Product Code: 71546
The global solar thermal market is expected to grow at a CAGR of more than 3% over the period of 2020-2025. Factors such as supportive government policies, efforts to incorporate solar thermal technologies in the place of conventional technologies coupled with upcoming projects are expected to drive the market studied. However, the high capital investment required for large-scale solar thermal plants coupled with a lack of financing due to a global economic slowdown in the event of the COVID-19 outbreak is expected to hinder the growth of the market in the coming years.
- The space heating application segment held the major market share in 2019, and it is likely to dominate the market during the forecast period.
- Advancements in solar thermal technologies and collector materials are expected to create a significant amount of opportunities for the players involved in the market in the near future.
- Asia-Pacific has dominated the solar thermal market, with the majority of the demand coming from China and rest of Asia-Pacific.
Key Market Trends
Space Heating Application to Dominate the Market
- Solar space heating uses solar thermal energy to heat the space inside a building. Heating with solar energy can help lower the heating bills and reduce the dependence on fossil fuels such as oil, propane, and natural gas.
- In 2019, space heating applications accounted for more than 50% of the solar thermal installations across the globe. This trend is expected to continue during the forecast period as well.
- Solar air heating systems are majorly used in North America, Australia, Japan in various applications like residential buildings, schools, municipalities, military, and commercial buildings.
- Solar air heaters are also used in agricultural applications primarily for drying agricultural goods, timber, coffee, and herbs as well as for wood chip drying.
- Factors such as increasing demand for cleaner alternatives for conventional space heating systems along with supporting government policies are expected to drive the solar thermal market in space heating application during the forecast period.
Asia-Pacific to Dominate the Market
- Asia-Pacific has accounted for more than 60% of the solar thermal installed capacity in 2018. China is the major country with the highest installed capacity in the region followed by Japan, India, and Australia.
- China, which has the most thermosiphon systems, has witnessed a decline in the market for several years. However, in 2019, small thermosiphon systems made a comeback with a total of 8.45 million m2 of collector area installed, mainly in rural areas.
- In China, 47 systems for district heating and large buildings were installed in 2019 including four systems with parabolic trough collectors. The largest district heating system installed in China in 2019 was in Zhongba, with a collector area of 35,000m2.
- Apart from China, India and Australia were also among the top ten markets for glazed and unglazed water collectors in 2018.
- Therefore, factors such as increasing deployment of solar thermal systems across the region is expected to position Asia-Pacific as the dominating region in the market during the forecast period.
The solar thermal market is fragmented. Some of the major players in this market include Sunrain, Greenonetec Solarindustrie GmbH, BTE solar Co.,Ltd, LINUO RITTER INTERNATIONAL CO. LTD, and Photon Energy Systems Limited
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
TABLE OF CONTENTS
- 1.1 Scope of the Study
- 1.2 Market Definition
- 1.3 Study Assumptions
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET OVERVIEW
- 4.1 Introduction
- 4.2 Solar Thermal Installed Capacity and Forecast in GW, till 2025
- 4.3 Recent Trends and Developments
- 4.4 Government Policies and Regulations
- 4.5 Market Dynamics
- 4.5.1 Drivers
- 4.5.2 Restraints
- 4.6 Supply Chain Analysis
- 4.7 Porter's Five Forces Analysis
- 4.7.1 Bargaining Power of Suppliers
- 4.7.2 Bargaining Power of Consumers
- 4.7.3 Threat of New Entrants
- 4.7.4 Threat of Substitutes Products and Services
- 4.7.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
- 5.1 Collector Type
- 5.1.1 Glazed Collector
- 5.1.2 Unglazed Collector
- 5.2 Application
- 5.2.1 Space Heating Systems
- 5.2.2 Domestic Hot Water Systems
- 5.2.3 Others
- 5.3 Geography
- 5.3.1 North America
- 5.3.2 Europe
- 5.3.3 Asia-Pacific
- 5.3.4 South America
- 5.3.5 Middle-East and Africa
6 COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Strategies Adopted by Leading Players
- 6.3 Company Profiles
- 6.3.1 Sunrain
- 6.3.2 Greenonetec Solarindustrie GmbH
- 6.3.3 BTE solar Co.,Ltd
- 6.3.4 LINUO RITTER INTERNATIONAL CO. LTD.
- 6.3.5 Photon Energy Systems Limited (Photon)
- 6.3.6 HTP Comfort Solutions LLC
- 6.3.7 Viessmann Manufacturing Company Inc.
- 6.3.8 Alternate Energy Technologies, LLC.
- 6.3.9 Aalborg CSP A/S
7 MARKET OPPORTUNITIES AND FUTURE TRENDS