Solar Thermal Power Market (System - Thermosiphon Solar Heating System, and Pumped Solar Heating System; Application - Hot Water Systems, Solar Combi Systems, Swimming Pool Heating, and Others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2030

A recent report published by Infinium Global Research on solar thermal power market provides in-depth analysis of segments and sub-segments in the global as well as regional solar thermal power market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional solar thermal power market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global solar thermal power market.

Market Insight:

The global solar thermal power market was valued at USD 21.23 billion in 2022 and is expected to reach USD 33.96 billion in 2030, with a CAGR of 5.36% during the forecast period 2023-2030.

Solar thermal power generation systems collect and concentrate sunlight to produce the high-temperature heat needed to generate electricity. Solar thermal power plants usually have a large field or array of collectors that supply heat to a turbine and generator. In solar thermal power plants, solar radiation is used to generate electricity in what is otherwise a conventional power plant process. Mirrors concentrate the sunlight on a radiation collector and heat up a heat-bearing medium, generally thermal oil. A turbine transforms this energy into electricity. One of the key advantages of solar thermal power is its ability to store thermal energy, allowing for electricity generation even when the sun is not shining. Thermal energy storage systems, such as molten salt or compressed air, store the excess heat generated during peak sunlight hours and release it when needed, enabling continuous power generation.

The global shift towards renewable energy sources, driven by environmental concerns and the need to reduce carbon emissions, is a significant driver for the solar thermal power market. Solar thermal power utilizes sunlight to generate electricity, providing a clean and sustainable energy solution. In addition, the technological advancements in solar thermal power technologies, such as improved efficiency and cost-effectiveness, are driving market growth. Innovations in thermal energy storage, receiver designs, and power cycle efficiency contribute to increased system performance and enhanced competitiveness. However, the solar thermal power market faces the challenge of high initial investment costs further hampers the growth of the market. Although, the increasing global demand for electricity creates growth opportunities for the market.

The solar thermal power market is segmented into North America, Europe, Asia Pacific, and the rest of the world. Asia Pacific is expected to hold a maximum share of solar thermal power during the projected period. The Asia Pacific region is known for its vast solar resources, with countries like China, India, and Australia having high solar irradiation levels. This availability of abundant sunlight makes solar thermal power an attractive option for electricity generation. The region's favorable climatic conditions contribute to higher solar energy production and increased efficiency of solar thermal power plants. In addition, The Asia Pacific region is experiencing rapid economic growth, urbanization, and industrialization, leading to an increasing demand for electricity. Solar thermal power plants offer a clean and sustainable solution to meet this growing energy demand. By utilizing solar energy, these plants can provide a reliable and environmentally friendly source of electricity, reducing reliance on fossil fuels and contributing to energy security.

Report Scope of the Solar Thermal Power Market:

Segment Covered

The report on global solar thermal power market covers segments such as system, and application. On the basis of system, the sub-markets include thermosiphon solar heating system, and pumped solar heating system. On the basis of application, the sub-markets include hot water systems, solar combi systems, swimming pool heating, and others.

Companies Profiled:

The report provides profiles of the companies in the market such as Solar Energy Industries Association, GREENoneTEC Solar Industry GmbH, BTE Technologies, Siemens Energy, ACCIONA, Robert Bosch GmbH, Hitachi Energy Ltd., General Electric, AREVA S.A., and Tucson Electric.

Report Highlights:

The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the solar thermal power market. Moreover, the study highlights current market trends and provides forecasts from 2023-2030. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.