Solar Thermal Market Report, Size Growth Rate by Type, Application, Sales Estimates and Forecasts 2021-2027

 

A comprehensive overview of the global solar thermal market is recently added by UnivDatos Market Insights to its humongous database. The global solar thermal market report has been aggregated by collecting informative data of various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the global solar thermal market. The global solar thermal market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the global solar thermal market at the country levels. The global Solar Thermal Market is expected to grow at a CAGR of X% from 2021-2027 to exceed US$ X billion by 2027.

Market Overview  

The global solar thermal market is expected to witness a boost on account of the rising demand for clean energy as there are rising incidences of deaths due to pollution caused primarily due to fossil fuel combustion. For instance, according to the World Health Organization, every year nearly 7 million people die because of air pollution. Also, 91% of the population across the world live in places where air quality exceeds limits set by WHO which may cause major health hazards to the people of the world.

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Furthermore, the Global Solar Thermal market is boosting on account of rapid technological advancements in solar energy and increasing deployment of solar thermal systems to meet the customer needs in the residential, public, commercial, and industrial sectors. There has been a significant increase in the growth rates among several largest solar thermal markets across the world which shows that solar thermal systems are cost-competitive in various applications. For instance, in 2019, the market in Denmark grew by 170% whereas the market in South Africa and India grew by only 20% and 2%, respectively.

 

COVID-19 Impact

The recent covid-19 pandemic has disrupted the world and has brought a state of shock to the global economy. The pandemic brought the world to a standstill as lockdown restrictions have resulted in disruption of supply chains, delays in projects, and shortage of labor. All industries have suffered some form of loss due to the pandemic and the solar sector has not been left untouched by this unprecedented crisis of modern times. This industry has its share of challenges due to the COVID-19 pandemic such as manpower shortage, lack of parts or equipment supply owing to the interrupted supply chain. Currently, the solar industry imports almost 80% of its major solar value chain supplies from China. These supplies have been drastically affected due to the pandemic as many manufacturing capacities of China and other major ship container companies had also stopped functioning out of Chinese ports and transporting goods from China to other countries, including India.

 

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Global solar thermal market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.

By Collector type, the market is primarily segmented into

• Evacuated Tube Collector
• Flat Plate Collector
• Unglazed Water Collector
• Air Collector

The evacuated tube collector segment generated revenue of US$ X billion in 2020 and is expected to grow at a CAGR of X% during the forecast period. However, the flat plate collector segment is expected to grow with the highest CAGR of X% between 2021-2027

By Application, the market is primarily segmented into

·       Space Heating System

·       Domestic Hot Water Systems

·       Solar Combi Systems

·       Others

Amongst applications, the space heating system segment of the global solar thermal market was valued at US$ X billion in 2020 and is likely to reach US$ X billion by 2027 growing at a CAGR of X% from 2021-2027.

Global Solar Thermal Market Geographical Segmentation Includes:

·       North America

·       Europe

·       Asia-Pacific

·       Rest of the World

 

Based on the estimation, Asia-Pacific dominated the solar thermal market with almost X% revenue share in 2020 owing to the wide adoption of renewable energy sources as rising air pollution in the country is causing serious to human lives and economy. For instance, as per the clean air counter tracker, since January 2020, air pollution has caused nearly 49,000 deaths and USD 23 billion in economic losses in the cities of Beijing and Shanghai.

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The major players targeting the market includes

• Siemens AG
• SolarReserve
• Sunrain
• Photon Energy Systems Ltd
• BTE Solar Co. Ltd
• Greenonetec Solarindustrie GmbH
• LINUO RITTER INTERNATIONAL CO. LTD
• Acciona
• Sener
• SCHOTT

Competitive Landscape

The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the global solar thermal market. The leading players have been analyzed by using research methodologies for getting insight views on global competition.

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Key questions resolved through this analytical market research report include:

·       What are the latest trends, new patterns, and technological advancements in the global solar thermal market?

·       Which factors are influencing the global solar thermal market over the forecast period?

·       What are the global challenges, threats, and risks in the solar thermal market?

·       Which factors are propelling and restraining the global solar thermal market?

·       What are the demanding global regions of the solar thermal market?

·       What will be the market size in the upcoming years?

·       What are the crucial market acquisition strategies and policies applied by global companies?

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