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According to the latest research by SkyQuest Technology, the Global Solar Thermal Market was valued at US$ 184.50 billion in 2021, and it is expected to reach US$ 154.46 billion by 2028, with a CAGR of 4.7% during the forecast period of 2022 – 2028. The research provides up-to-date Solar Thermal market analysis of the current market landscape, latest trends, drivers, and overall market environment. Solar thermal energy is created by gathering solar heat for human use. Unlike photovoltaic (PV) energy, which converts part of the electromagnetic radiation from the sun into electrons and electricity directly, it is not photovoltaic (PV) energy. Solar thermal technology provides a wider range of uses than PV since the sun’s heat may be trapped and conveyed through a medium. This energy may be utilised to create power, heat water, cook food, and both heat and cool a dwelling.
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Mid-temperature solar thermal energy is used for cooking, while high-temperature solar thermal energy is utilised for a number of purposes, including the creation of electricity. Low-temperature solar thermal energy is used for heating, cooling, and ventilation. There are several methods for concentrating the sun’s heat to create electricity, such as using a Stirling engine, a heat exchanger, or an energy-producing turbine driven by superheating water or inert gas. The development of technology connected to conventional energy sources is ongoing in many nations, which is promoting the expansion of the solar thermal sector.
The market is expanding as a result of the adoption of clean fuel and rising environmental consciousness, both of which aim to reduce carbon footprints. While lowering reliance on fossil fuels and economic benefits for both customers and service providers are the elements behind the market’s expansion.
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Promoting industrial catalysis requires a significant quantity of artificial energy, including electricity and energy obtained from fossil fuels, which require artificial input and conversion before being used. Therefore, creating catalysis without the use of artificial energy is essential for human sustainability. The use of heterostructures of infrared insulating materials (Cu) and black photothermal materials (such as Bi2Te3) to raise solar heating temperatures is a current market trend. Solar-heating catalysis has the potential to realise zero artificial energy consumption, but this is constrained by the low ambient solar heating temperatures of photothermal materials.
Read market research report, ” Global Solar Thermal Market is segmented By Collector Type (Evacuated Tube Collector, Flat Plate Collector), By System (Thermosiphon Solar Heating Systems, Pumped Solar Heating systems), By Application (Residential, Commercial, Industrial) & By Region- Forecast and Analysis 2020-2027” by SkyQuest The Asia-Pacific region accounts for a substantial market share in the Solar Thermal market, and it is the world’s largest and fastest-growing market due to increasing electricity demand, Rising standards of living, and suitable solar irradiance. Second, comes the region of Europe. The solar thermal market has grown considerably in the European nations, with solar district heating systems accounting for the majority of demand.
As an example, in January 2020, the European Parliament adopted the resolution on the European Green Deal, which focuses on the importance of decarbonizing the energy sector as the topmost priority for a net-zero greenhouse gas emissions economy by 2050. The government-set renewable energy goals and the falling cost of technology are the driving forces behind the market’s rapid expansion. Lastly, the Middle East and Africa are stepping into competition slowly due to government initiatives like PV projects that are yet to be completed in the region. Government attempts to increase the use of renewable energy sources in energy production to spur market expansion. The installation of solar thermal plants in many nations like China is projected to demonstrate considerable market development in the near future, thus the government is offering incentives based on objectives for the generation of energy from conventional sources.
The prominent market players are constantly adopting various innovation and growth strategies to capture more market share. The key market players are Waaree Group (India), Canadian Solar Inc. (Canada), Abengoa (Spain), BrightSource Energy, Inc. (U.S.), Tata Power Solar Systems Ltd. (India)
The report published by SkyQuest Technology Consulting provides in-depth qualitative insights, historical data, and verifiable projections about Solar Thermal Market Revenue. The projections featured in the report have been derived using proven research methodologies and assumptions.
● Drivers- Adoption of clean fuel and increasing environmental awareness which is aimed at reducing carbon footprints is driving the growth of the market. ● Restraint- The key issue restricting the growth of the market is the high installation and maintenance costs of solar thermal power plants, together with the need for large plots of land for plant setup and the difficulty in locating areas with more exposure to solar radiation. What does this Report Deliver? • Market Estimation for 20+ Countries • Solar Thermal Market demand by Region, Sub-Region, and Country • Customization on Segments, Regions, and Company Profiles • 100+ tables, 150+ Figures • Global, Regional and Country specific Solar Thermal Market Trends • Comprehensive Mapping of Solar Thermal Industry Parameters • Attractive Investment Proposition in the Global Solar Thermal Industry • Competitive Strategies Adopted by Solar Thermal Market Key Players • Drivers, Restraints, Opportunities, Challenges and the impact on the Solar Thermal Market Size • Market growth rate till 2028 • Regulatory scenario, regional dynamics, and Solar Thermal market insights of leading countries in each region • In-depth Market insights by Region and Country • Market Segmentation Trend Analysis, Opportunities and Growth • Porter’s five force analysis to know the market’s condition • Pricing Analysis and Solar Thermal Market Sales • Parent market analysis • Product portfolio benchmarking SkyQuest has segmented the Global Solar Thermal Market based on Collector Type, System, Application and Region: ● Global Solar Thermal Market by Collector Type (Revenue, USD Billion, 2021 – 2028) o Evacuated Tube Collector o Flat Plate Collector ● Global Solar Thermal Market by System (Revenue, USD Billion, 2021 – 2028) o Thermosiphon Solar Heating Systems o Pumped Solar Heating systems ● Global Solar Thermal Market by Application (Revenue, USD Billion, 2021 – 2028) o Residential o Commercial o Industrial ● Global Solar Thermal Market by Region (Revenue, USD Billion, 2021 – 2028) o North America US Canada o Europe Germany France UK Italy Spain Rest of Europe o Asia Pacific China India Japan Rest of Asia Pacific o Central & South America Brazil Rest of CSA o Middle East & Africa GCC Countries South Africa Rest of MEA Key Players in the Global Solar Thermal Market ● Waaree Group (India) ● Canadian Solar Inc. (Canada) ● Abengoa (Spain) ● BrightSource Energy, Inc. (U.S.) ● Tata Power Solar Systems Ltd. (India) ● First Solar (U.S.) ● Trina Solar (China) ● Yingli Solar (China) ● eSolar Inc. (US) ● Urja global limited (India) ● Wuxi Suntech Power Co. Ltd (China)
About Us- SkyQuest Technology Group is a Global Market Intelligence, Innovation Management & Commercialization organization that connects innovation to new markets, networks & collaborators for achieving Sustainable Development Goals.
Contact Us- SkyQuest Technology Consulting Pvt. Ltd. 1 Apache Way, Westford, Massachusetts 01886 USA (+1) 617-230-0741
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