With the emergence and long-term Impact of COVID-19, Global Solar Thermal Market to reach USD 33.65 Billion by 2030
Bizwit Research & Consulting LLP’s Recent Analysis on Global Solar Thermal Market is poised to raise up to USD 33.65 Billion by 2030. Solar thermal is a technology that harnesses the energy from sunlight to produce heat. It provides a clean and renewable source of energy, reducing reliance on fossil fuels and lowering greenhouse gas emissions. Solar thermal technology can be particularly useful in areas with abundant sunlight and high demand for heat. The Solar Thermal Market is expanding because of factors such as rising demand for electricity, rising demand and adoption of sustainable and efficient heating solutions and growing integration of low carbon power generation technologies. In addition, rising government initiatives for the adoption of renewable energies and rising technological advancement in the industry is driving the market growth. However, the high cost of solar thermal Market stifles market growth throughout the forecast period of 2023-2030.
Geographically, the global Solar Thermal market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). Europe dominated the market in 2022 owing to the rising government support in solar renewable energy projects, rising investment and adoption of renewable sources of renewable energies for electricity generation in the region. Asia Pacific is expected to grow significantly during the forecast period, owing to factors such as rising residential and industrial sector, rising demand for green energies, geographic expansion of key players, and active participation of government and nonprofit organizations in the market space.
The global Solar Thermal market is highly competitive owing to the presence of several key manufacturers such as Solareast Holdings Co. Ltd, Greenonetec Solarindustrie GmbH, BTE solar Co. Ltd, Linuo Ritter International Co. Ltd, Photon Energy Systems Limited, HTP Comfort Solutions LLC, Viessmann Manufacturing Company Inc., Alternate Energy Technologies LLC, Aalborg CSP AS and others.
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Key findings of the study suggest:
- Global Solar Thermal Market is anticipated to grow with a healthy growth rate of more than 5.10% over the forecast period 2023-2030.
- In the Application segment, Hot Water Systems emerged as the leading market segment in 2022.
- In the End Use segment, Residential emerged out as the leading market segment in 2022.
- Europe is anticipated to drive regional growth owing to rising government support in solar renewable energy projects, rising investment and adoption of renewable sources of renewable energies for electricity generation in the region.
- Asia-Pacific is expected to grow at a higher rate followed by Europe during 2023-2030.
Bizwit Research & Consulting has considered following segments for the study:
Application:
- Hot Water Systems
- Solar Combi Systems
- Swimming Pool Heating
- Others
End Use:
- Residential
- Commercial
- Industrial
Collector Type:
- Evacuated Tube Collector
- Flat Plate Collector
- Unglazed Water Collector
- Air Collector
System:
- Thermosiphon Solar Heating System
- Pumped Solar Heating System
Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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