Solar Thermal Fuel Market Size, Share and Global Trend By Application (Industrial, Household, Commercial, Automotive) and Regional Forecast, 2024-2032

Solar thermal fuel a form of chemical that collects solar radiation, store it, and deliver it again as heat. Its wide application in the area of heating. It is a new type of material that can be used as an alternative to conventional solar photovoltaics. Solar thermal fuels offer a solution to solar energy storage and conversion light energy and are stored then convert into heat within a single material, and it doesn’t require any additional battery.

There is no chemical reaction takes places within the material that makes it does not degrade and increase life. Solar thermal fuels are free from greenhouse gas emission, reusable, and eco-friendly in nature. Solar thermal fuel is combined into polymers, which makes energy density as compared to lithium-ion batteries.

On the basis of the application, the global solar thermal fuel market can be segmented into industrial, household, and commercial. Both household and industrial is expected to dominating the market in the above segmentation. In household the thermal heat can be used for water heater, dishwasher and clothes dryer.

The application of solar thermal fuel in the commercial sector for sterilization, distillation, bleaching, cooking, and others. Solar thermal fuels can be stored in uninsulated tanks in the industries or house, and the system can operate in closed-loop, collecting solar energy and dropping off the heat and over again.

The factor that is expected to drive the growth of the global solar thermal fuel market is with the increase in industrial activities and rapid growth in the residential sector. This resulted in escalating in demand for energy. Also, shifting towards renewable sources of energy that resulted in an increase in investment for research in solar energy.

It acts as an alternative solution for a clean source of energy. Increase reliability on solar power and solar products to meet energy demand across the world. Also, there is an enormous untapped market that has the potential to use solar. The process is very simple and required deficient maintenance for the production of fuel. The operation cost is also very low for the process, and the system is highly efficient.

The factor that is expected to restrain the growth of the global solar thermal fuel market is solar thermal fuel is new technology, and it is in the growing stage. Also, more innovation is required regarding design and implementation.

Key Players Covered

Some of the major research institutes in the global solar thermal fuel market are Massachusetts Institute of Technology, Solar Energy Industries Association, International Solar Energy Society, The Australian Solar Thermal Energy Association, Solar Energy Society of India, International Energy Agency, and the Chalmers University of Technology.

SEGMENTATION 

Regional Analysis

The global solar thermal fuel market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In Europe owing to technological advancement in solar thermal that makes solar thermal fuel as a better option for traditional application such as domestic hot water production and for industrial process heat. Owing to the use of solar thermal in Europe, which helps to make it decarbonizing heating and cooling system. With an increase in replacement of advance, renewable heating technologies like solar thermal that allows peoples to shift towards more efficient and renewable appliances. In the Asia Pacific, owing to increase investment in renewable sources of power like solar and wind energy, which helps solar thermal fuel market to grow.

Key Industry Developments

• In Nov 2018, In Sweden scientists have developed a specialised fluid that can help to store energy from the sun for up to 18 years.