Author: Himanshu Patni
13 September 2021
Global Solar Thermal Market is expected to reach the market valuation of US$ XX million by 2027 expanding at a reasonable CAGR of XX% during the forecast period (2021-2027) from US$ XX million in 2020. The form of energy and technology that harness solar energy to generate thermal energy that is used in the industrial, residential, and commercial sectors is known as solar thermal energy.
The global solar thermal market is proliferating on account of rising concern about the ever-rising emission of greenhouse (GHGs) particularly CO2 since the birth of the industrial revolution, carbon dioxide emissions released by global fossil fuel combustion and industrial activities have been rising unprecedently. For instance, in 2019, roughly 36.44 billion metric tons of carbon dioxide was emitted across the world, up from 33.13 billion metric tons in 2010. However, in 2020, a noticeable reduction in emissions was seen due to the impacts of the COVID-19 lockdown. Owing to these alarming facts, the demand for clean energy sources is increasing all over the world thereby augmenting the solar thermal market globally.
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Additionally, the market is also boosting on account of rapid technological advancements in solar energy, growing investments by various private firms as well as government, and the widening scope of applications of solar thermal in the construction industry. For instance, Although, the global solar thermal market declined in 2019 manufacturers of flat plate collectors in China expanded their production volume by 21% in response to increased demand from the national construction industry for both façade integration and central collector fields.
Based on collector type, the global solar thermal market is segmented into evacuated tube collector, flat plate collector, unglazed water collector, and air collector. The evacuated tube collector segment accounted for a market valuation of US$ XX billion in 2020 and is expected to reach US$ XX billion by the year 2027 growing with a CAGR of XX% over the projected timeframe as it is one of the most common types of solar thermals installed across the world. For instance, in 2019, 5.856 million Chinese vacuum tubes were sold across India, adding up to 1,548,581 m2.
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Based on applications, the market is also fragmented into space heating system, domestic hot water systems, solar combi systems and others. The space heating system segment grabbed XX% market share in 2020 and is expected to grow with a CAGR of XX% to reach a market valuation of USD XX million by 2027. The growth of this segment is because these systems are commonly used in countries such as North America, Japan, and Australia for various applications including residential & commercial buildings, schools, and many more.
Additionally, the report provides detailed initiatives that are being taken in the field of solar thermal. The market is classified into distinct regions including North America (the U.S, Canada, Rest of North America), Europe (Germany, France, Spain, Italy, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, Australia, India, and Rest of APAC), and Rest of World has been conducted. Asia-pacific dominated the market with US$ XX million in 2020 owing to the increasing investments in the renewable energy sector leading to the development of robust infrastructure for the usage of solar energy in APAC countries. For instance, according to the survey conducted by multinational market research & consulting firm in 2019 regarding the level of solar energy infrastructure in some selected countries of the APAC region, amongst all nearly 63% of the participants stated that the solar energy infrastructure of China was either very or fairly good.
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Siemens AG, SolarReserve, Sunrain, Photon Energy Systems Ltd, BTE Solar Co. Ltd, Sener, SCHOTT, ACCIONA, Greenonetec Solarindustrie GmbH, LINUO RITTER INTERNATIONAL CO. LTD are some of the prominent players operating in the solar thermal market. Several M&As along with partnerships have been undertaken by these players to make solar thermal systems as cost-effective and as widely available as possible.
Global Solar Thermal Market Segmentation
Market Insight, by Collector Type
Market Insight, by Application
Market Insight, by Country
Top Company Profiles
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