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Global Solar Thermal Market to reach USD 33.65 billion by the end of 2030.

Global Solar Thermal Market Size study & Forecast, 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) and Regional Analysis, 2023-2030

Product Code: EPRE-90829726
Publish Date: 4-08-2023
Page: 200

Global Solar Thermal Market is valued at approximately USD 22.60 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 5.10% over the forecast period 2023-2030. 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.

Rising demand for electricity across the world is driving the market growth. As solar thermal are highly used in residential area to generate electricity as a renewable source. According to International European Agency, there has been a rise in electricity demand in the residential sector in the year 2018 the total electricity demand for the residential sector was 6 thousand TWh which increases to 7 thousand TWh in the year 2020 and it is expected to reach at 10 thousand Twh by year 2040. As a result, the rise in demand for electricity demand in the residential sector is leveraging the market growth. Furthermore, according to International European Agency, Worldwide, In 2020, there were 250 million homes with water heating provided by solar thermal technologies. Also, According to the Net Zero Emissions by 2050 Scenario (NZE Scenario), 400 million residences will require the installation of 290 million additional solar thermal systems by the year 2030. This deployment objective takes into account the anticipated retirement of solar thermal systems in the 2020s. According to the IEA Solar Heating and Cooling (SHC) TCP, 120 million new solar thermal systems using developing technologies and 170 million new solar thermal systems using traditional technologies must be implemented by 2030.. 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.

The key regions considered for the Global Solar Thermal Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. 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.

Major market player included in this report are:
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
Savosolar Oyj

Recent Developments in the Market:
Ø In July 2021, a Concentrated Solar Thermal (CST) testing facility was created in Hyderabad. This facility allows solar thermal components including solar receiver tubes, heat transfer fluids, and concentrating mirrors to be put to the test.
Global Solar Thermal Market Report Scope:
ü Historical Data – 2020 – 2021
ü Base Year for Estimation – 2022
ü Forecast period – 2023-2030
ü Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
ü Segments Covered – Application, End Use, Collector Type, System, Region
ü Regional Scope – North America; Europe; Asia Pacific; Latin America; Rest of the World
ü Customization Scope – Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Application:
Hot Water Systems
Solar Combi Systems
Swimming Pool Heating

By End Use:

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
Asia Pacific
South Korea
Latin America
Rest of the World

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2020-2030 (USD Billion)
1.2.1. Solar Thermal Market, by Region, 2020-2030 (USD Billion)
1.2.2. Solar Thermal Market, by Application, 2020-2030 (USD Billion)
1.2.3. Solar Thermal Market, by End Use, 2020-2030 (USD Billion)
1.2.4. Solar Thermal Market, by Collector Type, 2020-2030 (USD Billion)
1.2.5. Solar Thermal Market, by System, 2020-2030 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Solar Thermal Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Industry Evolution
2.2.2. Scope of the Study
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Solar Thermal Market Dynamics
3.1. Solar Thermal Market Impact Analysis (2020-2030)
3.1.1. Market Drivers Rising demand for electricity Rising demand and adoption of sustainable and efficient heating solutions. The growing integration of low carbon power generation technologies
3.1.2. Market Challenges High Cost of Solar Thermal
3.1.3. Market Opportunities Rising adoption of renewable energies Rising technological advancement
Chapter 4. Global Solar Thermal Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.2. Porter’s 5 Force Impact Analysis
4.3. PEST Analysis
4.3.1. Political
4.3.2. Economical
4.3.3. Social
4.3.4. Technological
4.3.5. Environmental
4.3.6. Legal
4.4. Top investment opportunity
4.5. Top winning strategies
4.6. COVID-19 Impact Analysis
4.7. Disruptive Trends
4.8. Industry Expert Perspective
4.9. Analyst Recommendation & Conclusion
Chapter 5. Global Solar Thermal Market, by Application
5.1. Market Snapshot
5.2. Global Solar Thermal Market by Application, Performance – Potential Analysis
5.3. Global Solar Thermal Market Estimates & Forecasts by Application 2020-2030 (USD Billion)
5.4. Solar Thermal Market, Sub Segment Analysis
5.4.1. Hot Water Systems
5.4.2. Solar Combi Systems
5.4.3. Swimming Pool Heating
5.4.4. Others
Chapter 6. Global Solar Thermal Market, by End Use
6.1. Market Snapshot
6.2. Global Solar Thermal Market by End Use, Performance – Potential Analysis
6.3. Global Solar Thermal Market Estimates & Forecasts by End Use 2020-2030 (USD Billion)
6.4. Solar Thermal Market, Sub Segment Analysis
6.4.1. Residential
6.4.2. Commercial, Industrial
Chapter 7. Global Solar Thermal Market, by Collector Type
7.1. Market Snapshot
7.2. Global Solar Thermal Market by Collector Type, Performance – Potential Analysis
7.3. Global Solar Thermal Market Estimates & Forecasts by Collector Type 2020-2030 (USD Billion)
7.4. Solar Thermal Market, Sub Segment Analysis
7.4.1. Evacuated Tube Collector
7.4.2. Flat Plate Collector
7.4.3. Unglazed Water Collector
7.4.4. Air Collector
Chapter 8. Global Solar Thermal Market, by System
8.1. Market Snapshot
8.2. Global Solar Thermal Market by System, Performance – Potential Analysis
8.3. Global Solar Thermal Market Estimates & Forecasts by System 2020-2030 (USD Billion)
8.4. Solar Thermal Market, Sub Segment Analysis
8.4.1. Thermosiphon Solar Heating System
8.4.2. Pumped Solar Heating System
Chapter 9. Global Solar Thermal Market, Regional Analysis
9.1. Top Leading Countries
9.2. Top Emerging Countries
9.3. Solar Thermal Market, Regional Market Snapshot
9.4. North America Solar Thermal Market
9.4.1. U.S. Solar Thermal Market Application breakdown estimates & forecasts, 2020-2030 End Use breakdown estimates & forecasts, 2020-2030 Collector Type breakdown estimates & forecasts, 2020-2030 System breakdown estimates & forecasts, 2020-2030
9.4.2. Canada Solar Thermal Market
9.5. Europe Solar Thermal Market Snapshot
9.5.1. U.K. Solar Thermal Market
9.5.2. Germany Solar Thermal Market
9.5.3. France Solar Thermal Market
9.5.4. Spain Solar Thermal Market
9.5.5. Italy Solar Thermal Market
9.5.6. Rest of Europe Solar Thermal Market
9.6. Asia-Pacific Solar Thermal Market Snapshot
9.6.1. China Solar Thermal Market
9.6.2. India Solar Thermal Market
9.6.3. Japan Solar Thermal Market
9.6.4. Australia Solar Thermal Market
9.6.5. South Korea Solar Thermal Market
9.6.6. Rest of Asia Pacific Solar Thermal Market
9.7. Latin America Solar Thermal Market Snapshot
9.7.1. Brazil Solar Thermal Market
9.7.2. Mexico Solar Thermal Market
9.8. Middle East & Africa Solar Thermal Market
9.8.1. Saudi Arabia Solar Thermal Market
9.8.2. South Africa Solar Thermal Market
9.8.3. Rest of Middle East & Africa Solar Thermal Market

Chapter 10. Competitive Intelligence
10.1. Key Company SWOT Analysis
10.1.1. Company 1
10.1.2. Company 2
10.1.3. Company 3
10.2. Top Market Strategies
10.3. Company Profiles
10.3.1. Solareast Holdings Co. Ltd Key Information Overview Financial (Subject to Data Availability) Product Summary Recent Developments
10.3.2. Greenonetec Solarindustrie GmbH
10.3.3. BTE solar Co. Ltd
10.3.4. Linuo Ritter International Co. Ltd
10.3.5. Photon Energy Systems Limited
10.3.6. HTP Comfort Solutions LLC
10.3.7. Viessmann Manufacturing Company Inc.
10.3.8. Alternate Energy Technologies LLC
10.3.9. Aalborg CSP AS
10.3.10. Savosolar Oyj
Chapter 11. Research Process
11.1. Research Process
11.1.1. Data Mining
11.1.2. Analysis
11.1.3. Market Estimation
11.1.4. Validation
11.1.5. Publishing
11.2. Research Attributes
11.3. Research Assumption

At Bizwit Research and Consultancy, we employ a thorough and iterative research methodology with the goal of minimizing discrepancies, ensuring the provision of highly accurate estimates and predictions over the forecast period. Our approach involves a combination of bottom-up and top-down strategies to effectively segment and estimate quantitative aspects of the market, utilizing our proprietary data & AI tools. Our Proprietary Tools allow us for the creation of customized models specific to the research objectives. This enables us to develop tailored statistical models and forecasting algorithms to estimate market trends, future growth, or consumer behavior. The customization enhances the accuracy and relevance of the research findings.
We are dedicated to clearly communicating the purpose and objectives of each research project in the final deliverables. Our process begins by identifying the specific problem or challenge our client wishes to address, and from there, we establish precise research questions that need to be answered. To gain a comprehensive understanding of the subject matter and identify the most relevant trends and best practices, we conduct an extensive review of existing literature, industry reports, case studies, and pertinent academic research.
Critical elements of methodology employed for all our studies include:
Data Collection:
To determine the appropriate methods of data collection based on the research objectives, we consider both primary and secondary sources. Primary data collection involves gathering information directly from various industry experts in core and related fields, original equipment manufacturers (OEMs), vendors, suppliers, technology developers, alliances, and organizations. These sources encompass all segments of the value chain within the specific industry. Through in-depth interviews, we engage with key industry participants, subject-matter experts, C-level executives of major market players, industry consultants, and other relevant experts. This allows us to obtain and validate critical qualitative and quantitative information while evaluating market prospects. AI and Big Data are instrumental in our primary research, providing us with powerful tools to collect, analyze, and derive insights from data efficiently. These technologies contribute to the advancement of research methodologies, enabling us to make data-driven decisions and uncover valuable findings.
In addition to primary sources, we extensively utilize secondary sources to enhance our research. These include directories, databases, journals focusing on related industries, company newsletters, and information portals such as Bloomberg, D&B Hoovers, and Factiva. These secondary sources enable us to identify and gather valuable information for our comprehensive, technical, market-oriented, and commercial study of the market. Additionally, we utilize AI algorithms to automate the collection of vast amounts of data from various sources such as surveys, social media platforms, online transactions, and web scraping. And employ Big Data technologies for storage and processing of large datasets, ensuring that no valuable information is missed during the data collection process.
Data Analysis:
Our team of experts carefully examine the gathered data using suitable statistical techniques and qualitative analysis methods. For quantitative analysis, we employ descriptive statistics, regression analysis, and other advanced statistical methods, depending on the characteristics of the data. This analysis may also incorporate the utilization of AI tools and big data analysis techniques to extract meaningful insights.
To ensure the accuracy and reliability of our findings, we extensively leverage data science techniques, which help us minimize discrepancies and uncertainties in our analysis. We employ Data Science to clean and preprocess the data, ensuring its quality and reliability. This involves handling missing data, removing outliers, standardizing variables, and transforming data into suitable formats for analysis. The application of data science techniques enhances our accuracy, efficiency, and depth of analysis, enabling us to stay competitive in dynamic market environments.
Market Size Estimation:
Our proprietary data tools play a crucial role in deriving our market estimates and forecasts. Each study involves the creation of a unique and customized model. The model incorporates the gathered information on market dynamics, technology landscape, application development, and pricing trends. AI techniques, such as machine learning and deep learning, aid us to analyze patterns within the data to identify correlations, trends, and relationships. By recognizing patterns in consumer behavior, purchasing habits, or market dynamics, our AI algorithms aid us in more precise estimations of market size. These factors are simultaneously analyzed within the model, allowing for a comprehensive assessment. To quantify their impact over the forecast period, correlation, regression, and time series analysis are employed.
To estimate and validate the market size, we employ both top-down and bottom-up approaches. The preference is given to a bottom-up approach, where key regional markets are analyzed as separate entities. This data is then integrated to obtain global estimates. This approach is crucial as it provides a deep understanding of the industry and helps minimize errors.
In our forecasting process, we consider various parameters such as economic tools, technological analysis, industry experience, and domain expertise. By taking all these factors into account, we strive to produce accurate and reliable market forecasts. When forecasting, we take into consideration several parameters, which include:
Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
Regulatory landscape and expected changes or developments.
The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
To assess the market impact of these parameters, we assign weights to each one and utilize weighted average analysis. This process allows us to quantify their influence on the market and derive an expected growth rate for the forecasted period. By considering these various factors and applying a weighted analysis approach, we strive to provide accurate and reliable market forecasts.
Insight Generation & Report Presentation:
After conducting the research, our experts analyze the findings in relation to the research objectives and the specific needs of the client. They generate valuable insights and recommendations that directly address the client’s business challenges. These insights are carefully connected to the research findings to provide a comprehensive understanding.
Next, we create a well-structured research report that effectively communicates the research findings, insights, and recommendations to the client. To enhance clarity and comprehension, we utilize visual aids such as charts, graphs, and tables. These visual elements are employed to present the data in an engaging and easily understandable format, ensuring that the information is accessible and visually appealing to the client. Our aim is to deliver a clear and concise report that conveys the research findings effectively and provides actionable recommendations to meet the client’s specific needs.

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