Solar Updraft Tower Market to Grow with a CAGR of 20.19% through 2028
Rising demand for Renewable energy and technological
advancements are likely to drive the market in the forecast period.
According to TechSci Research report, “Solar
Updraft Tower Market – Global Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028”, the Global Solar Updraft Tower Market
stood at USD 22.08 billion in 2022 and is anticipated to grow with a CAGR of 20.19%
in the forecast period.One of the primary drivers propelling the global Solar
Updraft Tower market is the growing global demand for clean and sustainable
energy sources. With increasing concerns about climate change, air pollution,
and the depletion of finite fossil fuel resources, governments, businesses, and
individuals are actively seeking renewable energy solutions that reduce carbon
emissions and mitigate environmental impacts. Solar Updraft Towers offer a
compelling solution to meet this rising demand for clean energy. These
innovative structures harness the power of the sun to generate electricity in
an environmentally friendly and sustainable manner. The towers utilize solar
radiation to heat the air beneath a wide collector area, creating an updraft
within the tower that drives wind turbines and generates electricity. As
nations worldwide commit to reducing their carbon footprints and transitioning
away from fossil fuels, Solar Updraft Towers provide a reliable and continuous
source of clean energy, even during periods of high energy demand. This aligns
with the sustainability goals of countries, regions, and cities, making Solar
Updraft Towers an attractive choice for renewable energy projects and driving
their growth in the global market.
Supportive
government policies and incentives constitute another significant driver of the
global Solar Updraft Tower market. Many governments have recognized the
critical role of renewable energy sources in achieving energy security,
reducing greenhouse gas emissions, and transitioning to a low-carbon economy.
To promote the development and deployment of renewable energy technologies,
governments implement a range of policies and incentives, including: Renewable
Energy Targets: Governments set ambitious targets for the share of energy to be
generated from renewable sources within a specified timeframe. These targets
encourage the adoption of renewable technologies like Solar Updraft Towers.
Feed-in Tariffs
(FiTs) and Power Purchase Agreements (PPAs): FiTs guarantee fixed payments for
electricity generated from renewable sources, providing a steady income stream
for project developers. PPAs involve long-term contracts between energy
producers and buyers, ensuring the sale of electricity at predetermined prices.
Investment Tax
Credits (ITCs) and Grants: Governments offer financial incentives such as ITCs,
which allow project developers to offset a portion of their project costs
through tax deductions. Grants provide direct financial support for renewable
energy projects. Research and
Development (R&D) Funding: Government-funded R&D programs support
innovation and advancements in Solar Updraft Tower technology, making these
systems more efficient and cost-effective. Environmental Regulations: Stringent
environmental regulations and emissions reduction targets encourage the
deployment of clean energy sources like Solar Updraft Towers to reduce carbon
emissions and air pollutants.
Streamlined
Permitting and Approvals: Governments streamline permitting and regulatory
processes to expedite the development of renewable energy projects, reducing
administrative barriers and project timelines.
The combination
of these policies and incentives fosters a favorable environment for Solar
Updraft Tower projects, attracting investment, reducing financial risks, and
facilitating their integration into the energy infrastructure. As governments
worldwide continue to prioritize clean energy, these supportive policies are
expected to drive further growth in the global Solar Updraft Tower market.
Browse over XX market data Figures spread
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The Global Solar Updraft Tower Market is segmented
into component, application and region.
Based on type, The Wind Turbine segment had the
largest market share in 2022 & expected to maintain it in the forecast
period. Wind turbines are responsible for converting the kinetic energy
generated by the rising air currents within the Solar Updraft Tower into electricity.
This conversion process is essential for harnessing the power generated by the
tower's updraft and making it usable for various applications, including
supplying electricity to the grid. Wind turbines have a significant impact on
the electricity generation capacity of a Solar Updraft Tower. Their size,
design, and efficiency directly influence the amount of electricity that can be
produced by the system. Larger and more efficient turbines can capture a
greater amount of kinetic energy from the updraft, leading to higher power
output. Wind turbine technology has seen substantial advancements in recent
years, leading to improved efficiency in energy capture. Modern wind turbines
are designed to maximize energy conversion, ensuring that a significant portion
of the updraft's kinetic energy is transformed into electricity. This
efficiency is crucial for the economic viability of Solar Updraft Tower
projects. Wind turbines have become increasingly cost-effective due to
economies of scale, technological innovations, and a competitive market. The
reduction in the cost of wind turbine components and manufacturing processes
has made them an attractive choice for electricity generation within Solar
Updraft Towers. Wind turbines are known for their reliability and durability.
They are designed to operate efficiently in a wide range of environmental
conditions, including variations in wind speed and direction. This reliability
is crucial for ensuring consistent electricity generation from Solar Updraft
Towers.
Based on application, The Commercial segment had the
largest market share in 2022 and is projected to experience rapid growth during
the forecast period. Solar Updraft Towers are massive structures that require
significant land area and solar radiation to operate efficiently.
Commercial-scale projects, often situated in remote or arid regions with ample
sunlight, can harness these conditions to generate substantial electricity. The
large collector area and tall chimney of commercial Solar Updraft Towers facilitate
higher energy production compared to smaller-scale applications. Commercial
Solar Updraft Tower projects are designed to integrate seamlessly into the
electrical grid. They have the capacity to generate substantial amounts of
electricity, making them valuable contributors to a region's energy supply. The
generated power can be distributed to residential, industrial, and commercial
consumers through the existing grid infrastructure. Larger-scale Solar Updraft
Tower projects benefit from economies of scale, leading to cost efficiencies in
terms of materials, construction, and maintenance. This can result in a lower
cost per unit of electricity generated, enhancing the economic viability of
commercial projects. Commercial projects often have access to the necessary
infrastructure, including transmission lines and substations, which simplifies
grid connection. Additionally, commercial-scale projects are more likely to
secure financing and investments from governments, utilities, and private
sector stakeholders due to their potential to make a significant impact on
regional energy production. Commercial-scale Solar Updraft Towers are better
equipped to meet the substantial energy demands of large urban areas,
industrial facilities, and commercial complexes. These projects can provide a
stable and reliable source of clean energy to support industries and
businesses, helping to reduce carbon emissions and environmental impact.
Major companies operating in the Global Solar
Updraft Tower Market are:
- EnviroMission
Limited
- Green
Power Energy
- Hyperion
Solar Energy
- SunCentral
Inc
- Atlantis
Solar LLC
- SunPower
Corporation
- New
BrightSource, Ltd.
- First
Solar, Inc.
- JinkoSolar
Holding Co., Ltd
- China
Energy Engineering Corporation
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“The Global Solar Updraft Tower market is expected to
rise in the upcoming years and register a significant CAGR during the forecast
period due to driven by factors such as rising electricity demand, increasing
focus on renewable energy, and technological advancements in solar updraft
tower technology. Solar updraft towers are a type of renewable energy
technology that uses the natural principle of convection to generate electricity.
They work by heating air in a large greenhouse-like structure, which causes the
air to rise up a tall chimney. The rising air drives a turbine at the base of
the chimney, which generates electricity. The global solar updraft tower market
is still in its early stages of development, but it is expected to grow rapidly
in the coming years. This growth will be driven by the increasing demand for
renewable energy and the technological advancements that are making solar
updraft towers more efficient and cost-effective. Therefore, the market of Solar
Updraft Tower is expected to boost in the upcoming years.,” said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based management
consulting firm.
“Solar Updraft Tower Market - Global Industry
Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Component (Chimney/Tower, Wind
Turbine, Solar Air Collector, Generator), By Application (Residential,
Industrial, Commercial), By Region, By Competition”, has evaluated
the future growth potential of the Global Solar Updraft Tower Market and
provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision-makers make sound investment decisions., The report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in the Global Solar Updraft Tower Market.
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