The Global Solar Thermal Market was valued at US$ 184.50 in 2021, and it is expected to reach a value of US$ 254.46 billion by 2028, at a CAGR of 4.7% over the forecast period (2022 - 2028).
The heat from the sun is collected into solar thermal energy for human use. It differs from photovoltaic (PV) energy, which transforms some of the electromagnetic radiation from the sun directly into electrons and electricity. Since the sun's heat can be captured and transmitted in a medium, solar thermal technology has a broad spectrum of applications than PV. This energy can be used to heat and cool a home, heat water, cook food, or generate electricity.
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Low-temperature sun thermal energy is used for heating, cooling, and ventilation; mid-temperature solar thermal energy is used for cooking; high-temperature solar thermal energy is used for a variety of tasks, including the production of electricity. There are several ways to concentrate the sun's heat to generate electricity, including utilizing a Stirling engine or a heat exchanger to superheat water or inert gas and then use that heat to drive an energy-generating turbine. Countries across the world are in a continuous surge to develop technologies related to conventional energy sources and this is facilitating the growth of the Solar Thermal market.
Top Company Profiles
- Waaree Group (India)
- Canadian Solar Inc. (Canada)
- Abengoa (Spain)
- BrightSource Energy, Inc. (US)
- Tata Power Solar Systems Ltd. (India)
- First Solar (US)
- Trina Solar (China)
- Yingli Solar (China)
- eSolar Inc. (US)
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Global Solar Thermal Key Market Trends
- Increasing number of industries adopting the solar thermal is likely to positively influence the market. Dairy Food processing and beverages, automotive components, textiles and chemicals, and pharmaceuticals are some of the sectors which are in the surge to use the industrial heat generated through solar thermal projects. Renewable solutions can reduce fossil fuel consumption and carbon dioxide (CO2) emissions in process heating. Because process heating supplies account for almost two-thirds of the total final energy demand from a manufacturing site, there is huge room for improvement in the industry. Major pharmaceutical businesses all around the world have set ambitious goals for their energy usage in the future, and this industry is predicted to adopt solar process heating more frequently.
- Promoting industrial catalysis consumes a large amount of artificial energy, such as electricity and fossil-derived energy, which need artificial conversion and input for their final usage. Therefore, constructing artificial-energy-input-free catalysis is the key to human sustainable development. Solar-heating catalysis has the potential to realize zero artificial energy consumption. It is restricted by the low ambient solar heating temperatures of photothermal materials such as the concept of using heterostructures of black photothermal materials (such as Bi2Te3) and infrared insulating materials (Cu) to elevate solar heating temperatures is the ongoing Solar Thermal Market trend.
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