The global solar thermal market revenue was around US$ 22.5 billion in 2022 and is estimated to reach US$ 35.2 billion by 2031, growing at a compound annual growth rate (CAGR) of 5.1% during the forecast period from 2023 to 2031.
Solar thermal collects energy from the sun and transforms it into heat which is utilized to increase the temperature of a heat transfer fluid. This fluid can be water, air, or specially designed fluid which can be directly utilized in space heating or hot water and cooling. They can collect and focus the sunlight to generate high-temperature heat that is needed to produce electricity.
Market Driving Factors
Increasing adoption of clean fuel alternatives will boost the market. This is due to the surge in emphasis on the adoption of clean fuel alternatives to curb carbon emissions. Solar thermal systems can be deployed for various applications, which certainly decrease the dependence on fossil fuels.
Governmental rollouts of renewable targets are anticipated to propel the market growth. Governments in numerous countries and global organizations have rolled out several targets to be achieved by the end of 2030, 2040, and 2050. These targets especially emphasize raising the share of renewables in energy generation. Therefore, this factor coupled with the incentives offered by the government to achieve the same, is acting as the driving force for increasing investments in the solar industry.
The higher installation price of Solar Systems constrains the market growth.
Regional Analysis
Asia-Pacific dominates the market over the forecast period. This is due to the huge population and due to the energy demand. Solar power in India is a fast-developing industry as a part of renewable energy. Building energy consumption accounts for more than a third of India’s total energy consumption. As a result, the government is encouraging residents to change to solar thermal systems to lower household energy use.
North America is estimated to dominate the market. This is due to the surge in investment in renewable energy and rising demand for clean energy solutions from businesses and governments. Additionally, the surge in installations of solar thermal plants in Arizona, California, and Nevada is also contributing to the market expansion.
Segmentation Insights
Application Insight
The hot water system segment dominates the market. This is due to the surge in demand for hot water from several residential applications, including washing, bathing, cooking, and cleaning have driven the demand for eco-friendly and sustainable technologies, such as solar thermal systems.
End Use Insight
The residential segment dominates the market. This is because surge in district solar heating projects globally. They are crucial to decarbonizing the heating industry and handling the increasing demand for environmentally benign methods of offering heating services like space heating and residential water heating.
System Insight
The thermosiphon solar heating system segment dominates the market. This is due to that it is used for the circulation of fluids and volatile gases in heating and cooling applications such as water heaters, heat pumps, boilers, and furnaces. Furthermore, thermosiphon also happens across air temperature gradients such as those used in solar chimneys. In addition, the surge in the demand for power from clean energy resources has led to a rise in the demand for thermosiphon solar heating systems.
Prominent Companies
Segmentation Outline
The global solar thermal market segmentation focuses on Application, End Use, Collector Type, System, and Region.
By Application
By End Use
By Collector Type
By System
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL SOLAR THERMAL MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: SOLAR THERMAL MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL SOLAR THERMAL MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL SOLAR THERMAL MARKET, BY APPLICATION
5.1 OVERVIEW
5.2 HOT WATER SYSTEMS
5.2.1 DOMESTIC
5.2.2 LARGE
5.3 SOLAR COMBI SYSTEMS
5.4 SWIMMING POOL HEATING
5.5 OTHERS
6 GLOBAL SOLAR THERMAL MARKET, BY END USE
6.1 OVERVIEW
6.2 RESIDENTIAL
6.3 COMMERCIAL
6.4 INDUSTRIAL
7 GLOBAL SOLAR THERMAL MARKET, BY COLLECTOR TYPE
7.1 OVERVIEW
7.2 EVACUATED TUBE COLLECTOR
7.3 FLAT PLATE COLLECTOR
7.4 UNGLAZED WATER COLLECTOR
7.5 AIR COLLECTOR
8 GLOBAL SOLAR THERMAL MARKET, BY SYSTEM
8.1 OVERVIEW
8.2 THERMOSIPHON SOLAR HEATING SYSTEM
8.3 PUMPED SOLAR HEATING SYSTEM
9 GLOBAL SOLAR THERMAL MARKET, BY GEOGRAPHY
9.1 OVERVIEW
9.2 NORTH AMERICA
9.2.1 NORTH AMERICA MARKET SNAPSHOT
9.2.2 U.S.
9.2.3 CANADA
9.2.4 MEXICO
9.3 EUROPE
9.3.1 EUROPE MARKET SNAPSHOT
9.3.2 WESTERN EUROPE
9.3.2.1 THE UK
9.3.2.2 GERMANY
9.3.2.3 FRANCE
9.3.2.4 ITALY
9.3.2.5 SPAIN
9.3.2.6 REST OF WESTERN EUROPE
9.3.3 EASTERN EUROPE
9.3.3.1 POLAND
9.3.3.2 RUSSIA
9.3.3.3 REST OF EASTERN EUROPE
9.4 ASIA PACIFIC
9.4.1 ASIA PACIFIC MARKET SNAPSHOT
9.4.2 CHINA
9.4.3 JAPAN
9.4.4 INDIA
9.4.5 AUSTRALIA & NEW ZEALAND
9.4.6 ASEAN
9.4.7 REST OF ASIA PACIFIC
9.5 MIDDLE EAST & AFRICA
9.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
9.5.2 UAE
9.5.3 SAUDI ARABIA
9.5.4 SOUTH AFRICA
9.5.5 REST OF MEA
9.6 SOUTH AMERICA
9.6.1 SOUTH AMERICA MARKET SNAPSHOT
9.6.2 BRAZIL
9.6.3 ARGENTINA
9.6.4 REST OF SOUTH AMERICA
10 GLOBAL SOLAR THERMAL MARKET COMPETITIVE LANDSCAPE
10.1 OVERVIEW
10.2 COMPANY MARKET RANKING
10.3 KEY DEVELOPMENT STRATEGIES
10.4 COMPETITIVE DASHBOARD
10.5 PRODUCT MAPPING
10.6 TOP PLAYER POSITIONING, 2022
10.7 COMPETITIVE HEATMAP
10.8 TOP WINNING STRATEGIES
11 COMPANY PROFILES
11.1 SIEMENS AG
11.1.1 OVERVIEW
11.1.2 FINANCIAL PERFORMANCE
11.1.3 PRODUCT OUTLOOK
11.1.4 KEY DEVELOPMENTS
11.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.2 TORRESOL ENERGY
11.2.1 OVERVIEW
11.2.2 FINANCIAL PERFORMANCE
11.2.3 PRODUCT OUTLOOK
11.2.4 KEY DEVELOPMENTS
11.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.3 BTE SOLAR CO. LTD
11.3.1 OVERVIEW
11.3.2 FINANCIAL PERFORMANCE
11.3.3 PRODUCT OUTLOOK
11.3.4 KEY DEVELOPMENTS
11.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.4 LINUO RITTER INTERNATIONAL CO. LTD
11.4.1 OVERVIEW
11.4.2 FINANCIAL PERFORMANCE
11.4.3 PRODUCT OUTLOOK
11.4.4 KEY DEVELOPMENTS
11.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.5 SOLAREAST HOLDINGS CO. LTD
11.5.1 OVERVIEW
11.5.2 FINANCIAL PERFORMANCE
11.5.3 PRODUCT OUTLOOK
11.5.4 KEY DEVELOPMENTS
11.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.6 LIONTEK
11.6.1 OVERVIEW
11.6.2 FINANCIAL PERFORMANCE
11.6.3 PRODUCT OUTLOOK
11.6.4 KEY DEVELOPMENTS
11.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.7 ACCIONA
11.7.1 OVERVIEW
11.7.2 FINANCIAL PERFORMANCE
11.7.3 PRODUCT OUTLOOK
11.7.4 KEY DEVELOPMENTS
11.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.8. BRIGHTSOURCE ENERGY
11.8.1 OVERVIEW
11.8.2 FINANCIAL PERFORMANCE
11.8.3 PRODUCT OUTLOOK
11.8.4 KEY DEVELOPMENTS
11.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.9 TRIVELLI ENERGY
11.9.1 OVERVIEW
11.9.2 FINANCIAL PERFORMANCE
11.9.3 PRODUCT OUTLOOK
11.9.4 KEY DEVELOPMENTS
11.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.10 PHOTON ENERGY SYSTEMS LIMITED
11.10.1 OVERVIEW
11.10.2 FINANCIAL PERFORMANCE
11.10.3 PRODUCT OUTLOOK
11.10.4 KEY DEVELOPMENTS
11.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.11 SENER
11.11.1 OVERVIEW
11.11.2 FINANCIAL PERFORMANCE
11.11.3 PRODUCT OUTLOOK
11.11.4 KEY DEVELOPMENTS
11.11.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.12 SOLARRESERVE
11.12.1 OVERVIEW
11.12.2 FINANCIAL PERFORMANCE
11.12.3 PRODUCT OUTLOOK
11.12.4 KEY DEVELOPMENTS
11.12.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.13 SCHOTT
11.13.1 OVERVIEW
11.13.2 FINANCIAL PERFORMANCE
11.13.3 PRODUCT OUTLOOK
11.13.4 KEY DEVELOPMENTS
11.13.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.14 ABORS GREEN GMBH
11.14.1 OVERVIEW
11.14.2 FINANCIAL PERFORMANCE
11.14.3 PRODUCT OUTLOOK
11.14.4 KEY DEVELOPMENTS
11.14.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.15 GREENONETEC SOLARINDUSTRIE GMBH
11.15.1 OVERVIEW
11.15.2 FINANCIAL PERFORMANCE
11.15.3 PRODUCT OUTLOOK
11.15.4 KEY DEVELOPMENTS
11.15.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.16 ABENGOA SOLAR
11.16.1 OVERVIEW
11.16.2 FINANCIAL PERFORMANCE
11.16.3 PRODUCT OUTLOOK
11.16.4 KEY DEVELOPMENTS
11.16.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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