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The solar thermal market share is expected to increase by 167187.58 megawatts from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 5.71%.
This solar thermal market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers solar thermal market segmentation by application (heat generation and power generation) and geography (North America, APAC, Europe, Middle East and Africa, and South America). The solar thermal market report also offers information on several market vendors, including Acciona SA, Actividades de Construccion y Servicios SA, BrightSource Energy Inc, ContourGlobal Plc, Cosmosolar Ltd, DEL PASO SOLAR SL, Elianto Srl, ENGIE SA, General Electric Co, GlassPoint, GREENoneTEC Solarindustrie GmbH, Heliodyne Inc., Nextera Energy Inc., Nobel International EAD, RIOGLASS SOLAR HOLDING SA, SR Energy, SunEarth Inc, SunMaxx Solar, TVP Solar, and Vaillant Group among others.
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The rise in investments in renewable energy is notably driving the solar thermal market growth, although factors such as technical challenges associated with solar thermal technology may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the solar thermal industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Solar Thermal Market Driver
One of the key factors driving growth in the solar thermal market is the rise in investments in renewable energy. The total cost of electricity generated from renewable energy sources is more than that from conventional sources. However, the technology used to generate electricity from renewable energy sources is growing rapidly, making it competitive with newly built fossil fuel power plants. Low carbon emissions and the competitive cost of generating electricity have led to continuous investment in renewable sources of energy across the world. The growing investment in renewable energy has increased the amount of electricity generated from clean sources of energy. Solar and wind power hold the largest share of renewable capacity addition, with their share increasing rapidly in developed and developing economies. The growing demand for solar power is likely to drive investments in renewable energy sources, in turn driving the growth of the solar thermal market.
Key Solar Thermal Market Trend
Solar thermal enhanced oil recovery is a solar thermal market trend that is expected to have a positive impact in the coming years. Solar thermal enhanced oil recovery (EOR) is a technique applied to increase production from maturing oil reservoirs using CSP technology. With the maturing oil fields, production decreases substantially. Thus, it has become crucial to use different oil recovery methods to ensure adequate production from oil reservoirs. The process increases the amount of oil that can ultimately be recovered along with the enhanced rate of production. With the declining oil prices in the oil and gas market, upstream companies are increasing their operational efficiencies to reduce the overall cost associated with crude oil production. Also, with the use of solar energy, the carbon footprint can be reduced substantially due to the low burning of natural gas.
Key Solar Thermal Market Challenge
The technical challenges associated with solar thermal technology will be a major challenge for the solar thermal market during the forecast period. Grid operators face certain technical challenges associated with the power generated through solar thermal technology. At the national level, it is necessary to identify the pathways to integrate power generation into existing energy systems owing to the intermittent nature of renewable sources of energy. Solar systems have limited flexibility and adaptability as specific designs are required for different buildings, demand profiles, and climates. Also, the generated power is limited owing to the less available area for solar thermal collectors. Moreover, thermal power plants consume twice the water required for fossil fuel power plants. Thus, it is quite challenging to operate solar thermal power plants in regions with water scarcity, which increases the operational cost.
This solar thermal market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global solar thermal market as a part of the global renewable electricity market within the global independent power and renewable electricity market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the solar thermal market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the solar thermal market encompasses successful business strategies deployed by the key vendors. The solar thermal market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The solar thermal market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the solar thermal market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Application
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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