Solar Thermal Market Size to Reach 767.73 GW by 2026 | Rise in Adoption of Clean Energy to Control Carbon Emissions Will Aid in Expansion of Global Solar Thermal Market
Fortune Business Insights
5 min read
Fortune Business Insights
According to Fortune Business Insights, The global solar thermal market size stood at 496.15 GW in 2018 and is projected to reach 767.73 GW by 2026, exhibiting a CAGR of 5.6% during the forecast period.; Evacuated Tube Collectors Segment to Dominate Market with Operational Advantages, Predicts Fortune Business Insights™
Pune, India, May 09, 2022 (GLOBE NEWSWIRE) -- The global solar thermal market size is prognosticated to rise exponentially owing to the rise in the use of solar power for various applications. A report on the market by Fortune Business Insights™ titled, “Solar Thermal Market Size, Share & Industry Analysis, By Collector Type (Evacuated Tube Collector, Flat Plate Collector, Unglazed Water Collector, Air Collector), By Type of System (Thermosiphon Solar Heating Systems, Pumped Solar Heating System) By Application (Domestic Hot Water Systems, Large DHW Systems, Solar Combi Systems, Swimming Pool Heating, Others), and Regional Forecast, 2019-2026,” studies various growth trajectories of the market in details.
According to the report, the global solar thermal market size will increase from 496.15 GW in 2018 and reach 767.73 GW by the end of 2026. The forecast period is set from 2019 to 2026, and the market will exhibit a CAGR of 5.6%.
Renewable Target Rollouts by Governments Are Projected to Fuel Solar Thermal Industry Growth
Growing Adoption of Clean Fuel Alternatives Will Cater to Solar Thermal Market Growth
Rise in Adoption of Clean Fuel to Propel Market Growth
The rise in demand for clean energy to replace fossil fuels and serve various applications is a major factor boosting the solar thermal energy market growth. Additionally, the rise in emphasis on the adoption of clean fuel for controlling carbon emissions is expected to attract high solar thermal power market revenue in the forecast period. Besides this, the economic and operational advantages of using solar power as fuel and the service provider are further expected to help increase the solar thermal market size in the coming years.
Asia Pacific to Continue Dominance Owing to Rising Demand for Energy to Suffice to Needs of Growing Population
From a geographical perspective, the global solar thermal market analysis foresees Asia Pacific to emerge dominant in the past with market size of 375.54 GW in 2018. This region is likely to continue dominating the market during the forecast period as well. This is owing to the increasing demand for energy in the region, further attributed to the rise in population and urbanization in the past years. In addition, there is a rise in the deployment rate of solar power in Asia Pacific on account of green energy targets set by various nations. At present, China is leading the market, both regionally and internationally. This solar thermal energy market trend is further anticipated to continue in the coming years as well.
Fragmented Nature to Intensify Market Competition Among Players
The competitive landscape of the overall solar thermal energy market is fragmented nature-wise, owing to the presence of both regional and international players. Significant solar thermal power market manufacturers are investing huge sums into research and development activities for utilizing sun rays to the maximum and attaining higher efficiency. Players are also focusing on the geographical expansion of their products to gain a competitive edge and toughen the competition for others.
Some of the key industry developments in the solar thermal market are:
November 2019 – The launch of commercially concentrated solar energy for exceeding temperatures above 1000 degrees called ‘Heliogen,’ was announced by a clean energy company in Lanchester, California. Heliogen is anticipated to take the place of fossil fuels in the near future. This will be applicable in cement production, steel production, and petrochemicals and also help in reducing the emission of greenhouse gases into the atmosphere.
November 2019 –The synchronization of the turbine at the Luneng Haixi 50GW solar thermal power plant, China, was carried out successfully by Abengoa. This project is being carried out as a part of the renewable energy program launched by the Chinese government since 2018. This plant aims at achieving a solar thermal installed base with a capacity of at least 27 GW by the end of 2030.
Some of the significant solar thermal power market manufacturers include:
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