Solar Thermal Market by Application and Geography - Forecast and Analysis 2022-2026

The solar thermal market share is expected to increase by 167187.58 megawatts from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 5.71%.

This solar thermal market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers solar thermal market segmentation by application (heat generation and power generation) and geography (North America, APAC, Europe, Middle East and Africa, and South America). The solar thermal market report also offers information on several market vendors, including Acciona SA, Actividades de Construccion y Servicios SA, BrightSource Energy Inc, ContourGlobal Plc, Cosmosolar Ltd, DEL PASO SOLAR SL, Elianto Srl, ENGIE SA, General Electric Co, GlassPoint, GREENoneTEC Solarindustrie GmbH, Heliodyne Inc., Nextera Energy Inc., Nobel International EAD, RIOGLASS SOLAR HOLDING SA, SR Energy, SunEarth Inc, SunMaxx Solar, TVP Solar, and Vaillant Group among others.

What will the Solar Thermal Market Size be During the Forecast Period?

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Solar Thermal Market: Key Drivers, Trends, and Challenges

The rise in investments in renewable energy is notably driving the solar thermal market growth, although factors such as technical challenges associated with solar thermal technology may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the solar thermal industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Solar Thermal Market Driver

One of the key factors driving growth in the solar thermal market is the rise in investments in renewable energy. The total cost of electricity generated from renewable energy sources is more than that from conventional sources. However, the technology used to generate electricity from renewable energy sources is growing rapidly, making it competitive with newly built fossil fuel power plants. Low carbon emissions and the competitive cost of generating electricity have led to continuous investment in renewable sources of energy across the world. The growing investment in renewable energy has increased the amount of electricity generated from clean sources of energy. Solar and wind power hold the largest share of renewable capacity addition, with their share increasing rapidly in developed and developing economies. The growing demand for solar power is likely to drive investments in renewable energy sources, in turn driving the growth of the solar thermal market.

Key Solar Thermal Market Trend

Solar thermal enhanced oil recovery is a solar thermal market trend that is expected to have a positive impact in the coming years. Solar thermal enhanced oil recovery (EOR) is a technique applied to increase production from maturing oil reservoirs using CSP technology. With the maturing oil fields, production decreases substantially. Thus, it has become crucial to use different oil recovery methods to ensure adequate production from oil reservoirs. The process increases the amount of oil that can ultimately be recovered along with the enhanced rate of production. With the declining oil prices in the oil and gas market, upstream companies are increasing their operational efficiencies to reduce the overall cost associated with crude oil production. Also, with the use of solar energy, the carbon footprint can be reduced substantially due to the low burning of natural gas.

Key Solar Thermal Market Challenge

The technical challenges associated with solar thermal technology will be a major challenge for the solar thermal market during the forecast period. Grid operators face certain technical challenges associated with the power generated through solar thermal technology. At the national level, it is necessary to identify the pathways to integrate power generation into existing energy systems owing to the intermittent nature of renewable sources of energy. Solar systems have limited flexibility and adaptability as specific designs are required for different buildings, demand profiles, and climates. Also, the generated power is limited owing to the less available area for solar thermal collectors. Moreover, thermal power plants consume twice the water required for fossil fuel power plants. Thus, it is quite challenging to operate solar thermal power plants in regions with water scarcity, which increases the operational cost.

This solar thermal market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the global solar thermal market as a part of the global renewable electricity market within the global independent power and renewable electricity market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the solar thermal market during the forecast period.

Who are the Major Solar Thermal Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

• Acciona SA
• Actividades de Construccion y Servicios SA
• BrightSource Energy Inc
• ContourGlobal Plc
• Cosmosolar Ltd
• DEL PASO SOLAR SL
• Elianto Srl
• ENGIE SA
• General Electric Co
• GlassPoint
• GREENoneTEC Solarindustrie GmbH
• Heliodyne Inc.
• Nextera Energy Inc.
• Nobel International EAD
• RIOGLASS SOLAR HOLDING SA
• SR Energy
• SunEarth Inc
• SunMaxx Solar
• TVP Solar
• Vaillant Group

 

This statistical study of the solar thermal market encompasses successful business strategies deployed by the key vendors. The solar thermal market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Product Insights and News

• Acciona SA - Acciona SA is a public company headquartered in Spain. It is a global company generating $9,157.86 million in revenues and has around 41,664 employees. Its revenue from the global solar thermal market contributes to its overall revenues along with its other offerings, but it is not a key revenue stream for the company. 
• Acciona SA - The company offers solar thermal collectors that use panels or mirrors to absorb and concentrate the heat of the sun, transferring it to a fluid and conducting it through pipes to use it in buildings and installations, and also for electricity production 

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The solar thermal market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Solar Thermal Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the solar thermal market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

Which are the Key Regions for Solar Thermal Market?

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32% of the market’s growth will originate from APAC during the forecast period. China is the key market for solar thermal in APAC. Market growth in this region will be faster than the growth of the market in other regions.

The tremendous growth of the solar power industry in APAC will facilitate the solar thermal market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

In 2020, the COVID-19 outbreak in APAC disrupted various verticals, primarily the renewable energy sector. Many solar power projects across Asia have been postponed or canceled due to shutdowns in different countries, such as India, China, South Korea, and Japan. However, the resumption of operations at production centers and a preference shift to sustainable energy sources could boost the growth of the solar industry and the regional solar power market during the forecast period. In addition, in 2021, the implementation of large-scale vaccination campaigns and the reduction of COVID-19 cases helped suppliers increase production output to make up for the loss that occurred in 2020. 

What are the Revenue-generating Application Segments in the Solar Thermal Market?

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The solar thermal market share growth in the heat generation segment will be significant during the forecast period. With growing environmental concerns, several industries are switching to efficient technologies that use alternative sources of fuel to reduce CO2 emissions. The heat generation segment includes low and medium-temperature generation systems that are primarily used in residential and commercial buildings. The segment is facing severe competition from solar thermal, heat pumps, and fuel cells.

This report provides an accurate prediction of the contribution of all the segments to the growth of the solar thermal market size and actionable market insights on post COVID-19 impact on each segment.

 

Solar Thermal Market Scope
Report Coverage	Details
Page number	120
Base year	2021
Forecast period	2022-2026
Growth momentum & CAGR	Accelerate at a CAGR of 5.71%
Market growth 2022-2026	167187.58 MW
Market structure	Fragmented
YoY growth (%)	5.27
Regional analysis	North America, APAC, Europe, Middle East and Africa, and South America
Performing market contribution	APAC at 32%
Key consumer countries	US, Turkey, China, Germany, and Brazil
Competitive landscape	Leading companies, Competitive strategies, Consumer engagement scope
Key companies profiled	Acciona SA, Actividades de Construccion y Servicios SA, BrightSource Energy Inc, ContourGlobal Plc, Cosmosolar Ltd, DEL PASO SOLAR SL, Elianto Srl, ENGIE SA, General Electric Co, GlassPoint, GREENoneTEC Solarindustrie GmbH, Heliodyne Inc., Nextera Energy Inc., Nobel International EAD, RIOGLASS SOLAR HOLDING SA, SR Energy, SunEarth Inc, SunMaxx Solar, TVP Solar, and Vaillant Group
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, and Market condition analysis for the 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 Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive solar thermal market growth during the next five years
• Precise estimation of the solar thermal market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the solar thermal industry across North America, APAC, Europe, Middle East and Africa, and South America
• A thorough analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of solar thermal market vendors

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