Solar Thermal Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI3715
Solar Thermal Market size will witness growth owing to rising demand for electricity coupled with shifting inclination toward renewable from conventional technologies. In addition, surging adoption of solar power generation technologies across industrial, residential and commercial establishments will stimulate the industry dynamics. According to Solar Power Europe, global grid connected installed PV capacity for 2017 reached 99.1GW, i.e., increased by 30% in comparison to 2016.
Rapid expansion of infrastructure sector along with positive economic performance across emerging nations will augment the solar thermal market share. Easy installation, low maintenance cost, reduced energy bills, and long operational life are some of the paramount features, making its adoption preferable over alternate technologies. Growing investment toward research and development activities to enhance efficiency of solar system in line with strict regulation pertaining to GHG emissions will further complement the industry landscape.
Government efforts to mitigate the electricity demand & supply gap coupled with increasing demand for effective and continuous power supply will propel the solar thermal market growth. Favorable government initiatives comprising subsidies, tax rebates, and investment tax credits have been introduced to enhance the adoption of renewable resources. Furthermore, restructuring of trade policies and investment flow along with continuous decline in solar prices will complement the business outlook.
Residential solar thermal market is anticipated to witness growth owing to rapid urbanization in line with improved in living standard and rising disposable income. Enhanced efficiency, sustainability, and low thermal losses are some of the prime factors, enhancing the product adoption across the establishments. Furthermore, growing consumer awareness about the benefits of renewable technologies along with rising focus toward energy security will stimulate the bustiness landscape.
Surging demand for uninterrupted power supply coupled with increasing adoption of decentralized power systems will stimulate the Tower/Heliostat Systems based CSP solar thermal market growth. Ability to generate power round the clock in line with energy storing capability will further boost the product demand.
Growing regulatory inclination toward adoption of renewable technologies for reducing dependency on fossil fuels will drive the Asia Pacific solar thermal market size. For instance, in 2017, China witnessed a total investment of USD 86.5 billion to install 53 GW of solar energy. Low manufacturing cost, bulk product demand and favorable government measures to promote adoption of solar technologies will further complement the industry scenario.
Rising electrification index across war affected regions along with abundant solar energy potential will augment the Middle East & Africa solar thermal market share. Large land availability along with rising fund flow from financial institutions will enhance the business landscape. For instance, in 2017, Shanghai Electric/ACWA announced a 700 MW CSP project in Saudi Arabia which is supported by Industrial and Commercial Bank of China (ICBC).
Eminent industry players operating across the global solar thermal market comprise GE, Hitachi, Siemens, Abengoa, Acciona, Areva, Bosch, Viessmann, Bright Source Energy, Directed Vapor, SCHOTT, and SEIA.
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