The Global Solar Thermal Power Market is valued at approximately USD 23.51 billion in 2023 and is anticipated to grow with a healthy growth rate of more than 4.50% over the forecast period 2024-2032. Solar thermal power, a pivotal player in the transition towards sustainable energy solutions, leverages sunlight to produce heat for applications such as electricity generation, hot water systems, and industrial processes. The market is driven by increasing environmental consciousness, supportive government policies, and technological innovations that enhance system efficiency. Despite challenges like high initial costs and intermittency, the versatility and scalability of solar thermal power make it a key contender in the renewable energy landscape. Governments worldwide are setting ambitious targets, propelling the market forward through financial incentives and regulatory frameworks. Ongoing advancements in collector designs, heat storage materials, and overall system optimization contribute to the market's competitiveness. As industries and consumers seek cleaner energy alternatives, the global solar thermal power market continues to evolve, presenting a promising and sustainable solution for meeting the world's growing energy needs.
The primary drivers propelling the global solar thermal power market include the global commitment to renewable energy sources and climate change mitigation, rising global energy demand, and technological advancements. Solar thermal power's ability to provide dispatchable power that aligns with the dynamic needs of the electricity grid makes it an attractive solution for meeting peak demand and enhancing grid reliability. Innovations in collector design, heat storage materials, and power cycle configurations further contribute to increased energy capture and improved overall system performance, making solar thermal power more competitive with conventional and other renewable energy sources.
The high initial costs and capital intensity associated with developing and installing solar thermal power plants, particularly those employing Concentrated Solar Power (CSP) technologies, pose significant challenges. The intermittency of solar energy generation, land use requirements, and the relative lack of standardized designs also hinder the widespread adoption of solar thermal technology. However, the ongoing research and development efforts aim to overcome these challenges by driving innovation, reducing costs, and emphasizing the unique advantages of solar thermal power, such as its potential for integrated energy storage and high-temperature heat applications.
Europe dominates the global solar thermal power market due to a combination of favourable factors, including strong commitment to renewable energy and sustainability policies, robust government support, and flourishing technological innovation. The region's expertise in developing cutting-edge collector designs, heat storage materials, and power cycle configurations positions it as a hub for innovation in the solar thermal sector. The global solar thermal power market is poised for significant growth, contributing to the global renewable energy transition. Whereas, the market in Asia Pacific is anticipated to grow at the fastest rate over the forecast period.
Major market players included in this report are:
- Acciona Energia, S.A.
- BrightSource Energy, Inc.
- Siemens AG
- Enel S.p.A.
- Abengoa S.A.
- China General Technology (Group) Holding Co., Ltd.
- SolarReserve LLC
- Novatec Solar
- Andalusia New Energies
- Areva Solar
The detailed segments and sub-segment of the market are explained below:
By System:
- Thermosiphon Solar Heating System
- Pumped Solar Heating System
By Application:
- Hot Water Systems
- Solar Combi Systems
- Swimming Pool Heating
- Others
By Region:
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- RoAPAC
- Latin America
- Brazil
- Mexico
- Middle East & Africa
- Saudi Arabia
- South Africa
- RoMEA
Years considered for the study are as follows:
- Historical year - 2022
- Base year - 2023
- Forecast period - 2024 to 2032
Key Takeaways:
- Market Estimates & Forecast for 10 years from 2022 to 2032.
- Annualized revenues and regional level analysis for each market segment.
- Detailed analysis of geographical landscape with Country level analysis of major regions.
- Competitive landscape with information on major players in the market.
- Analysis of key business strategies and recommendations on future market approach.
- Analysis of competitive structure of the market.
- Demand side and supply side analysis of the market.
Table of Contents
Chapter 1. Global Solar Thermal Power Market Executive Summary
- 1.1. Global Solar Thermal Power Market Size & Forecast (2022-2032)
- 1.2. Regional Summary
- 1.3. Segmental Summary
- 1.3.1. By System
- 1.3.2. By Application
- 1.4. Key Trends
- 1.5. Recession Impact
- 1.6. Analyst Recommendation & Conclusion
Chapter 2. Global Solar Thermal Power Market Definition and Research Assumptions
- 2.1. Research Objective
- 2.2. Market Definition
- 2.3. Research Assumptions
- 2.3.1. Inclusion & Exclusion
- 2.3.2. Limitations
- 2.3.3. Supply Side Analysis
- 2.3.3.1. Availability
- 2.3.3.2. Infrastructure
- 2.3.3.3. Regulatory Environment
- 2.3.3.4. Market Competition
- 2.3.3.5. Economic Viability (Consumer's Perspective)
- 2.3.4. Demand Side Analysis
- 2.3.4.1. Regulatory Frameworks
- 2.3.4.2. Technological Advancements
- 2.3.4.3. Environmental Considerations
- 2.3.4.4. Consumer Awareness & Acceptance
- 2.4. Estimation Methodology
- 2.5. Years Considered for the Study
- 2.6. Currency Conversion Rates
Chapter 3. Global Solar Thermal Power Market Dynamics
- 3.1. Market Drivers
- 3.1.1. Renewable Energy Transition and Climate Change Mitigation
- 3.1.2. Increasing Energy Demand and Grid Integration Needs
- 3.1.3. Advancements in Technology and Cost Reduction
- 3.1.4. Energy Security and Diversification
- 3.2. Market Challenges
- 3.2.1. High Initial Costs and Capital Intensity
- 3.2.2. Intermittency and Weather Dependence
- 3.2.3. Land Use and Environmental Impact
- 3.3. Market Opportunities
- 3.3.1. Expanding Applications in Biopharmaceuticals
- 3.3.2. Sustainable Production Methods
- 3.3.3. Growth in Emerging Economies
Chapter 4. Global Solar Thermal Power 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
- 4.1.6. Futuristic Approach to Porter's 5 Force Model
- 4.1.7. Porter's 5 Force Impact Analysis
- 4.2. PESTEL Analysis
- 4.2.1. Political
- 4.2.2. Economical
- 4.2.3. Social
- 4.2.4. Technological
- 4.2.5. Environmental
- 4.2.6. Legal
- 4.3. Top Investment Opportunity
- 4.4. Top Winning Strategies
- 4.5. Disruptive Trends
- 4.6. Industry Expert Perspective
- 4.7. Analyst Recommendation & Conclusion
Chapter 5. Global Solar Thermal Power Market Size & Forecasts by System 2022-2032
- 5.1. Segment Dashboard
- 5.2. Global Solar Thermal Power Market: System Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 5.2.1. Thermosiphon Solar Heating System
- 5.2.2. Pumped Solar Heating System
Chapter 6. Global Solar Thermal Power Market Size & Forecasts by Application 2022-2032
- 6.1. Segment Dashboard
- 6.2. Global Solar Thermal Power Market: Application Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 6.2.1. Hot Water Systems
- 6.2.2. Solar Combi Systems
- 6.2.3. Swimming Pool Heating
- 6.2.4. Others
Chapter 7. Global Solar Thermal Power Market Size & Forecasts by Region 2022-2032
- 7.1. North America Solar Thermal Power Market
- 7.1.1. U.S. Solar Thermal Power Market
- 7.1.1.1. System breakdown size & forecasts, 2022-2032
- 7.1.1.2. Application breakdown size & forecasts, 2022-2032
- 7.1.2. Canada Solar Thermal Power Market
- 7.2. Europe Solar Thermal Power Market
- 7.2.1. U.K. Solar Thermal Power Market
- 7.2.2. Germany Solar Thermal Power Market
- 7.2.3. France Solar Thermal Power Market
- 7.2.4. Spain Solar Thermal Power Market
- 7.2.5. Italy Solar Thermal Power Market
- 7.2.6. Rest of Europe Solar Thermal Power Market
- 7.3. Asia-Pacific Solar Thermal Power Market
- 7.3.1. China Solar Thermal Power Market
- 7.3.2. India Solar Thermal Power Market
- 7.3.3. Japan Solar Thermal Power Market
- 7.3.4. Australia Solar Thermal Power Market
- 7.3.5. South Korea Solar Thermal Power Market
- 7.3.6. Rest of Asia Pacific Solar Thermal Power Market
- 7.4. Latin America Solar Thermal Power Market
- 7.4.1. Brazil Solar Thermal Power Market
- 7.4.2. Mexico Solar Thermal Power Market
- 7.4.3. Rest of Latin America Solar Thermal Power Market
- 7.5. Middle East & Africa Solar Thermal Power Market
- 7.5.1. Saudi Arabia Solar Thermal Power Market
- 7.5.2. South Africa Solar Thermal Power Market
- 7.5.3. Rest of Middle East & Africa Solar Thermal Power Market
Chapter 8. Competitive Intelligence
- 8.1. Key Company SWOT Analysis
- 8.2. Top Market Strategies
- 8.3. Company Profiles
- 8.3.1. Acciona Energia, S.A.
- 8.3.1.1. Key Information
- 8.3.1.2. Overview
- 8.3.1.3. Financial (Subject to Data Availability)
- 8.3.1.4. Product Summary
- 8.3.1.5. Market Strategies
- 8.3.2. BrightSource Energy, Inc.
- 8.3.3. Siemens AG
- 8.3.4. Enel S.p.A.
- 8.3.5. Abengoa S.A.
- 8.3.6. China General Technology (Group) Holding Co., Ltd.
- 8.3.7. SolarReserve LLC
- 8.3.8. Novatec Solar
- 8.3.9. Andalusia New Energies
- 8.3.10. Areva Solar
Chapter 9. Research Process
- 9.1. Research Process
- 9.1.1. Data Mining
- 9.1.2. Analysis
- 9.1.3. Market Estimation
- 9.1.4. Validation
- 9.1.5. Publishing
- 9.2. Research Attributes