Solar Thermal Market Overview:
The Solar Thermal Market analysis provides a full insight into the competition, including the market share and company profiles of the key worldwide rivals. The scope of the research covers a thorough investigation of the Solar Thermal Market, as well as the causes for variances in the industry’s growth in different regions.
The Solar Thermal Market size was valued at USD 21.55 Billion in 2022 and is expected to grow by 5.29% from 2023 to 2029, reaching nearly USD 30.91 Billion.
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Following the completion of market engineering, which comprised market statistics calculations, estimations of market size, market projections, market breakdown, and data triangulation, major primary research was conducted to obtain information and verify and validate critical numbers. Top-down and bottom-up strategies, as well as several data triangulation procedures, were often used throughout the market engineering process to perform market estimating and forecasting for the overall market segments and sub-segments discussed in this research. In order to give vital information throughout the report, extensive qualitative and quantitative analysis is done on all data gathered throughout the market engineering process.
Segmentation:
The Solar Thermal Market is divided into four categories based on the type of collector: Evacuated Tube Collectors, Flat Plate Collectors, Unglazed Water Collectors, and Others. In 2022, the sector for evacuated tube collectors held the biggest market share. The evacuated tube is composed of a smaller glass tube. This vacuum layer is an essential part of solar thermal systems because it can reduce heat loss from the solar collector. A few applications for evacuated tube collectors include solar water heating, solar drying, solar air heating, and solar desalination.
The Domestic Hot Water Systems, Large Domestic Hot Water Systems, Solar Combi Systems, Swimming Pool Heating, and Others categories make up the Solar Thermal Market by Application. In 2022, the sector accounting for domestic hot water systems had the biggest market share. Due to its many benefits, including their high efficiency and low carbon footprint, solar water heaters are being used more frequently in households, which is what is being credited for the segment's growth. Additionally, the fact that home hot water heaters can be placed more inexpensively and with less space than traditional solar PV panels is anticipated to accelerate segment expansion throughout the course of the forecast period.
1. Global Solar Thermal Market Size, by Collector Type (2022-2029)
• Evacuated Tube Collector
• Flat Plate Collector
• Unglazed Water Collector
• Air Collector
• Others
2. Global Solar Thermal Market Size, by Application (2022-2029)
• Domestic Hot Water Systems
• Large DHW Systems
• Solar Combi Systems
• Swimming Pool Heating
• Others
3. Global Solar Thermal Market Size, by Type of System (2022-2029)
• Thermosiphon Solar
• Heating Systems
• Pumped Solar Heating System
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Key Players:
Primary and secondary research is used to identify market leaders, and primary and secondary research is used to calculate market revenue. In-depth interviews with important thought leaders and industry professionals such as experienced front-line staff, CEOs, and marketing executives were conducted as part of the primary study. Primary research comprised in-depth interviews with key thought leaders and industry professionals such as experienced front-line staff, CEOs, and marketing executives, while secondary research included a review of the main manufacturers’ annual and financial reports. Secondary data is used to determine percentage splits, market shares, growth rates, and worldwide market breakdowns, which are then cross-checked with primary data.
• The biggest players in the Solar Thermal Market are as follows:
1.Siemens AG
2.Solareast Holdings Co. Ltd
3.Greenonetec Solarindustrie GmbH
4.BTE solar Co. Ltd
5.Linuo Ritter International Co. Ltd
6.Acciona
7. SolarReserve
8.Torresol Energy
9.Trivelli Energy
10.Sener
11. Lointek
12.SCHOTT
13. Abors green GmbH
14. Liontek Photon Energy Systems Limited.
15.BrightSource Energy
16. Abengoa Solar
Regional Analysis:
Individual market influencing components and changes in market regulations affecting the present and future market trends are also included in the regional overview of the Solar Thermal Market analysis. Current and future trends are researched in order to assess the entire market potential and identify profitable patterns in order to get a stronger foothold. The geographical market assessment is based on the present environment and expected developments.
COVID-19 Impact Analysis on the Solar Thermal Market:
End-user industries where Solar Thermal Market is utilized saw a dip in growth from January 2020 to May 2020 in a number of countries, including China, Italy, Germany, the United Kingdom, the United States, Spain, France, and India, due to a pause in operations. This resulted in a significant decrease in the revenues of businesses working in these industries and, as a result, in demand for Solar Thermal Market manufacturers, influencing the development of the Solar Thermal Market in 2020. End-user business demand for Solar Thermal Market has declined significantly as a result of lockdowns and an increase in COVID-19 events worldwide.
Key Questions Answered in the Solar Thermal Market Report are:
In 2021, which segment held the highest proportion of the Solar Thermal Market?
What is the Solar Thermal Market’s competitive landscape?
What are the primary drivers assisting the Solar Thermal Market growth?
Which region has the most market share in the Solar Thermal Market?
What will be the Solar Thermal Market’s CAGR throughout the projected period?
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