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, 2019-2032

The global solar thermal market size was valued at 496.15 GW in 2018 and is projected to reach 984.39 GW by 2032, exhibiting a CAGR of 4.97% during the forecast period of 2019-2032.

Solar thermal systems utilize the sunrays to generate heat which is then used to run various systems. They mainly consist of panels that capture the sun rays. The panels used can be photovoltaic or concentrating solar panels. The most preferred panels for solar thermal systems are concentrating solar panels as these are capable of generating a greater amount of energy which can be used for serving more people as compared to photovoltaic panels. Also, the inclination towards renewables in recent years has propelled the solar thermal market growth. The infrastructure required for solar thermal has been developed in the developing nations and also in countries which are already equipped with the same for capacity addition.  

The adoption of solar thermal energy has increased in recent years across all regions owing to the green energy targets set by countries. Asia Pacific has dominated the market for solar thermal installations, with a major share being occupied by China. China has witnessed the maximum number of installations in the historical years, and it also has a strong planned installation to be carried out in the given forecast period. The major factors driving the growth of the region are green energy target rollouts by the major countries in the region, rural electrification plans, increasing population and increasing demand for clean energy.

MARKET DRIVERS

“Growing Adoption of Clean Fuel Alternatives Will Cater to Solar Thermal Market Growth”

The increasing emphasis on the adoption of clean fuel alternatives with the aim to curb carbon emissions is one of the primary factors driving the growth of the solar thermal market. Solar thermal systems can be deployed for diverse applications, which certainly reduce the dependency on fossil fuels. This, coupled with the operational and economic advantages for the user and the service provider, will act as the driving factors for solar thermal market growth.

“Renewable Target Rollouts by Governments Are Projected to Fuel Solar Thermal Industry Growth”

Governments in many countries and international organizations have rolled out several targets to be achieved by the end of 2020, 2030, 2040, and 2050. These targets mainly emphasize on increasing the share of renewables in energy generation. This factor, coupled with the incentives provided by the government to achieve the same, is acting as the driving force for rising investments in the solar industry. This has also helped the market to be fragmented and allowing new players to enter the market. These factors collectively are anticipated to help increase the overall solar thermal market size during the forecast period.

SEGMENTATION

By Collector Type Analysis

“Flat Plate Collectors Will Dominate the Market in Coming Years”

Based on the collector type, the solar thermal market is segmented into an evacuated tube collector, flat plate collector, unglazed water collector, and air collector. Out of the given type of collectors, the evacuated tube collectors segment is occupying a lion share in the world market, owing to its operational advantages over the other type of collectors. As the demand for solar thermal is expanding in Europe which is one of the leading regions, the market share of flat plate collectors segment has also risen owing to their maximum utilization. The technological advancements brought in the flat plate collectors to increase their efficiency has been one of the reasons for high solar thermal market growth. Air collectors occupy a minimal solar thermal market share in the market as they are only deployed for some specific use and have low operational efficiency.  

By Type of System Analysis

“Trend of Deployment of Thermosiphon Systems Will Be Continued”

Based on the type of system, the solar thermal market can be majorly divided into thermosiphon solar heating systems, and pumped solar heating system. In recent years the deployment of thermosiphon systems has been preferred over the pumped solar heating systems. In 2017, among the newly installed solar thermal systems, more than half of the installations were of thermosiphon systems.  These systems are preferred in regions of warm climate that include Africa, South America, Europe, and countries in the Middle East regions. Here in these regions, these systems are used with evacuated type collectors and are also used with the flat plate collectors for hot water applications in other regions.  

By Application Analysis

“Application of Solar Thermal Power Varies Significantly Based on Installation Region”

Based on application, the solar thermal market can be segmented into domestic hot water systems, large DHW systems, solar combi systems, swimming pool heating, and others. The applications of solar thermal systems vary significantly from region to region. In China, which occupies a significant solar thermal energy market share, solar thermal systems are majorly deployed for domestic hot water systems, whereas in the Middle East & Africa, these are majorly used for large DHW systems. On the other side, solar thermal systems in North America are prominently used for swimming pool applications. Thus, depending upon the specific requirement in a particular region, solar thermal energy trend finds its application and this is further expected to be continued in the forecast period.  

REGIONAL ANALYSIS

Geographically, the market has been analyzed across five major regions, namely North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa. Among these, Asia Pacific is projected to be the dominating region in the forecast period. The primary reasons contributing to the growth are the rising energy demand in the region, further attributed to the increasing population and urbanization witnessed in recent years. Also, the green energy targets being looked upon by countries have increased the deployment rate of solar power in the region. Currently, China is the market leader both regionally and globally, and this solar thermal power market trend is set to continue with rising investment being witnessed for solar power. The presence of key market players will also have a positive impact on the regional solar thermal energy market growth.

In Europe, the major driving factors for the market are the green energy targets being set by countries in the European Union. This has led to increased research & development activities for increasing efficiency of solar. Also, universities, government, key industry players and laboratories, are coming together to develop more advanced technologies for efficient energy generation using solar. North America is anticipated to have moderate growth in the market with the U.S. in the leading position.

In Latin America, Mexico and Brazil are the countries that have planned installations for district heating systems, that will also deploy renewables. This certainly will drive the solar thermal market growth in the region. The Middle East and Africa being the regions with maximum exposure to sunlight, are anticipated to utilize this to the fullest in the coming years. This can be noticed with the recent investments being done for solar power in the region.

INDUSTRY KEY PLAYERS

“Industry Players Like Abengoa Solar, Brightsource Energy, Siemens Are Leading Players Shaping Market Size”

The solar thermal market has been fragmented with the presence of various regional as well as global players producing solar power at different locations and different production rates. Key solar thermal market manufacturers are increasingly focusing on investing in research & development activities to attain higher efficiency and make the maximum utilization of sunrays. Major market players are looking forward to entering into the unexplored regions with new projects. 

LIST OF KEY COMPANIES PROFILED: 

• BrightSource Energy


• Abengoa Solar


• Siemens


• Acciona


• SolarReserve


• Torresol Energy


• Trivelli Energia


• Abors green GmbH


• Parvolen CSP Technologies


• Sener


• Lointek


• SCHOTT

REPORT COVERAGE

Solar thermal energy generation involves energy being generated in a substantial amount, which is then distributed for different applications. The system may consist of solar photovoltaic that functions as a single unit. Also, it can be made up of mirrors that are used to focus the sunlight on a particular point, where the energy from sun rays is used for generating heat. This energy is then used for diverse applications, like district heating, district cooling, swimming pool heating, hot water systems, combi systems and other applications.

Various types of solar panels can be used in solar thermal power plants; the main difference between the type of technology stands between the collectors that are being used. These collectors can be water collectors, air collectors, glazed collectors, or unglazed collectors. 

The report provides a detailed solar thermal market analysis and focuses on key aspects such as leading companies, product/service types, and key applications of the product. Besides this, the report offers insights into the market, recent market trends, and highlights key industry developments. In addition to the factors above, the report encompasses several factors that have contributed to the growth of the market over the recent years.

 Report Scope & Segmentation

INDUSTRY DEVELOPMENT:

• In November 2019, Heliogen launched a new breakthrough in its technological portfolio, which is being funded by Bill Gates who also has investments made in Malta. The company also announced its technology which would make operations possible at 1,000 degrees celsius. This would help replace the use of fossil fuels in industrial processes, and therefore reducing GHG emissions.


• In November 2019, Abengoa carried out a successful synchronization of the turbine at Luneng Haixi 50GW solar thermal power plant, which indicates the correct operation of mechanical and electrical infrastructure in the solar field. This project is being carried out as a part of the renewable energy program launched by the Chinese government back in 2018. The program aims at increasing the solar thermal installed base in-country to 27GW by 2030.