Solar Thermal Market Size, Share & Trends Report (2021-2027) | UnivDatos

According to UnivDatos’ research report “Solar Thermal Market”, the global solar thermal market is projected to grow at a CAGR of % during 2021-27 owing to the government’s regulation to reduce the dependency on fossil fuel in energy generation and to seize the power production from coal plants across several countries.  The past few years have witnessed a drastic increase in the cumulative capacity of solar thermal energy globally. In 2018, the global cumulative capacity of solar thermal energy accounted for roughly 480 gigawatts thermal. This was a dramatic increase from 2009, in which the cumulative capacity around the globe was 203 gigawatts thermal.

The demand for solar thermal is witnessing an uptick on account of the wide adoption of renewable energy sources across the region owing to the growing environmental concerns across the world. For instance, as per International Energy Association, renewable will be growing fastest in the electric sector, supplying almost 30% of the power demand by 2023, up from 24% in 2017. Further, the demand for renewable energy use increased by 3% in 2020 as demand for other fuels declined.  

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Furthermore, the growth of this market can also be attributed to the growing industrialization, urbanization, and population leading to an increase in energy demand across the world. Additionally, many companies are also launching their solar thermal projects which in turn, is driving the market growth. For instance, in June 2021, U.S. equity firm EIG Global Energy Partners launched Latin America’s first thermal solar plant, a project in Chile’s sun-drenched Atacama Desert that the South American nation hopes will smooth its path to a low-carbon future. 

The recent COVID-19 pandemic has disrupted the world like never before and is bringing economies to a halt. It was estimated that the global pandemic will cause a decline in major economies GDP by at least 2.9% over 2020. However, this forecast was already restated to a GDP loss of 4.5%. To put this in numbers, global GDP was estimated at around USD 87.55 trillion in 2019 – meaning that a 4.5% drop in economic growth results in almost USD 3.94 trillion of lost economic output. The coronavirus outbreak has put lockdown restrictions all over the world due to which various research laboratories and institutes working in these fields have closed down temporarily. The crisis has also disrupted the supply chains of solar equipment which in turn is affecting many solar projects globally.   

Based on the collector type, the market is fragmented into evacuated tube collector, flat plate collector, unglazed water collector, and air collector. The evacuated tube collector segment accounted for the largest share in 2020 and is anticipated to register a lucrative CAGR during the forecast period. The growth of this segment is attributed to the wide adoption of evacuated tube collectors owing to their operational advantages over other collector types. For example, they have an enhanced capacity to capture sunlight owing to their larger surface area exposed to the sun.  However, the flat plate collector segment is also expected to grow at a considerable CAGR during the forecast period. 

Space Heating Systems Segment to Witness Robust growth 

Based on application, the market is segmented into space heating systems, domestic hot water systems, solar combi systems, and others. The space heating systems segment had the highest revenue and CAGR growth in the analyzed period as it helps in reducing the electric heating bills. Further, owing to its growing applications in residential and commercial buildings, there is a rise in the number of solar thermal installations across the world. For instance, amongst all the solar thermal installations globally, 1 in 2 of them accounted for space heating applications in the year 2019. 

Asia-Pacific to Grab Lion’s Share, and witnessed Explicit Growth 

Based on the region, Asia-Pacific dominated the global solar thermal market in 2020. The region is projected to maintain its dominance during the forecasted period 2021-27 owing to various technological advancements in the solar energy sector and an increase in solar energy solutions deployment across the APAC countries. For instance, China had 175 GW of solar energy in 2018 and is expected to reach 1,412 GW by 2030. Asia-Pacific is expected to skyrocket with a CAGR of XX% in the forecast period owing, as stated in UnivDatos Market Insights (UMI)’ research report “Global Solar Thermal Market Analysis, 2020”.   

According to UnivDatos, the key players with a considerable market share in the Solar Thermal Market Siemens AG, SolarReserve, Sunrain, Photon Energy Systems Ltd, BTE Solar Co. Ltd, Sener, SCHOTT, ACCIONA, Greenonetec Solarindustrie GmbH, LINUO RITTER INTERNATIONAL CO. LTD, among others. The players are focused on launching new products for gaining customers' traction and expanding their geographical reach to get a competitive edge in the industry.  

• In November 2019, Heliogen launched commercially concentrated solar energy to exceed temperatures greater than 1,000 degrees Celsius that can replace the use of fossil fuels in various industrial processes. 
• In 2018, the new venture of Bill Alexander, the founder of Ideal Power, launched its new solar thermal collector technology, the FlexForm Collector that is designed to achieve the lowest possible costs in concentrating and collecting solar thermal energy.  

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“Global Solar Thermal Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for solar thermal providers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of go to Market Strategies and identifying the blue ocean for its offerings. 

Market Segmentation: 

1. By Collector Type (Evacuated Tube Collector, Flat Plate Collector, Unglazed Water Collector, Air Collector) 
2. By Application (Space Heating System, Domestic Hot Water Systems, Solar Combi Systems, Others) 
3. By Region (North America, Europe, Asia-Pacific, Rest of the World) 
4. By Company (Siemens AG, SolarReserve, Sunrain, Photon Energy Systems Ltd, BTE Solar Co. Ltd, Sener, SCHOTT, ACCIONA, Greenonetec Solarindustrie GmbH, LINUO RITTER INTERNATIONAL CO. LTD, etc.) 

Key questions answered in the study: 

1. What are the current and future trends of the solar thermal industry?  
2. How the industry has been evolving in terms of collector type and application areas? 
3. How the competition has been shaping across the countries followed by their comparative factorial indexing? 
4. What are the key growth drivers and challenges for the solar thermal industry? 
5. What is the customer orientation, purchase behavior, and expectations from the solar thermal firms across various regions?  

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