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Report
Solar Thermal Power Market (System - Thermosiphon Solar Heating System, and Pumped Solar Heating System; Application - Hot Water Systems, Solar Combi Systems, Swimming Pool Heating, and Others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2030
Market Report I 2023-05-29 I 180 Pages I Infinium Global Research and Consulting Solutions
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 about USD 21,200 million in 2022 and is expected to reach over USD 33,900 million in 2030, with a CAGR of more than 5% 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
Our 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 Infinium Global Research
2. Internal and External subject matter experts
3. Professionals and participants from the industry
Our 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. At Infinium Global Research, 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
Segment 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. IGR- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.
Table of Content
Chapter 1. Preface
1.1. Report Description
1.2. Research Methods
1.3. Research Approaches
Chapter 2. Executive Summary
2.1. Solar Thermal Power Market Highlights
2.2. Solar Thermal Power Market Projection
2.3. Solar Thermal Power Market Regional Highlights
Chapter 3. Global Solar Thermal Power Market Overview
3.1. Introduction
3.2. Market Dynamics
3.2.1. Drivers
3.2.2. Restraints
3.2.3. Opportunities
3.3. Porter's Five Forces Analysis
3.4. IGR-Growth Matrix Analysis
3.4.1. IGR-Growth Matrix Analysis by System
3.4.2. IGR-Growth Matrix Analysis by Application
3.4.3. IGR-Growth Matrix Analysis by Region
3.5. Value Chain Analysis of Solar Thermal Power Market
Chapter 4. Solar Thermal Power Market Macro Indicator Analysis
Chapter 5. Global Solar Thermal Power Market by System
5.1. Thermosiphon Solar Heating System
5.2. Pumped Solar Heating System
Chapter 6. Global Solar Thermal Power Market by Application
6.1. Hot Water Systems
6.2. Solar Combi Systems
6.3. Swimming Pool Heating
6.4. Others
Chapter 7. Global Solar Thermal Power Market by Region 2023-2030
7.1. North America
7.1.1. North America Solar Thermal Power Market by System
7.1.2. North America Solar Thermal Power Market by Application
7.1.3. North America Solar Thermal Power Market by Country
7.1.3.1. The U.S. Solar Thermal Power Market
7.1.3.1.1. The U.S. Solar Thermal Power Market by System
7.1.3.1.2. The U.S. Solar Thermal Power Market by Application
7.1.3.2. Canada Solar Thermal Power Market
7.1.3.2.1. Canada Solar Thermal Power Market by System
7.1.3.2.2. Canada Solar Thermal Power Market by Application
7.1.3.3. Mexico Solar Thermal Power Market
7.1.3.3.1. Mexico Solar Thermal Power Market by System
7.1.3.3.2. Mexico Solar Thermal Power Market by Application
7.2. Europe
7.2.1. Europe Solar Thermal Power Market by System
7.2.2. Europe Solar Thermal Power Market by Application
7.2.3. Europe Solar Thermal Power Market by Country
7.2.3.1. Germany Solar Thermal Power Market
7.2.3.1.1. Germany Solar Thermal Power Market by System
7.2.3.1.2. Germany Solar Thermal Power Market by Application
7.2.3.2. United Kingdom Solar Thermal Power Market
7.2.3.2.1. United Kingdom Solar Thermal Power Market by System
7.2.3.2.2. United Kingdom Solar Thermal Power Market by Application
7.2.3.3. France Solar Thermal Power Market
7.2.3.3.1. France Solar Thermal Power Market by System
7.2.3.3.2. France Solar Thermal Power Market by Application
7.2.3.4. Italy Solar Thermal Power Market
7.2.3.4.1. Italy Solar Thermal Power Market by System
7.2.3.4.2. Italy Solar Thermal Power Market by Application
7.2.3.5. Spain Solar Thermal Power Market
7.2.3.5.1. Spain Solar Thermal Power Market by System
7.2.3.5.2. Spain Solar Thermal Power Market by Application
7.2.3.6. Rest of Europe Solar Thermal Power Market
7.2.3.6.1. Rest of Europe Solar Thermal Power Market by System
7.2.3.6.2. Rest of Europe Solar Thermal Power Market by Application
7.3. Asia Pacific
7.3.1. Asia Pacific Solar Thermal Power Market by System
7.3.2. Asia Pacific Solar Thermal Power Market by Application
7.3.3. Asia Pacific Solar Thermal Power Market by Country
7.3.3.1. China Solar Thermal Power Market
7.3.3.1.1. China Solar Thermal Power Market by System
7.3.3.1.2. China Solar Thermal Power Market by Application
7.3.3.2. Japan Solar Thermal Power Market
7.3.3.2.1. Japan Solar Thermal Power Market by System
7.3.3.2.2. Japan Solar Thermal Power Market by Application
7.3.3.3. India Solar Thermal Power Market
7.3.3.3.1. India Solar Thermal Power Market by System
7.3.3.3.2. India Solar Thermal Power Market by Application
7.3.3.4. South Korea Solar Thermal Power Market
7.3.3.4.1. South Korea Solar Thermal Power Market by System
7.3.3.4.2. South Korea Solar Thermal Power Market by Application
7.3.3.5. Australia Solar Thermal Power Market
7.3.3.5.1. Australia Solar Thermal Power Market by System
7.3.3.5.2. Australia Solar Thermal Power Market by Application
7.3.3.6. Rest of Asia-Pacific Solar Thermal Power Market
7.3.3.6.1. Rest of Asia-Pacific Solar Thermal Power Market by System
7.3.3.6.2. Rest of Asia-Pacific Solar Thermal Power Market by Application
7.4. RoW
7.4.1. RoW Solar Thermal Power Market by System
7.4.2. RoW Solar Thermal Power Market by Application
7.4.3. RoW Solar Thermal Power Market by Sub-region
7.4.3.1. Latin America Solar Thermal Power Market
7.4.3.1.1. Latin America Solar Thermal Power Market by System
7.4.3.1.2. Latin America Solar Thermal Power Market by Application
7.4.3.2. Middle East Solar Thermal Power Market
7.4.3.2.1. Middle East Solar Thermal Power Market by System
7.4.3.2.2. Middle East Solar Thermal Power Market by Application
7.4.3.3. Africa Solar Thermal Power Market
7.4.3.3.1. Africa Solar Thermal Power Market by System
7.4.3.3.2. Africa Solar Thermal Power Market by Application
Chapter 8. Company Profiles and Competitive Landscape
8.1. Competitive Landscape in the Global Solar Thermal Power Market
8.2. Companies Profiles
8.2.1. Solar Energy Industries Association
8.2.2. GREENoneTEC Solar Industry GmbH
8.2.3. BTE Technologies
8.2.4. Siemens Energy
8.2.5. ACCIONA
8.2.6. Robert Bosch GmbH
8.2.7. Hitachi Energy Ltd.
8.2.8. General Electric
8.2.9. AREVA S.A.
8.2.10. Tucson Electric
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