According to the report published by Allied Market Research, the global solar thermal market generated $21.5 billion in 2021, and is projected to reach $35.3 billion by 2031, growing at a CAGR of 5.1% from 2022 to 2031. The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers & opportunities, competitive landscape, and regional landscape. The report is a useful source of information for new entrants, shareholders, frontrunners, and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the market.
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COVID-19 Scenario:
- The outbreak of the COVID-19 had a negative impact on the growth of the global solar thermal market, owing to the occurrence of lockdowns in various countries across the globe which led to the shutdown of manufacturing units.
- The rampant spread of the COVID-19 across the globe affected supply chain activities, thereby adversely impacting the growth of the global market.
- Furthermore, less access to raw materials due to the strict ban on the import and export of raw materials further increased the negative impact of the COVID-19 pandemic on the global market.
- Post-pandemic, the rapid expansion of the construction and tourism sectors has led to the increase in the demand for solar thermal systems.
The report offers a detailed segmentation of the global solar thermal market based on collector type, system, application, end use, and region. The report provides a comprehensive analysis of every segment and their respective sub-segment with the help of graphical and tabular representation. This analysis can essentially help market players, investors, and new entrants in determining and devising strategies based on the fastest-growing segments and highest revenue generation that is mentioned in the report.
Based on collector type, the evacuated tube collector segment held the major market share in 2021, holding nearly three-fifths of the global solar thermal market share, and is expected to maintain its leadership status during the forecast period. However, the air collector segment, on the other hand, is expected to cite the fastest CAGR of 6.2% during the forecast period.
Based on application, the hot water systems segment held the largest market share in 2021, accounting for nearly half of the global market share, and is expected to maintain its leadership status during the forecast period. However, the others segment, on the other hand, is expected to cite the fastest CAGR of 5.8% during the forecast period. The report also includes other segments such as solar combi systems and swimming pool heating.
Based on end use, the residential segment held the major market share in 2021, contributing more than half of the global solar thermal market share, and is expected to maintain its leadership position during the forecast period. However, the industrial segment, on the other hand, is expected to cite the fastest CAGR of 5.7% during the forecast period.
Based on region, the market across the Asia-Pacific region held the major market share in 2021, holding more than half of the global solar thermal market share and is expected to maintain its leadership status during the forecast period. In addition, the same region is expected to cite the fastest CAGR of 5.5% during the forecast period. The report also analyses other regions such as Europe, North America, and LAMEA.
The key players analyzed in the global solar thermal market report include Solareast Holdings Co. Ltd, Greenonetec Solarindustrie GmbH, BTE solar Co. Ltd, Linuo Ritter International Co. Ltd, Photon Energy Systems Limited., BrightSource Energy, Parvelon CSP Technologies, Abengoa Solar, Siemens AG, Acciona, S.A., SOLARRESERVE, LTD, Torresol Energy, Trivelli Energia srl, Lointek Heavy Industries S.L., SCHOTT AG, and Abors green GmbH.
The report analyzes these key players in the global solar thermal market. These market players have made effective use of strategies such as joint ventures, collaborations, expansion, new product launches, partnerships, and others to maximize their foothold and prowess in the industry. The report is helpful in analyzing recent developments, product portfolio, business performance, and operating segments by prominent players in the market.
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SOURCE: GlobeNewswire
