Solar Thermal Power Market: Global Industry Analysis, Trends, Size, Share and Forecasts to 2030

The report on the global solar thermal power market provides qualitative and quantitative analysis for the period from 2021-2030. The global solar thermal power market was valued at USD 21.23 billion in 2022 and is expected to reach USD 33.96 billion in 2030, with a CAGR of 5.36% during the forecast period 2023-2030. The study on solar thermal power market covers the analysis of the leading geographies such as North America, Europe, Asia Pacific, and RoW for the period of 2021-2030.

The solar thermal power market is experiencing significant growth globally due to the increasing global shift towards renewable energy sources. This shift is driven by environmental concerns and the urgent need to reduce carbon emissions to mitigate the impacts of climate change. Solar thermal power, which harnesses sunlight to generate electricity, offers a clean and sustainable energy solution that aligns with these objectives.

Moreover, ongoing technological advancements in solar thermal power technologies are playing a crucial role in driving market growth. These advancements focus on improving the efficiency and cost-effectiveness of solar thermal power systems. Innovations in areas such as thermal energy storage, receiver designs, and power cycle efficiency have led to notable improvements in system performance and competitiveness. Enhanced thermal energy storage systems allow for better utilization of solar energy, enabling power generation even when sunlight is not available.

Residential is the fastest-growing segment in the End-use of the Solar Thermal Power Market

Solar thermal power is primarily utilized in large-scale power plants for commercial and utility-scale electricity generation. In the residential sector, solar thermal power is typically used for heating applications rather than electricity generation. Solar thermal systems can provide hot water for domestic use, space heating, and even support heating for swimming pools. These systems use solar collectors to absorb sunlight and convert it into thermal energy, which is then transferred to a heat exchanger to heat water or air. Residential solar thermal systems often consist of flat-plate or evacuated tube collectors mounted on rooftops or ground-mounted arrays. These collectors contain a heat-absorbing fluid, such as water or a heat transfer fluid, which absorbs the solar energy and transfers it to a storage tank. The stored thermal energy can be utilized when hot water or space heating is required, providing an energy-efficient and sustainable alternative to conventional heating systems.

Asia Pacific region holds a significant share of the Solar Thermal Power Market

During the projected period, the Asia Pacific region is anticipated to dominate the solar thermal power market, holding a significant share. This prominence can be attributed to several factors. First and foremost, the region boasts an abundance of solar resources, with countries such as China, India, and Australia possessing high levels of solar irradiation. This wealth of sunlight makes solar thermal power an alluring option for generating electricity. Moreover, the region is experiencing rapid economic growth, urbanization, and industrialization, leading to a surge in electricity demand. Solar thermal power plants present a clean and sustainable solution to meet this escalating energy requirement. By harnessing solar energy, these power plants can deliver a reliable and environmentally friendly source of electricity, reducing dependence on fossil fuels and bolstering energy security in the region.

Report Findings

1) Drivers

• Increasing focus on renewable energy is a significant driver for the solar thermal power market.
• Technological advancements propel the growth of the market

2) Restraints

• High initial investment costs hamper the growth of the market

3) Opportunities

• The increasing global demand for electricity creates growth opportunities for the market.

Research Methodology

A) Primary Research

The primary research involves extensive interviews and analysis of the opinions provided by the primary respondents. The primary research starts with identifying and approaching the primary respondents, the primary respondents are approached include

• 1. Key Opinion Leaders associated with the publisher
• 2. Internal and External subject matter experts
• 3. Professionals and participants from the industry

The primary research respondents typically include

• 1. Executives working with leading companies in the market under review
• 2. Product/brand/marketing managers
• 3. CXO level executives
• 4. Regional/zonal/country managers
• 5. Vice President level executives

B) Secondary Research

Secondary research involves extensive exploring through the secondary sources of information available in both the public domain and paid sources. Each research study is based on over 500 hours of secondary research accompanied by primary research. The information obtained through the secondary sources is validated through the crosscheck on various data sources.

The secondary sources of the data typically include

• 1. Company reports and publications
• 2. Government/institutional publications
• 3. Trade and associations journals
• 4. Databases such as WTO, OECD, World Bank, and among others.
• 5. Websites and publications by research agencies

Segments Covered

The global solar thermal power market is segmented on the basis of system, and application.

The Global Solar Thermal Power Market by System

• Thermosiphon Solar Heating System
• Pumped Solar Heating System

The Global Solar Thermal Power Market by Application

• Hot Water Systems
• Solar Combi Systems
• Swimming Pool Heating
• Others

Company Profiles

The companies covered in the report include

• Solar Energy Industries Association
• GREENoneTEC Solar Industry GmbH
• BTE Technologies
• Siemens Energy
• ACCIONA
• Robert Bosch GmbH
• Hitachi Energy Ltd.
• General Electric
• AREVA S.A.
• Tucson Electric

What does this Report Deliver?

1. Comprehensive analysis of the global as well as regional markets of the solar thermal power market.
2. Complete coverage of all the segments in the solar thermal power market to analyze the trends, developments in the global market and forecast of market size up to 2030.
3. Comprehensive analysis of the companies operating in the global solar thermal power market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and latest developments of the company.
4. Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.