Global Solar Thermal Market to Exceed Sales Revenue of $25.66 Billion by 2028 | China Solar Thermal Market Capacity to Exceed 26 GW by the End of 2023
Global solar thermal market was valued at USD 19.25 billion in 2021, and it is expected to reach a value of USD 25.66 billion by 2028, at a CAGR of 4.2% over the forecast period (2022–2028).
Westford, USA, Dec. 08, 2022 (GLOBE NEWSWIRE) — Solar thermal energy is one of the most efficient and versatile renewable energy technologies available. It can be used to generate electricity, to provide heat for buildings or industrial processes, or to power absorption refrigeration systems. According to a new analysis from SkyQuest, the global solar thermal market is expected to grow by more than 34% between 2022 and 2028. As of 2022, the global solar thermal capacity is pegged at 589 GW and is projected to reach 660 GW by 2025. This growth will be driven by increasing demand for solar thermal power generation, as well as for solar water heating and space heating applications.
The Asia-Pacific region is expected to be the largest solar thermal market, with China, India, and Japan leading the way in terms of installed capacity. Europe is also expected to see significant growth in the market, thanks to favorable policies and supportive regulations. In terms of technology, parabolic trough systems are currently the most popular type of solar thermal system, accounting for around 60% of total installed capacity. However, this is expected to change over the next five years as more markets shift towards newer technologies such as concentrated solar power (CSP) plants and solar towers.
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Overall, the solar thermal market is poised for strong growth in the coming years. With improving technology and supportive government policies, solar thermal is well on its way to becoming a major player in the global renewable energy mix.
China Solar Thermal Market Capacity to Exceed 26 GW by the End of 2023
According to SkyQuest, China’s market is expected to grow at a compound annual growth rate (CAGR) of 5.7% from 2022 to 2028. This growth is being driven by the government’s commitment to increase the use of renewable energy, as well as by the decreasing cost of solar thermal technology. In 2020, China installed a total of 18.9 gigawatts (GW) of solar thermal capacity, and this is expected to more than 26 GW by 2023. The majority of this growth will be in the residential sector, followed by the commercial and industrial sectors.
The government’s 13th Five-Year Plan calls for an increase in the use of renewable energy, with a target of 1200 GW by 2030. Solar thermal is one of the technologies that is being promoted to help meet this goal. The cost of systems in the China solar thermal market has fallen sharply in recent years, making them more affordable for both residential and commercial customers. The payback period for a residential system has declined from around 10 years in 2010 to just over 4 years in 2021.
However, the country is expected to see its share of the global market fall from 30% in 2021 to just 20% by 2025. This is due to slowing economic growth and a decrease in government support for construction projects in China. The US is currently the second largest market for solar thermal, with an installed capacity of around 12GW. However, like China, the US is expected to see its share of the global market fall over the next five years. This is due largely to the expiration of federal tax credits for solar projects at the end of 2020.
How Companies are Performing in Global Solar Thermal Market
Solar thermal energy is one of the most promising renewable energy sources, with the potential to provide a significant portion of the world’s energy needs. The solar thermal market is still in its early stages, but it is growing rapidly. A number of companies are competing in the market, and they are all striving to improve their technology and bring down costs.
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The two leading companies in the solar thermal industry are SolarReserve and BrightSource Energy. SolarReserve is a US-based company that has developed a technology called “Power Tower”. This technology uses mirrors to concentrate sunlight onto a central receiver, which then produces electricity. SolarReserve has built a number of large-scale power plants using this technology in the US solar thermal market, and it plans to build many more in the future.
BrightSource Energy is another US-based company, and it also uses mirrors to concentrate sunlight, but it uses a different technology called “LUVOIR”. LUVOIR uses water as the working fluid, which is circulated through the mirrors and receiver to produce steam. This steam is then used to generate electricity.
While SolarReserve and BrightSource Energy are the two largest players in the market, there are many other companies competing in this space. These include eSolar, Abengoa Solar, Solel Solar Systems, Schott Solar, and GE Energy. All of these companies are working on improving their technologies and bringing down costs.
Solar Thermal Market is Transition Phase
As the solar industry continues to grow, so does the market. Solar thermal systems are becoming more popular as they offer a more efficient and cost-effective way to heat water and space.
The solar thermal market is currently in a “transition phase,” with many new technologies and business models emerging. This transition is being driven by falling costs of solar thermal systems, as well as increasing interest from utilities and other large energy users. SkyQuest predicts that the global market will grow at a compound annual growth rate (CAGR) of 4.2% between 2022 and 2028. This growth will be driven by continued cost decreases and increasing demand from both developed and emerging markets.
The report also contains detailed analysis of key trends in the solar thermal industry, including: – The increasing use of storage systems to “shift” solar energy production to times of higher demand – The growing role of electric utilities in the solar thermal market – The emergence of “community solar” projects that allow multiple users to benefit from a single installation – The increasing use of data analytics to optimize solar thermal system performance If you’re involved in the solar thermal industry, or are simply interested in staying up-to-date on its latest developments, SkyQuest’s analysis is definitely worth a read.
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Major Players in the Global Solar Thermal Market
- Waaree Group (India)
- Canadian Solar Inc. (Canada)
- Abengoa (Spain)
- BrightSource Energy, Inc. (US)
- Tata Power Solar Systems Ltd. (India)
- First Solar (US)
- Trina Solar (China)
- Yingli Solar (China)
- eSolar Inc. (US)
- Urja global limited (India)
- Wuxi Suntech Power Co. Ltd (China)
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