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Market Overview:
The Solar Thermal Power Market size is estimated to reach $34.1 billion by 2030, growing at a CAGR of 4.5% during the forecast period 2024-2030, according to a recent report published by IndustryARC, titled, “Solar Thermal Power Market – By Type (Thermosiphon, Non- Thermosiphon, Pumped, Direct, Indirect, Others), By Collector Type (Evacuated Tube Collector, Flat Plate Collector, Glazed Water Collector, Unglazed Water Collector, Air Collector, Others), By Application (Hot Water Systems, Solar Combisystems, Power Generation, Others), By End User (Residential, Commercial, Industrial, Others), By Geography – Global Opportunity Analysis & Industry Forecast, 2024-2030”
Growing energy demand and carbon emission reduction goals are fueling the growth of the Solar Thermal Power industry during the forecast period.
Asia-Pacific Dominated the Market in 2023:
Asia-Pacific is not only the fastest-growing market but also the largest market for solar thermal power globally. The region accounted for a significant share of solar thermal installations, with China being the dominant player. This dominance is attributed to the region's favorable climatic conditions for harnessing solar energy and strong governmental support for renewable initiatives. The ongoing advancements in solar technologies and increased public awareness about the benefits of solar thermal systems contribute to Asia-Pacific's leading position in the global solar thermal landscape.
Solar Thermal Power Market: Key Takeaways
Growing Energy Demand is Driving the Market Growth:
The global energy demand is projected to grow by approximately 1.3% annually until 2040, driven by population growth and urbanization. Solar thermal power offers a sustainable solution to meet this rising demand. The share of electricity in final energy consumption has already increased from 18% in 2015 to 20% in 2023. Countries like Spain, the USA, and Australia are investing in solar thermal plants to meet energy needs while reducing carbon footprints. This demand is further bolstered by favorable government policies and incentives supporting renewable energy, such as feed-in tariffs and tax rebates.
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Market Growth Driven by Carbon Emission Reduction Goals:
With global commitments to reduce greenhouse gas emissions, solar thermal power has emerged as a key technology. The Paris Agreement encourages countries to adopt cleaner energy sources, and Concentrated Solar Power (CSP) systems reduce CO₂ emissions by up to 90% compared to fossil fuel-based systems. Solar Energy Corporation of India (SECI) plans to issue a 500-MW concentrated solar thermal tender, the largest of its kind in India, by the end of this fiscal year 2024, says chairman RP Gupta. As countries like China, India, and South Africa implement aggressive renewable energy targets, solar thermal power is expected to gain momentum, aligning with international efforts to limit global warming to below 1.5°C.
Scope of the Report:
Solar Thermal Power Market: Competitive Landscape
Key companies profiled in the Solar Thermal Power Market are Schaeffler AG, Siemens AG, Repsol, Greenonetec Solarindustrie GmbH, Solareast Holdings Co. Ltd., BrightSource Energy, Sener , SCHOTT, BTE Solar Co. Ltd., Linuo Ritter International Co. Ltd., and others.
About IndustryARC™:
IndustryARC primarily focuses on Market Research and Consulting Services specific to Cutting Edge Technologies and Newer Application segments of the market. The company’s Custom Research Services are designed to provide insights into the constant flux in the global demand-supply gap of markets.
IndustryARC’s goal is to provide the right information required by the stakeholder at the right point in time, in a format that assists an intelligent and informed decision-making process.
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IndustryARC
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