Solar Thermal Market Size, Analysis By Segmentation And Geography Overview | Fortune Business Insights™

Posted June 10, 2020 by Aashi_K

The global solar thermal market size was 496.15 GW in 2018 and is projected to reach 767.73 GW by 2026, exhibiting a CAGR of 5.6% during the forecast period.

Solar thermal systems utilize the sunrays to generate heat which is then used to run various systems. They mainly consist of panels that capture the sun rays. The panels used can be photovoltaic or concentrating solar panels. The most preferred panels for solar thermal systems are concentrating solar panels as these are capable of generating a greater amount of energy which can be used for serving more people as compared to photovoltaic panels. Also, the inclination towards renewables in recent years has propelled the solar thermal market growth. The infrastructure required for solar thermal has been developed in the developing nations and also in countries which are already equipped with the same for capacity addition.

“Application of Solar Thermal Power Varies Significantly Based on Installation Region”

Based on application, the solar thermal market can be segmented into domestic hot water systems, large DHW systems, solar combi systems, swimming pool heating, and others. The applications of solar thermal systems vary significantly from region to region. In China, which occupies a significant solar thermal energy market share, solar thermal systems are majorly deployed for domestic hot water systems, whereas in the Middle East & Africa, these are majorly used for large DHW systems. On the other side, solar thermal systems in North America are prominently used for swimming pool applications. Thus, depending upon the specific requirement in a particular region, solar thermal energy trend finds its application and this is further expected to be continued in the forecast period.

List Of Key COMPANIES in Report are:
BrightSource Energy
Abengoa Solar
Torresol Energy
Trivelli Energia
Abors green GmbH
Parvolen CSP Technologies

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Last Updated June 10, 2020