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Solar Thermal Power Market Overview:
The solar thermal power market was valued at 22500 million in 2022, and is projected to reach 34000 million by 2030, growing at a CAGR of 4.50% from 2023 to 2030.
The solar thermal power market has witnessed substantial growth in recent years due to increasing emphasis on renewable energy sources. Solar thermal power systems harness sunlight to generate heat, which is then used to produce electricity through turbines or engines.
This technology offers advantages such as consistent power generation and energy storage capabilities, contributing to grid stability. Concentrated Solar Power (CSP) and Solar Parabolic Troughs are prominent solar thermal technologies. These systems have applications in utility-scale power plants and industrial processes, providing emission-free energy and reducing greenhouse gas emissions.
Despite progress, challenges like high initial costs and intermittency still exist. Governments' supportive policies, technological advancements, and decreasing costs are expected to drive market expansion, with potential in regions with abundant sunlight, such as desert areas. As the world transitions towards cleaner energy, the solar thermal power market is poised for further growth.
Market Snapshot:
Solar Thermal Power Market - Report Coverage:
The “Solar Thermal Power Market Report - Forecast (2023-2030)” by IndustryARC, covers an in-depth analysis of the following segments in the Solar Thermal Power Market.
| Attribute | Segment |
|---|---|
By Type |
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By Application |
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By End-user |
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BY Collector Type |
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By Geography |
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Solar Thermal Power Market - Top Trends:
Advanced Thermal Storage: Innovations in thermal storage technologies, such as molten salt and phase change materials, enable solar thermal power plants to store excess heat generated during peak sunlight hours. This stored heat can then be utilized to generate electricity during periods of low sunlight or high demand, enhancing grid stability and providing consistent power supply.
Hybridization with Fossil Fuels: Integration of solar thermal power with existing fossil fuel power plants, known as hybrid systems, offers a reliable and flexible energy solution. This approach reduces the reliance on fossil fuels, lowers emissions, and ensures continuous power generation even when solar radiation is insufficient.
Increased Efficiency and Output: Ongoing research focuses on improving the efficiency of solar thermal collectors and conversion systems, resulting in higher energy yields. Enhanced collector designs, better heat transfer fluids, and more efficient turbine technologies contribute to increased overall plant efficiency and energy production.
Research into Next-Generation Materials: Ongoing research explores novel materials for solar thermal systems, including high-performance absorbers and selective coatings, which enhance heat absorption and minimize thermal losses, ultimately improving overall system efficiency.
Technological Collaboration and Knowledge Sharing: Collaboration between research institutions, governments, and industry players fosters knowledge sharing and accelerates the development of solar thermal technology. International partnerships and collaborative projects drive innovation and address technical challenges.
The Solar Thermal Power Market - Company Analysis:
Abengoa Solar: A pioneer in concentrated solar power (CSP), Abengoa Solar has developed and operated several CSP plants globally. Their technology utilizes parabolic troughs and tower systems with molten salt storage, enabling continuous power generation. They have expertise in both utility-scale and industrial applications.
Bright Source Energy: Known for its innovative solar tower technology, Bright Source Energy focuses on high-efficiency power tower systems. They have successfully implemented projects with advanced thermal storage, supplying clean energy to the grid and contributing to grid stability.
Sener Group: Sener Group is engaged in the design, engineering, and construction of solar thermal power plants. They have experience in parabolic trough and tower technologies, as well as a strong emphasis on engineering excellence and sustainable solutions.
Acciona Energía: Acciona is involved in various renewable energy sectors, including solar thermal power. They have developed CSP projects with a focus on energy storage, contributing to the dispatchability of solar energy and supporting grid integration.
Solar Reserve: This company specializes in advanced solar thermal technology, including its signature molten salt power tower design. Solar Reserve's projects incorporate long-duration energy storage, enabling round-the-clock power generation and enhanced reliability.
Key Market Players:
Product/Service launches, approvals, patents and events, acquisitions, partnerships, and collaborations are key strategies adopted by players in the are key strategies adopted by players in the Solar Thermal Power Market Report.
Market Report. The top 10 companies in this industry are listed below:
Sener
Bright Source Energy
Greenonetec Solar industries GmbH
Abors green GmbH
Linuo Ritter International Co. Ltd
Solar East Holdings Co. Ltd
Schott
Solar Reserve
Siemens AG
BTE solar Co. Ltd
Scope of Report:
| Report Metric | Details |
|---|---|
Base Year Considered | 2022 |
Forecast Period | 2023 – 2030 |
CAGR | 5.2% |
Market Size in 2030 | $billion |
Segments Covered | By Type, By Application, By End user, BY Collector Type, By Geography |
Geographies Covered | • North America • Europe • Asia-Pacific • Middle East and Africa • South America |
Key Market Players |
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1. Solar Thermal Power Market - Overview
1.1. Definitions and Scope
2. Solar Thermal Power Market - Executive Summary
3. Solar Thermal Power Market - Comparative Analysis
3.2. Global Financial Analysis - Key Companies
3.3. Market Share Analysis - Key Companies
3.1. Company Benchmarking - Key Companies
3.4. Patent Analysis
3.5. Pricing Analysis
4. Solar Thermal Power Market - Start-up Companies Scenario (Premium)
4.1. Key Start-up Company Analysis by
4.1.1. Investment
4.1.2. Revenue
4.1.3. Venture Capital and Funding Scenario
5. Solar Thermal Power Market – Market Entry Scenario Premium
5.1. Regulatory Framework Overview
5.2. New Business and Ease of Doing Business Index
5.3. Case Studies of Successful Ventures
6. Solar Thermal Power Market - Forces
6.1. Market Drivers
6.2. Market Constraints
6.3. Market Challenges
6.4. Porter's Five Force Model
6.4.1. Bargaining Power of Suppliers
6.4.2. Bargaining Powers of Customers
6.4.3. Threat of New Entrants
6.4.4. Rivalry Among Existing Players
6.4.5. Threat of Substitutes
7. Solar Thermal Power Market – Strategic Analysis
7.1. Value Chain Analysis
7.2. Opportunities Analysis
7.3. Market Life Cycle
8. Solar Thermal Power Market – By Type
8.1. Thermosiphon Solar Heating System
8.1.1. Market Trends by Region
8.1.2. Market Share & Forecast by Region
8.2. Non- Thermosiphon Solar Heating System
8.2.1. Market Trends by Region
8.2.2. Market Share & Forecast by Region
8.3. Pumped Solar Heating System
8.3.1. Market Share & Forecast by Region
8.3.2. Market Share & Forecast by Region
9. Solar Thermal Power Market – By Application
9.1. Hot Water Systems
9.1.1. Market Trends by Region
9.1.2. Market Share & Forecast by Region
9.2. Solar Combi Systems
9.2.1. Market Trends by Region
9.2.2. Market Share & Forecast by Region
9.3. Swimming Pool Heating
9.3.1. Market Trends by Region
9.3.2. Market Share & Forecast by Region
9.4. Others
10. Solar Thermal Power Market – BY End User (Market Size – $Million/$Billion)
10.1. Residential
10.1.1. Market Trends by Region
10.1.2. Market Share & Forecast by Region
10.2. Commercial
10.2.1. Market Trends by Region
10.2.2. Market Share & Forecast by Region
10.3. Industrial
10.3.1. Market Trends by Region
10.3.2. Market Share & Forecast by Region
11. Solar Thermal Power Market – BY Collector Type (Market Size – $Million/$Billion)
11.1. Evacuated Tube Collector
11.1.1. Market Trends by Region
11.1.2. Market Share & Forecast by Region
11.2. Flat Plate Collector
11.2.1. Market Trends by Region
11.2.2. Market Share & Forecast by Region
11.3. Glazed Water Collector
11.3.1. Market Trends by Region
11.3.2. Market Share & Forecast by Region
11.4. Unglazed Water Collector
11.4.1. Market Trends by Region
11.4.2. Market Share & Forecast by Region
11.5. Air Collector
11.5.1. Market Trends by Region
11.5.2. Market Share & Forecast by Region
11.6. Others
12. Solar Thermal Power Market – by Geography (Market Size – $Million/$Billion)
12.1. North America
12.1.1. The U.S.
12.1.2. Canada
12.2. Europe
12.2.1. UK
12.2.2. Germany
12.2.3. France
12.2.4. Italy
12.2.5. Spain
12.2.6. Russia
12.2.7. Rest of Europe
12.3. Asia-Pacific
12.3.1. China
12.3.2. India
12.3.3. Japan
12.3.4. South Korea
12.3.5. Australia & New Zealand
12.3.6. Rest of Asia-Pacific
12.4. South America
12.4.1. Brazil
12.4.2. Argentina
12.4.3. Chile
12.4.4. Colombia
12.4.5. Rest of South America
12.5. Rest of the World
12.5.1. Middle East
12.5.2. Africa
13. Solar Thermal Power Market – Entropy
14. Solar Thermal Power Market – Industry/Segment Competition Landscape
14.1. Market Share Analysis
14.1.1. Market Share by Product Type – Key Companies
14.1.2. Market Share by Region – Key Companies
14.1.3. Market Share by Country – Key Companies
14.2. Competition Matrix
14.3. Best Practices for Companies
15. Solar Thermal Power Market – Key Company List by Country Premium
16. Solar Thermal Power Market - Company Analysis
16.1. Sener
16.2. Bright Source Energy
16.3. Greenonetec Solar industries GmbH
16.4. Abors green GmbH
16.5. Linuo Ritter International Co. Ltd
16.6. Solar east Holdings Co. Ltd
16.7. SCHOTT,
16.8. Solar Reserve
16.9. Siemens AG
16.10. BTE solar Co. Ltd
16.11. Photon Energy Systems Limited.,
16.12. Torresol Energy
16.13. Abengoa Solar
16.14. Trivelli Energy
16.15. Lointek
16.16. Acciona
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The Solar Thermal Power Market is projected to grow at 4.50% CAGR during the forecast period 2023-2030.
Solar Thermal Power Market size is projected to reach 34000 billion by 2030
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