Residential, commercial, and industrial end uses make up the three market segments for Solar Thermal worldwide.
The global Solar Thermal Market size was USD 3.13 Billion in 2022 and is expected to reach USD 6.26 Billion in 2032, and register a rapid revenue CAGR of 8% during the forecast period. Rising demand for Solar Thermal for various applications in commercial, residential, and industrial industries is a key factor driving market revenue growth.
Governments all across the world are focusing on various programs to encourage the use of Renewable Energy sources such as Solar Thermal. Consumers are being provided incentives, subsidies, and tax credits to install Solar Thermal in their residences and places of business. For instance, the federal government of U.S. offers a 26% tax credit for the installation of Solar Thermal.
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Major Companies:
- Abengoa Solar
- Aalborg CSP
- Bosch Thermotechnik
- BrightSource Energy
- First Solar
- FLABEG Solar International
- Solar Millennium AG
- SkyFuel
- SolarReserve
- STI Norland
Strategic Development:
- In 2021, Bosch Thermotechnik and Tigo Energy formed a strategic alliance to create a cutting-edge module-level power electronic solution for solar thermal systems. The collaboration aims to raise the effectiveness and performance of solar thermal systems.
- In 2020, SolarReserve and the Australian government signed a memorandum of understanding to build a large-scale solar thermal plant with a 2 GW maximum capacity. The project is anticipated to supply dependable and clean energy to Australia’s electrical grid.
- In order to develop and implement concentrated solar power technology in China, BrightSource Energy and Shanghai Electric formed a strategic cooperation in 2020. The collaboration sought to meet China’s rising demand for clean and renewable energy.
Key questions addressed in the report:
- What is the expected market size of the global Solar Thermal market during the forecast period?
- What CAGR is the global market expected to register during the forecast period?
- Which key factors are expected to boost global market growth between 2021 and 2028?
- What are the key restraints that are expected to hamper global market growth?
- Which regional market is expected to register robust CAGR during the forecast period?
- Which key players are operating the global Solar Thermal market?
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Solar Thermal Market Segmentation:
By Type Outlook:
- Flat-Plate
- Evacuated Tube
- Concentrated
- Others
By End-Use Outlook:
- Residential
- Commercial
- Industrial
Key Regional Markets Covered in the Report:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
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