibit 129: PHOENIX SonnenWarme AG - Overview
              • Exhibit 130: PHOENIX SonnenWarme AG - Product / Service
              • Exhibit 131: PHOENIX SonnenWarme AG - Key offerings
            • 12.17 Robert Bosch GmbH
              • Exhibit 132: Robert Bosch GmbH - Overview
              • Exhibit 133: Robert Bosch GmbH - Business segments
              • Exhibit 134: Robert Bosch GmbH - Key news
              • Exhibit 135: Robert Bosch GmbH - Key offerings
              • Exhibit 136: Robert Bosch GmbH - Segment focus

            13 Appendix

            • 13.1 Scope of the report
              • 13.2 Inclusions and exclusions checklist
                • Exhibit 137: Inclusions checklist
                • Exhibit 138: Exclusions checklist
              • 13.3 Currency conversion rates for US$
                • Exhibit 139: Currency conversion rates for US$
              • 13.4 Research methodology
                • Exhibit 140: Research methodology
                • Exhibit 141: Validation techniques employed for market sizing
                • Exhibit 142: Information sources
              • 13.5 List of abbreviations
                • Exhibit 143: List of abbreviations

              Research Framework

              Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

              INFORMATION SOURCES

              Primary sources

              • Manufacturers and suppliers
              • Channel partners
              • Industry experts
              • Strategic decision makers

              Secondary sources

              • Industry journals and periodicals
              • Government data
              • Financial reports of key industry players
              • Historical data
              • Press releases

              DATA ANALYSIS

              Data Synthesis

              • Collation of data
              • Estimation of key figures
              • Analysis of derived insights

              Data Validation

              • Triangulation with data models
              • Reference against proprietary databases
              • Corroboration with industry experts

              REPORT WRITING

              Qualitative

              • Market drivers
              • Market challenges
              • Market trends
              • Five forces analysis

              Quantitative

              • Market size and forecast
              • Market segmentation
              • Geographical insights
              • Competitive landscape

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              Key Questions Answered

              • What are the key global market and the regional market share?
              • What are the revenue-generating key market segments?
              • What are the key factors driving and challenging this market’s growth?
              • Who are the key market vendors and their growth strategies?
              • What are the latest trends influencing the growth of this market?
              • What are the variables influencing the market growth in the primary regions?
              • What are the factors influencing the growth of the parent market?

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