Product Code: A06891
The global solar thermal market size was valued at $21.5 billion in 2021, and projected to reach $35.3 billion by 2031, with a CAGR of 5.1% from 2022 to 2031.
Solar thermal is an energy source, which is free of emissions. Solar thermal systems use sunrays to produce heat, which is subsequently used to operate different systems. They are usually composed of panels that absorb the sunrays. The panels utilized can be concentrating solar panels that are photovoltaic. Concentrating solar panels are the most recommended panels for solar thermal systems, as they generate larger volume of energy and caters to increasing energy need as compared to photovoltaic panels. Increase has been witnessed in the adoption of solar thermal systems, owing to rise in need to meet renewable energy goals of various countries. Solar thermal systems are relatively low in maintenance, as they use simplified technologies and passive systems without relocating components.
Introducing clean fuel substitutes to curb carbon emissions is one of the factors responsible for the market growth. Solar thermal systems can be installed for a range of applications, which vastly reduce the consumption of fossil fuels. This is expected to act as a remunerative opportunity for the solar thermal market, along with operational and economic benefits for both the user and the service provider. In addition, rise in demand for continuous power supply and increase in adoption of decentralized power systems are projected to boost the growth of the solar thermal market. The ability to generate power round the clock in line with energy storage capability is expected to further increase demand for the product. However, insufficient rewards for investment may pose a market challenge. Taxation policies could iincrease costs that would lead to high energy prices. Economical and technical viability further serves as a key concern, as the costs of the equipment is high.
The solar thermal market is segmented on the basis of collector type, system, application, end use, and region. On the basis of collector type, it is segmented into evacuated tube collector, flat plate collector, unglazed water collector, and air collector. On the basis of system, the market is segmented into thermosiphon solar heating system, and pumped solar heating system. On the basis of application, the market is segmented into hot water systems, solar combi systems, swimming pool heating, and others. Furthermore, hot water systems are bifurcated into domestic, and large. On the basis of end use, the solar thermal market is segmented into residential, commercial, and industrial. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, Asia-Pacific accounts for the largest share of the market, followed by Europe and North America.
The major companies profiled in this report include, Solareast Holdings Co. Ltd, Greenonetec Solarindustrie GmbH, BTE solar Co. Ltd, Linuo Ritter International Co. Ltd, Photon Energy Systems Limited., BrightSource Energy, Abengoa Solar, Siemens AG, Acciona, SolarReserve, Torresol Energy, Trivelli Energy, Sener, Lointek, SCHOTT, Abors green GmbH, and Liontek. Due to rapid industrialization, urbanization, and gradual increase in population has led to increase in the demand for power. The demand for power from clean energy resources has increased the demand for solar thermal system. Additional growth strategies such as expansion of production capacities, acquisition, partnership and research & innovation in new technologies related to solar thermal energy system have led to attain key developments in the global solar thermal market trends.
Impact of COVID-19 on Global Solar Thermal Market
The global COVID-19 pandemic had a negative impact on the solar thermal market. The major problems being it might be possible that companies may not be able to meet project delivery timelines that could alter tax treatment or eligibility for state incentives for such projects. In November 2020, the City of Albuquerque Parks and Recreation announced the temporary closure of the Highland Pool to limit the spread of the virus to employees. Such disruptions across the swimming pool facilities may create an indirect impact on the deployment of solar thermal heating systems.
Post pandemic outbreak, the gradual surge in the construction sector and tourism industry has led to increase in the demand for solar thermal systems. The government of various developing and developed countries has invested in the development of solar thermal power plants in order to reduce their imports of fossil fuels, and other energy resources. Furthermore, increase in awareness among people regarding the impact of conventional water heating systems in residential applications will drive the demand for solar thermal systems. The trend is expected to continue during the forecast period.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the solar thermal market analysis from 2021 to 2031 to identify the prevailing solar thermal market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the solar thermal market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global solar thermal market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Application
- Hot Water Systems
- Solar Combi Systems
- Swimming Pool Heating
- Others
By End Use
- Residential
- Commercial
- Industrial
By Collector Type
- Evacuated Tube Collector
- Flat Plate Collector
- Unglazed Water Collector
- Air Collector
By System
- Thermosiphon Solar Heating System
- Pumped Solar Heating System
By Region
- North America
- Europe
- Germany
- Italy
- Spain
- UK
- France
- Rest Of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest Of Asia-Pacific
- LAMEA
- Brazil
- Chile
- South Africa
- Rest Of LAMEA
- Key Market Players
- Solareast Holdings Co. Ltd,
- Greenonetec Solarindustrie GmbH,
- BTE solar Co. Ltd,
- Linuo Ritter International Co. Ltd,
- Photon Energy Systems Limited.
- BrightSource Energy
- Abengoa Solar
- Siemens AG
- Acciona
- SolarReserve
- Torresol Energy
- Trivelli Energy
- Sener
- Lointek
- SCHOTT
- Abors green GmbH
- Liontek
TABLE OF CONTENTS
CHAPTER 1:INTRODUCTION
- 1.1.Report description
- 1.2.Key market segments
- 1.3.Key benefits to the stakeholders
- 1.4.Research Methodology
- 1.4.1.Secondary research
- 1.4.2.Primary research
- 1.4.3.Analyst tools and models
CHAPTER 2:EXECUTIVE SUMMARY
- 2.1.Key findings of the study
- 2.2.CXO Perspective
CHAPTER 3:MARKET OVERVIEW
- 3.1.Market definition and scope
- 3.2.Key findings
- 3.2.1.Top investment pockets
- 3.3.Porter's five forces analysis
- 3.4.Top player positioning
- 3.5.Market dynamics
- 3.5.1.Drivers
- 3.5.2.Restraints
- 3.5.3.Opportunities
- 3.6.COVID-19 Impact Analysis on the market
- 3.7.Pricing Analysis
- 3.8.Value Chain Analysis
- 3.9.Key Regulation Analysis
CHAPTER 4: SOLAR THERMAL MARKET, BY COLLECTOR TYPE
- 4.1 Overview
- 4.1.1 Market size and forecast
- 4.2 Evacuated Tube Collector
- 4.2.1 Key market trends, growth factors and opportunities
- 4.2.2 Market size and forecast, by region
- 4.2.3 Market analysis by country
- 4.3 Flat Plate Collector
- 4.3.1 Key market trends, growth factors and opportunities
- 4.3.2 Market size and forecast, by region
- 4.3.3 Market analysis by country
- 4.4 Unglazed Water Collector
- 4.4.1 Key market trends, growth factors and opportunities
- 4.4.2 Market size and forecast, by region
- 4.4.3 Market analysis by country
- 4.5 Air Collector
- 4.5.1 Key market trends, growth factors and opportunities
- 4.5.2 Market size and forecast, by region
- 4.5.3 Market analysis by country
CHAPTER 5: SOLAR THERMAL MARKET, BY SYSTEM
- 5.1 Overview
- 5.1.1 Market size and forecast
- 5.2 Thermosiphon Solar Heating System
- 5.2.1 Key market trends, growth factors and opportunities
- 5.2.2 Market size and forecast, by region
- 5.2.3 Market analysis by country
- 5.3 Pumped Solar Heating System
- 5.3.1 Key market trends, growth factors and opportunities
- 5.3.2 Market size and forecast, by region
- 5.3.3 Market analysis by country
CHAPTER 6: SOLAR THERMAL MARKET, BY APPLICATION
- 6.1 Overview
- 6.1.1 Market size and forecast
- 6.2 Hot Water Systems
- 6.2.1 Key market trends, growth factors and opportunities
- 6.2.2 Market size and forecast, by region
- 6.2.3 Market analysis by country
- 6.2.4 Hot Water Systems Solar Thermal Market by Type
- 6.2.4.1 Domestic Market size and forecast, by region
- 6.2.4.2 Domestic Market size and forecast, by country
- 6.2.4.3 Large Market size and forecast, by region
- 6.2.4.4 Large Market size and forecast, by country
- 6.3 Solar Combi Systems
- 6.3.1 Key market trends, growth factors and opportunities
- 6.3.2 Market size and forecast, by region
- 6.3.3 Market analysis by country
- 6.4 Swimming Pool Heating
- 6.4.1 Key market trends, growth factors and opportunities
- 6.4.2 Market size and forecast, by region
- 6.4.3 Market analysis by country
- 6.5 Others
- 6.5.1 Key market trends, growth factors and opportunities
- 6.5.2 Market size and forecast, by region
- 6.5.3 Market analysis by country
CHAPTER 7: SOLAR THERMAL MARKET, BY END USE
- 7.1 Overview
- 7.1.1 Market size and forecast
- 7.2 Residential
- 7.2.1 Key market trends, growth factors and opportunities
- 7.2.2 Market size and forecast, by region
- 7.2.3 Market analysis by country
- 7.3 Commercial
- 7.3.1 Key market trends, growth factors and opportunities
- 7.3.2 Market size and forecast, by region
- 7.3.3 Market analysis by country
- 7.4 Industrial
- 7.4.1 Key market trends, growth factors and opportunities
- 7.4.2 Market size and forecast, by region
- 7.4.3 Market analysis by country
CHAPTER 8: SOLAR THERMAL MARKET, BY REGION
- 8.1 Overview
- 8.1.1 Market size and forecast
- 8.2 North America
- 8.2.1 Key trends and opportunities
- 8.2.2 North America Market size and forecast, by Collector Type
- 8.2.3 North America Market size and forecast, by System
- 8.2.4 North America Market size and forecast, by Application
- 8.2.4.1 North America Hot Water Systems Solar Thermal Market by Type
- 8.2.5 North America Market size and forecast, by End Use
- 8.2.6 North America Market size and forecast, by country
- 8.2.6.1 U.S.
- 8.2.6.1.1 Market size and forecast, by Collector Type
- 8.2.6.1.2 Market size and forecast, by System
- 8.2.6.1.3 Market size and forecast, by Application
- 8.2.6.1.3.1 U.S. Hot Water Systems Solar Thermal Market by Type
- 8.2.6.1.4 Market size and forecast, by End Use
- 8.2.6.2 Canada
- 8.2.6.2.1 Market size and forecast, by Collector Type
- 8.2.6.2.2 Market size and forecast, by System
- 8.2.6.2.3 Market size and forecast, by Application
- 8.2.6.2.3.1 Canada Hot Water Systems Solar Thermal Market by Type
- 8.2.6.2.4 Market size and forecast, by End Use
- 8.2.6.3 Mexico
- 8.2.6.3.1 Market size and forecast, by Collector Type
- 8.2.6.3.2 Market size and forecast, by System
- 8.2.6.3.3 Market size and forecast, by Application
- 8.2.6.3.3.1 Mexico Hot Water Systems Solar Thermal Market by Type
- 8.2.6.3.4 Market size and forecast, by End Use
- 8.3 Europe
- 8.3.1 Key trends and opportunities
- 8.3.2 Europe Market size and forecast, by Collector Type
- 8.3.3 Europe Market size and forecast, by System
- 8.3.4 Europe Market size and forecast, by Application
- 8.3.4.1 Europe Hot Water Systems Solar Thermal Market by Type
- 8.3.5 Europe Market size and forecast, by End Use
- 8.3.6 Europe Market size and forecast, by country
- 8.3.6.1 Germany
- 8.3.6.1.1 Market size and forecast, by Collector Type
- 8.3.6.1.2 Market size and forecast, by System
- 8.3.6.1.3 Market size and forecast, by Application
- 8.3.6.1.3.1 Germany Hot Water Systems Solar Thermal Market by Type
- 8.3.6.1.4 Market size and forecast, by End Use
- 8.3.6.2 Italy
- 8.3.6.2.1 Market size and forecast, by Collector Type
- 8.3.6.2.2 Market size and forecast, by System
- 8.3.6.2.3 Market size and forecast, by Application
- 8.3.6.2.3.1 Italy Hot Water Systems Solar Thermal Market by Type
- 8.3.6.2.4 Market size and forecast, by End Use
- 8.3.6.3 Spain
- 8.3.6.3.1 Market size and forecast, by Collector Type
- 8.3.6.3.2 Market size and forecast, by System
- 8.3.6.3.3 Market size and forecast, by Application
- 8.3.6.3.3.1 Spain Hot Water Systems Solar Thermal Market by Type
- 8.3.6.3.4 Market size and forecast, by End Use
- 8.3.6.4 UK
- 8.3.6.4.1 Market size and forecast, by Collector Type
- 8.3.6.4.2 Market size and forecast, by System
- 8.3.6.4.3 Market size and forecast, by Application
- 8.3.6.4.3.1 UK Hot Water Systems Solar Thermal Market by Type
- 8.3.6.4.4 Market size and forecast, by End Use
- 8.3.6.5 France
- 8.3.6.5.1 Market size and forecast, by Collector Type
- 8.3.6.5.2 Market size and forecast, by System
- 8.3.6.5.3 Market size and forecast, by Application
- 8.3.6.5.3.1 France Hot Water Systems Solar Thermal Market by Type
- 8.3.6.5.4 Market size and forecast, by End Use
- 8.3.6.6 Rest of Europe
- 8.3.6.6.1 Market size and forecast, by Collector Type
- 8.3.6.6.2 Market size and forecast, by System
- 8.3.6.6.3 Market size and forecast, by Application
- 8.3.6.6.3.1 Rest of Europe Hot Water Systems Solar Thermal Market by Type
- 8.3.6.6.4 Market size and forecast, by End Use
- 8.4 Asia-Pacific
- 8.4.1 Key trends and opportunities
- 8.4.2 Asia-Pacific Market size and forecast, by Collector Type
- 8.4.3 Asia-Pacific Market size and forecast, by System
- 8.4.4 Asia-Pacific Market size and forecast, by Application
- 8.4.4.1 Asia-Pacific Hot Water Systems Solar Thermal Market by Type
- 8.4.5 Asia-Pacific Market size and forecast, by End Use
- 8.4.6 Asia-Pacific Market size and forecast, by country
- 8.4.6.1 China
- 8.4.6.1.1 Market size and forecast, by Collector Type
- 8.4.6.1.2 Market size and forecast, by System
- 8.4.6.1.3 Market size and forecast, by Application
- 8.4.6.1.3.1 China Hot Water Systems Solar Thermal Market by Type
- 8.4.6.1.4 Market size and forecast, by End Use
- 8.4.6.2 Japan
- 8.4.6.2.1 Market size and forecast, by Collector Type
- 8.4.6.2.2 Market size and forecast, by System
- 8.4.6.2.3 Market size and forecast, by Application
- 8.4.6.2.3.1 Japan Hot Water Systems Solar Thermal Market by Type
- 8.4.6.2.4 Market size and forecast, by End Use
- 8.4.6.3 India
- 8.4.6.3.1 Market size and forecast, by Collector Type
- 8.4.6.3.2 Market size and forecast, by System
- 8.4.6.3.3 Market size and forecast, by Application
- 8.4.6.3.3.1 India Hot Water Systems Solar Thermal Market by Type
- 8.4.6.3.4 Market size and forecast, by End Use
- 8.4.6.4 South Korea
- 8.4.6.4.1 Market size and forecast, by Collector Type
- 8.4.6.4.2 Market size and forecast, by System
- 8.4.6.4.3 Market size and forecast, by Application
- 8.4.6.4.3.1 South Korea Hot Water Systems Solar Thermal Market by Type
- 8.4.6.4.4 Market size and forecast, by End Use
- 8.4.6.5 Rest of Asia-Pacific
- 8.4.6.5.1 Market size and forecast, by Collector Type
- 8.4.6.5.2 Market size and forecast, by System
- 8.4.6.5.3 Market size and forecast, by Application
- 8.4.6.5.3.1 Rest of Asia-Pacific Hot Water Systems Solar Thermal Market by Type
- 8.4.6.5.4 Market size and forecast, by End Use
- 8.5 LAMEA
- 8.5.1 Key trends and opportunities
- 8.5.2 LAMEA Market size and forecast, by Collector Type
- 8.5.3 LAMEA Market size and forecast, by System
- 8.5.4 LAMEA Market size and forecast, by Application
- 8.5.4.1 LAMEA Hot Water Systems Solar Thermal Market by Type
- 8.5.5 LAMEA Market size and forecast, by End Use
- 8.5.6 LAMEA Market size and forecast, by country
- 8.5.6.1 Brazil
- 8.5.6.1.1 Market size and forecast, by Collector Type
- 8.5.6.1.2 Market size and forecast, by System
- 8.5.6.1.3 Market size and forecast, by Application
- 8.5.6.1.3.1 Brazil Hot Water Systems Solar Thermal Market by Type
- 8.5.6.1.4 Market size and forecast, by End Use
- 8.5.6.2 Chile
- 8.5.6.2.1 Market size and forecast, by Collector Type
- 8.5.6.2.2 Market size and forecast, by System
- 8.5.6.2.3 Market size and forecast, by Application
- 8.5.6.2.3.1 Chile Hot Water Systems Solar Thermal Market by Type
- 8.5.6.2.4 Market size and forecast, by End Use
- 8.5.6.3 South Africa
- 8.5.6.3.1 Market size and forecast, by Collector Type
- 8.5.6.3.2 Market size and forecast, by System
- 8.5.6.3.3 Market size and forecast, by Application
- 8.5.6.3.3.1 South Africa Hot Water Systems Solar Thermal Market by Type
- 8.5.6.3.4 Market size and forecast, by End Use
- 8.5.6.4 Rest of LAMEA
- 8.5.6.4.1 Market size and forecast, by Collector Type
- 8.5.6.4.2 Market size and forecast, by System
- 8.5.6.4.3 Market size and forecast, by Application
- 8.5.6.4.3.1 Rest of LAMEA Hot Water Systems Solar Thermal Market by Type
- 8.5.6.4.4 Market size and forecast, by End Use
CHAPTER 9: COMPANY LANDSCAPE
- 9.1. Introduction
- 9.2. Top winning strategies
- 9.3. Product Mapping of Top 10 Player
- 9.4. Competitive Dashboard
- 9.5. Competitive Heatmap
- 9.6. Key developments
CHAPTER 10: COMPANY PROFILES
- 10.1 Solareast Holdings Co. Ltd,
- 10.1.1 Company overview
- 10.1.2 Company snapshot
- 10.1.3 Operating business segments
- 10.1.4 Product portfolio
- 10.1.5 Business performance
- 10.1.6 Key strategic moves and developments
- 10.2 Greenonetec Solarindustrie GmbH,
- 10.2.1 Company overview
- 10.2.2 Company snapshot
- 10.2.3 Operating business segments
- 10.2.4 Product portfolio
- 10.2.5 Business performance
- 10.2.6 Key strategic moves and developments
- 10.3 BTE solar Co. Ltd,
- 10.3.1 Company overview
- 10.3.2 Company snapshot
- 10.3.3 Operating business segments
- 10.3.4 Product portfolio
- 10.3.5 Business performance
- 10.3.6 Key strategic moves and developments
- 10.4 Linuo Ritter International Co. Ltd,
- 10.4.1 Company overview
- 10.4.2 Company snapshot
- 10.4.3 Operating business segments
- 10.4.4 Product portfolio
- 10.4.5 Business performance
- 10.4.6 Key strategic moves and developments
- 10.5 Photon Energy Systems Limited.
- 10.5.1 Company overview
- 10.5.2 Company snapshot
- 10.5.3 Operating business segments
- 10.5.4 Product portfolio
- 10.5.5 Business performance
- 10.5.6 Key strategic moves and developments
- 10.6 BrightSource Energy
- 10.6.1 Company overview
- 10.6.2 Company snapshot
- 10.6.3 Operating business segments
- 10.6.4 Product portfolio
- 10.6.5 Business performance
- 10.6.6 Key strategic moves and developments
- 10.7 Abengoa Solar
- 10.7.1 Company overview
- 10.7.2 Company snapshot
- 10.7.3 Operating business segments
- 10.7.4 Product portfolio
- 10.7.5 Business performance
- 10.7.6 Key strategic moves and developments
- 10.8 Siemens AG
- 10.8.1 Company overview
- 10.8.2 Company snapshot
- 10.8.3 Operating business segments
- 10.8.4 Product portfolio
- 10.8.5 Business performance
- 10.8.6 Key strategic moves and developments
- 10.9 Acciona
- 10.9.1 Company overview
- 10.9.2 Company snapshot
- 10.9.3 Operating business segments
- 10.9.4 Product portfolio
- 10.9.5 Business performance
- 10.9.6 Key strategic moves and developments
- 10.10 SolarReserve
- 10.10.1 Company overview
- 10.10.2 Company snapshot
- 10.10.3 Operating business segments
- 10.10.4 Product portfolio
- 10.10.5 Business performance
- 10.10.6 Key strategic moves and developments
- 10.11 Torresol Energy
- 10.11.1 Company overview
- 10.11.2 Company snapshot
- 10.11.3 Operating business segments
- 10.11.4 Product portfolio
- 10.11.5 Business performance
- 10.11.6 Key strategic moves and developments
- 10.12 Trivelli Energy
- 10.12.1 Company overview
- 10.12.2 Company snapshot
- 10.12.3 Operating business segments
- 10.12.4 Product portfolio
- 10.12.5 Business performance
- 10.12.6 Key strategic moves and developments
- 10.13 Sener
- 10.13.1 Company overview
- 10.13.2 Company snapshot
- 10.13.3 Operating business segments
- 10.13.4 Product portfolio
- 10.13.5 Business performance
- 10.13.6 Key strategic moves and developments
- 10.14 Lointek
- 10.14.1 Company overview
- 10.14.2 Company snapshot
- 10.14.3 Operating business segments
- 10.14.4 Product portfolio
- 10.14.5 Business performance
- 10.14.6 Key strategic moves and developments
- 10.15 SCHOTT
- 10.15.1 Company overview
- 10.15.2 Company snapshot
- 10.15.3 Operating business segments
- 10.15.4 Product portfolio
- 10.15.5 Business performance
- 10.15.6 Key strategic moves and developments
- 10.16 Abors green GmbH
- 10.16.1 Company overview
- 10.16.2 Company snapshot
- 10.16.3 Operating business segments
- 10.16.4 Product portfolio
- 10.16.5 Business performance
- 10.16.6 Key strategic moves and developments
- 10.17 Liontek
- 10.17.1 Company overview
- 10.17.2 Company snapshot
- 10.17.3 Operating business segments
- 10.17.4 Product portfolio
- 10.17.5 Business performance
- 10.17.6 Key strategic moves and developments