Solar Thermal Power Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By System (Thermosiphon Solar Heating System, Pumped Solar Heating System), By Application (Hot Water Systems, Solar Combi Systems, Swimming Pool Heating, Others), By Region, and By Competition, 2018-2028

  • Industry : Power
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  • Published Date : NA
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Summary

Report Description

Forecast Period

2024-2028

Market Size (2022)

USD 21.07 Billion

CAGR (2023-2028)

5.82%

Fastest Growing Segment

Pumped Solar Heating System

Largest Market

Europe


Market Overview

The global solar thermal power market is experiencing substantial growth as a pivotal player in the transition towards sustainable energy solutions. Leveraging sunlight to produce heat, solar thermal power finds applications in electricity generation, hot water systems, and industrial processes. The market is driven by a confluence of factors, including increasing environmental consciousness, supportive government policies, and technological innovations enhancing system efficiency. Despite challenges such as high initial costs and intermittency, solar thermal power's versatility and scalability make it a key contender in the renewable energy landscape. Governments worldwide are setting ambitious targets, propelling the market forward through financial incentives and regulatory frameworks. The ongoing advancements in collector designs, heat storage materials, and overall system optimization contribute to the market's competitiveness. As industries and consumers seek cleaner energy alternatives, the global solar thermal power market continues to evolve, presenting a promising and sustainable solution for meeting the world's growing energy needs.

Key Market Drivers

Renewable Energy Transition and Climate Change Mitigation:

One of the primary drivers propelling the global solar thermal power market is the global commitment to transition towards renewable energy sources and mitigate the impacts of climate change. As nations worldwide strive to reduce greenhouse gas emissions and transition away from fossil fuels, solar thermal power emerges as a key player in the renewable energy mix. Solar thermal technologies, particularly Concentrated Solar Power (CSP), offer a reliable and dispatchable source of clean energy. Governments and international organizations are implementing ambitious renewable energy targets and policies to accelerate the adoption of solar thermal power, fostering its role in addressing climate change.

Increasing Energy Demand and Grid Integration Needs:

Rising global energy demand, coupled with the need for grid stability and flexibility, serves as a significant driver for the expansion of the solar thermal power market. Solar thermal technologies, especially those equipped with thermal energy storage, can provide dispatchable power that aligns with the dynamic needs of the electricity grid. As the demand for electricity continues to grow, particularly in developing regions, solar thermal power presents an attractive solution to meet peak demand, enhance grid reliability, and reduce dependence on conventional fossil fuel-based power plants.

Advancements in Technology and Cost Reduction:

Technological advancements and continuous innovation are key drivers catalyzing the growth of the global solar thermal power market. Research and development efforts are focused on enhancing the efficiency and reducing the costs associated with solar thermal technologies. Innovations in collector design, heat storage materials, and power cycle configurations contribute to increased energy capture and improved overall system performance. The ongoing learning curve and economies of scale achieved through increased deployment further contribute to cost reductions, making solar thermal power more competitive with conventional and other renewable energy sources.

Energy Security and Diversification:

Energy security concerns, coupled with the desire to diversify the energy mix, drive the adoption of solar thermal power globally. Solar thermal technologies offer a decentralized and reliable source of energy, reducing dependence on imported fossil fuels and enhancing energy security. Governments and utilities recognize the importance of diversifying the energy portfolio to mitigate risks associated with geopolitical uncertainties and fluctuations in fossil fuel prices. The deployment of solar thermal power plants contributes to a more resilient and diversified energy infrastructure, ensuring a stable and sustainable energy supply.

Supportive Government Policies and Incentives:

Supportive government policies and incentives play a pivotal role in driving the global solar thermal power market. Many governments worldwide are implementing regulatory frameworks, feed-in tariffs, tax incentives, and subsidies to promote the development and deployment of solar thermal projects. These policies create a favorable environment for investments in solar thermal power, reducing financial barriers and incentivizing both public and private sector participation. As the focus on renewable energy intensifies, governments continue to play a crucial role in shaping the solar thermal market through supportive policies that facilitate project development and promote long-term sustainability.


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Key Market Challenges

High Initial Costs and Capital Intensity:

One of the primary challenges facing the global solar thermal power market is the high initial costs and capital intensity associated with the development and installation of solar thermal power plants. While the costs of solar technologies, in general, have been decreasing, solar thermal power projects, especially those employing Concentrated Solar Power (CSP) technologies, often require significant upfront investments. The construction of mirrors, receivers, and other specialized components, coupled with the need for extensive land and infrastructure, contributes to the capital-intensive nature of solar thermal projects. Overcoming this challenge requires innovative financing mechanisms, government incentives, and ongoing efforts to improve technology efficiency and reduce overall project costs.

Intermittency and Weather Dependence:

The intermittency of solar energy generation, a challenge shared by various solar technologies, is particularly pronounced in the case of solar thermal power. Solar thermal plants heavily depend on direct sunlight to generate heat, and their operation is significantly affected by weather conditions, including cloud cover and seasonal variations. This intermittency poses challenges for grid integration and consistent electricity generation. Developing effective energy storage solutions, such as advanced thermal storage systems, is crucial to mitigate the impact of intermittency. Hybridization with other energy sources and smart grid technologies are also being explored to enhance the reliability of solar thermal power plants.

Land Use and Environmental Impact:

The large land requirements of solar thermal power plants pose both logistical and environmental challenges. Solar thermal technologies, especially CSP, often require vast areas for the installation of mirrors or heliostats to concentrate sunlight onto a receiver. This extensive land use can lead to habitat disruption, land competition with agriculture, and environmental concerns, particularly in ecologically sensitive areas. Striking a balance between maximizing energy production and minimizing environmental impact is a complex challenge that necessitates careful site selection, environmental impact assessments, and sustainable land-use planning.

Technological Maturity and Learning Curve:

Solar thermal power technologies, compared to more mature solar photovoltaic (PV) technologies, are still in the process of reaching technological maturity. The learning curve for solar thermal technologies is steeper, and advancements in materials, system design, and manufacturing processes are ongoing. Achieving economies of scale and increasing the efficiency of solar thermal power plants require continued research and development efforts. The relative lack of standardized designs and modular components can also contribute to longer project lead times and increased uncertainty, hindering the widespread adoption of solar thermal technology.

Competition with Falling Solar Photovoltaic Prices:

The global solar thermal power market faces stiff competition from the continually falling prices of solar photovoltaic (PV) technologies. Solar PV, which converts sunlight directly into electricity, has witnessed significant cost reductions over the years, making it a more attractive option for many investors and utilities. The lower levelized cost of electricity (LCOE) of solar PV, compared to some solar thermal technologies, poses a challenge for the market share of solar thermal power. Overcoming this challenge involves driving innovation, reducing costs through technological advancements, and emphasizing the unique advantages of solar thermal, such as its potential for integrated energy storage and high-temperature heat applications.

Key Market Trends

Technological Advancements and Innovations:

One of the prominent trends shaping the global solar thermal power market is the continuous stream of technological advancements and innovations. As the demand for renewable energy solutions grows, researchers and companies are actively working to improve the efficiency and cost-effectiveness of solar thermal technologies. Innovations such as advanced collector designs, novel heat storage materials, and optimized power cycle configurations are enhancing the overall performance of solar thermal power systems. These developments contribute to making solar thermal power a more competitive and reliable source of renewable energy.

Concentrated Solar Power (CSP) with Thermal Energy Storage:

Concentrated Solar Power (CSP) with thermal energy storage is gaining traction as a key trend in the global solar thermal power market. This technology allows for the storage of excess thermal energy generated during periods of sunlight, enabling electricity generation during cloudy conditions or even after sunset. Advanced thermal storage systems, such as molten salt and phase-change materials, enhance the dispatchability of solar thermal power, making it a more reliable and flexible renewable energy source. The integration of thermal energy storage addresses the intermittency challenges associated with solar power, aligning CSP with the growing need for consistent and dispatchable renewable energy.

Hybrid Solar Power Plants:

The rise of hybrid solar power plants is another significant trend in the global solar thermal power market. Hybrid systems combine solar thermal technology with other energy sources, such as fossil fuels or biomass, to provide a continuous and stable power supply. These hybrid configurations enhance the overall efficiency and reliability of solar thermal power plants by leveraging the complementary nature of different energy sources. The integration of solar thermal technology with conventional power generation methods ensures a more reliable and consistent energy output, catering to the evolving needs of the energy market and grid stability.

Growing Interest in Decentralized Solar Thermal Systems:

There is a growing interest in decentralized solar thermal systems as a trend in the global market. These smaller-scale systems are designed for localized energy generation, offering advantages such as reduced transmission losses and increased energy independence for specific applications or communities. Decentralized solar thermal systems find applications in industrial processes, heating for commercial buildings, and off-grid power generation. The trend towards decentralization aligns with the broader shift towards distributed energy resources and the exploration of sustainable and efficient solutions for localized energy needs.

Increasing Global Investments and Capacity Expansion:

The global solar thermal power market is experiencing increasing investments and capacity expansion initiatives. Governments, businesses, and investors are recognizing the potential of solar thermal technology as a key player in the transition to clean energy. This trend is particularly notable in regions with high solar irradiance, where large-scale solar thermal power plants are being planned and developed. The expansion of capacity is driven by favorable policies, declining costs, and a growing awareness of the environmental benefits associated with solar thermal power. As a result, the global solar thermal power market is poised for significant growth, contributing to the global renewable energy transition.

Segmental Insights

System Insights

Pumped Solar Heating System segment dominates in the global Solar Thermal Power market in 2022. Pumped Solar Heating Systems, also known as active solar heating systems, have emerged as the predominant choice due to their enhanced efficiency and versatility. Unlike Thermosiphon Systems, which rely on natural convection currents, Pumped Systems utilize mechanical pumps to circulate heat transfer fluids through the collector and to the storage system or directly to the point of use. This active circulation mechanism enables a more controlled and efficient heat transfer process, making Pumped Solar Heating Systems particularly well-suited for a wide range of applications, including large-scale power generation, industrial processes, and district heating.

The dominance of Pumped Solar Heating Systems can be attributed to several key advantages they offer. Firstly, the active circulation allows for greater flexibility in system design, making it feasible to integrate advanced features such as heat exchangers and thermal storage, thereby enhancing overall system efficiency. Additionally, Pumped Systems are better equipped to handle variations in weather conditions, ensuring consistent energy output even in the absence of direct sunlight or during adverse weather events.

Another factor contributing to the dominance of Pumped Solar Heating Systems is their scalability. These systems can be easily scaled up to meet the requirements of utility-scale solar thermal power plants, making them a preferred choice for large-scale electricity generation projects. The ability to integrate with energy storage technologies further enhances their appeal, addressing the intermittency associated with solar power and providing dispatchable energy.

Application Insights

Hot Water Systems segment dominates in the global Solar Thermal Power market in 2022. Hot Water Systems represent a cornerstone application of solar thermal power, catering to the fundamental need for reliable and sustainable water heating across residential, commercial, and industrial sectors. The inherent simplicity and efficiency of solar thermal technology make Hot Water Systems a natural and widely embraced choice for harnessing solar energy for heating purposes. This segment encompasses a range of applications, including domestic water heating in households, industrial process heating, and commercial space heating.

One of the primary factors contributing to the dominance of Hot Water Systems is their applicability across diverse settings. Residential installations of solar water heaters have become increasingly prevalent, offering households an environmentally friendly and cost-effective alternative for meeting their hot water demands. The technology seamlessly integrates into existing water heating systems, utilizing solar collectors to capture and convert sunlight into thermal energy for water heating.

Moreover, the commercial and industrial sectors recognize the economic and environmental advantages of deploying solar thermal Hot Water Systems. Industries with substantial hot water demands, such as food and beverage processing, hospitality, and healthcare, leverage solar thermal technology to offset conventional energy consumption, reduce operational costs, and contribute to sustainability goals. The versatility of Hot Water Systems in accommodating varying scales of demand positions them as a go-to solution for businesses seeking to enhance energy efficiency and decrease reliance on conventional energy sources.


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Regional Insights

Europe dominates the Global Solar Thermal Power Market in 2022. Europe's dominance in the global solar thermal power market can be attributed to a combination of favorable factors that position the region as a leader in the adoption and development of solar thermal technologies. Several key elements contribute to Europe's prominence in the global solar thermal power market.

Firstly, a strong commitment to renewable energy and sustainability policies characterizes the European region. European countries have been at the forefront of global efforts to combat climate change and transition towards cleaner energy sources. Ambitious renewable energy targets, set by the European Union (EU) and individual member states, drive substantial investments and initiatives in solar thermal power. The EU's commitment to achieving carbon neutrality by 2050 further amplifies the importance of solar thermal technologies in the region's energy transition strategy.

Secondly, robust government support and policy frameworks play a pivotal role in fostering the growth of the solar thermal power market in Europe. Incentives such as feed-in tariffs, subsidies, and tax benefits encourage both public and private sector participation in solar thermal projects. Regulatory certainty and long-term policy commitments create a conducive environment for investors and developers, facilitating the planning and execution of solar thermal power plants.

Thirdly, technological innovation and research and development efforts have flourished in Europe, contributing to advancements in solar thermal technologies. The region hosts numerous research institutions, universities, and companies dedicated to improving the efficiency and reducing the costs of solar thermal power. European expertise in developing cutting-edge collector designs, heat storage materials, and power cycle configurations positions the continent as a hub for innovation in the solar thermal sector.

Recent Developments

  • In June 2021, U.S. private equity firm EIG Global Energy Partners inaugurated Latin America's first thermal solar plant, a project in Chile's sun-drenched Atacama desert that the South American nation hopes will smooth its path to a low-carbon future. The striking Cerro Dominador, a USD1.4 billion project announced in 2013, will use technology allowing storage of the sun’s heat to generate electricity for hours, including at night, unlike traditional photovoltaic solar- or wind-powered-plants that produce only while the sun is shining or the wind is blowing.

Key Market Players

  • Acciona Energía, S.A.
  • BrightSource Energy, Inc.
  • Siemens AG
  • Enel S.p.A.
  • Abengoa S.A.
  • China General Technology (Group) Holding Co., Ltd.
  • SolarReserve LLC
  • Tianjin Zhonghuan Semiconductor Co., Ltd
  • General Electric Group 
  • Areva S.A.

By System

By Application

By Region
  • Thermosiphon Solar Heating System
  • Pumped Solar Heating System
  • Hot Water Systems
  • Solar Combi Systems
  • Swimming Pool Heating
  • Others
  • North America
  • Europe
  • South America
  • Middle East & Africa
  • Asia Pacific

 

Report Scope:

In this report, the Global Solar Thermal Power Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

  • Solar Thermal Power Market, By System:

o   Thermosiphon Solar Heating System

o   Pumped Solar Heating System

  • Solar Thermal Power Market, By Application:

o   Hot Water Systems

o   Solar Combi Systems

o   Swimming Pool Heating

o   Others

  • Solar Thermal Power Market, By Region:

o   North America

§  United States

§  Canada

§  Mexico

o   Europe

§  Germany

§  France

§  United Kingdom

§  Italy

§  Spain

o   South America

§  Brazil

§  Argentina

§  Colombia

o   Asia-Pacific

§  China

§  India

§  Japan

§  South Korea

§  Australia

o   Middle East & Africa

§  Saudi Arabia

§  UAE

§  South Africa

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Solar Thermal Power Market.

Available Customizations:

Global Solar Thermal Power Market report with the given market data, Tech Sci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

Global Solar Thermal Power Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1.    Product Overview

1.1.    Market Definition

1.2.    Scope of the Market

1.2.1.    Markets Covered

1.2.2.    Years Considered for Study

1.2.3.    Key Market Segmentations

2.    Research Methodology

2.1.    Baseline Methodology

2.2.    Key Industry Partners

2.3.    Major Association and Secondary Sources

2.4.    Forecasting Methodology

2.5.    Data Triangulation & Validation

2.6.    Assumptions and Limitations

3.    Executive Summary

4.    Impact of COVID-19 on Global Solar Thermal Power Market

5.    Voice of Customer

6.    Global Solar Thermal Power Market Overview

7.    Global Solar Thermal Power Market Outlook

7.1.    Market Size & Forecast

7.1.1.    By Value

7.2.    Market Share & Forecast

7.2.1.  By System (Thermosiphon Solar Heating System, Pumped Solar Heating System)

7.2.2.  By Application (Hot Water Systems, Solar Combi Systems, Swimming Pool Heating, Others)

7.2.3.  By Region (North America, Europe, South America, Middle East & Africa, Asia Pacific)

7.3.    By Company (2022)

7.4.    Market Map

8.    North America Solar Thermal Power Market Outlook

8.1.    Market Size & Forecast

8.1.1.    By Value

8.2.    Market Share & Forecast

8.2.1.    By System

8.2.2.    By Application

8.2.3.    By Country

8.2.3.1.        United States Solar Thermal Power Market Outlook

8.2.3.1.1.        Market Size & Forecast

8.2.3.1.1.1.    By Value

8.2.3.1.2.        Market Share & Forecast

8.2.3.1.2.1.               By System

8.2.3.1.2.2.               By Application

8.2.3.2.        Canada Solar Thermal Power Market Outlook

8.2.3.2.1.        Market Size & Forecast

8.2.3.2.1.1.    By Value

8.2.3.2.2.        Market Share & Forecast

8.2.3.2.2.1.               By System

8.2.3.2.2.2.               By Application

8.2.3.3.        Mexico Solar Thermal Power Market Outlook

8.2.3.3.1.        Market Size & Forecast

8.2.3.3.1.1.    By Value

8.2.3.3.2.        Market Share & Forecast

8.2.3.3.2.1.               By System

8.2.3.3.2.2.               By Application

9.    Europe Solar Thermal Power Market Outlook

9.1.    Market Size & Forecast

9.1.1.  By Value

9.2.    Market Share & Forecast

9.2.1.    By System

9.2.2.    By Application

9.2.3.    By Country

9.2.3.1.        Germany Solar Thermal Power Market Outlook

9.2.3.1.1.        Market Size & Forecast

9.2.3.1.1.1.    By Value

9.2.3.1.2.        Market Share & Forecast

9.2.3.1.2.1.               By System

9.2.3.1.2.2.               By Application

9.2.3.2.        France Solar Thermal Power Market Outlook

9.2.3.2.1.        Market Size & Forecast

9.2.3.2.1.1.    By Value

9.2.3.2.2.        Market Share & Forecast

9.2.3.2.2.1.               By System

9.2.3.2.2.2.               By Application

9.2.3.3.        United Kingdom Solar Thermal Power Market Outlook

9.2.3.3.1.        Market Size & Forecast

9.2.3.3.1.1.    By Value

9.2.3.3.2.        Market Share & Forecast

9.2.3.3.2.1.               By System

9.2.3.3.2.2.               By Application

9.2.3.4.        Italy Solar Thermal Power Market Outlook

9.2.3.4.1.        Market Size & Forecast

9.2.3.4.1.1.    By Value

9.2.3.4.2.        Market Share & Forecast

9.2.3.4.2.1.               By System

9.2.3.4.2.2.               By Application

9.2.3.5.        Spain Solar Thermal Power Market Outlook

9.2.3.5.1.        Market Size & Forecast

9.2.3.5.1.1.    By Value

9.2.3.5.2.        Market Share & Forecast

9.2.3.5.2.1.               By System

9.2.3.5.2.2.               By Application

10. South America Solar Thermal Power Market Outlook

10.1. Market Size & Forecast

10.1.1.    By Value

10.2. Market Share & Forecast

10.2.1. By System

10.2.2. By Application

10.2.3. By Country

10.2.3.1.     Brazil Solar Thermal Power Market Outlook

10.2.3.1.1.   Market Size & Forecast

10.2.3.1.1.1.             By Value

10.2.3.1.2.   Market Share & Forecast

10.2.3.1.2.1.            By System

10.2.3.1.2.2.            By Application

10.2.3.2.     Colombia Solar Thermal Power Market Outlook

10.2.3.2.1.   Market Size & Forecast

10.2.3.2.1.1.             By Value

10.2.3.2.2.   Market Share & Forecast

10.2.3.2.2.1.            By System

10.2.3.2.2.2.            By Application

10.2.3.3.     Argentina Solar Thermal Power Market Outlook

10.2.3.3.1.   Market Size & Forecast

10.2.3.3.1.1.             By Value

10.2.3.3.2.   Market Share & Forecast

10.2.3.3.2.1.            By System

10.2.3.3.2.2.            By Application

11. Middle East & Africa Solar Thermal Power Market Outlook

11.1. Market Size & Forecast

11.1.1.    By Value

11.2. Market Share & Forecast

11.2.1. By System

11.2.2. By Application

11.2.3. By Country

11.2.3.1.     Saudi Arabia Solar Thermal Power Market Outlook

11.2.3.1.1.   Market Size & Forecast

11.2.3.1.1.1.             By Value

11.2.3.1.2.   Market Share & Forecast

11.2.3.1.2.1.            By System

11.2.3.1.2.2.            By Application

11.2.3.2.     UAE Solar Thermal Power Market Outlook

11.2.3.2.1.   Market Size & Forecast

11.2.3.2.1.1.             By Value

11.2.3.2.2.   Market Share & Forecast

11.2.3.2.2.1.            By System

11.2.3.2.2.2.            By Application

11.2.3.3.     South Africa Solar Thermal Power Market Outlook

11.2.3.3.1.   Market Size & Forecast

11.2.3.3.1.1.             By Value

11.2.3.3.2.   Market Share & Forecast

11.2.3.3.2.1.            By System

11.2.3.3.2.2.            By Application

12. Asia Pacific Solar Thermal Power Market Outlook

12.1. Market Size & Forecast

12.1.1.    By Value

12.2. Market Size & Forecast

12.2.1. By System

12.2.2. By Application

12.2.3. By Country

12.2.3.1.     China Solar Thermal Power Market Outlook

12.2.3.1.1.   Market Size & Forecast

12.2.3.1.1.1.             By Value

12.2.3.1.2.   Market Share & Forecast

12.2.3.1.2.1.            By System

12.2.3.1.2.2.            By Application

12.2.3.2.     India Solar Thermal Power Market Outlook

12.2.3.2.1.   Market Size & Forecast

12.2.3.2.1.1.             By Value

12.2.3.2.2.   Market Share & Forecast

12.2.3.2.2.1.            By System

12.2.3.2.2.2.            By Application

12.2.3.3.     Japan Solar Thermal Power Market Outlook

12.2.3.3.1.   Market Size & Forecast

12.2.3.3.1.1.             By Value

12.2.3.3.2.   Market Share & Forecast

12.2.3.3.2.1.            By System

12.2.3.3.2.2.            By Application

12.2.3.4.     South Korea Solar Thermal Power Market Outlook

12.2.3.4.1.   Market Size & Forecast

12.2.3.4.1.1.  By Value

12.2.3.4.2.   Market Share & Forecast

12.2.3.4.2.1.            By System

12.2.3.4.2.2.            By Application

12.2.3.5.     Australia Solar Thermal Power Market Outlook

12.2.3.5.1.   Market Size & Forecast

12.2.3.5.1.1.             By Value

12.2.3.5.2.   Market Share & Forecast

12.2.3.5.2.1.            By System

12.2.3.5.2.2.            By Application

13. Market Dynamics

13.1.   Drivers

13.2.   Challenges

14. Market Trends and Developments

15. Company Profiles

15.1.   Acciona Energía, S.A.

15.1.1.        Business Overview

15.1.2.        Key Revenue and Financials 

15.1.3.        Recent Developments

15.1.4.        Key Personnel

15.1.5.        Key Product/Services Offered

15.2.   BrightSource Energy, Inc.

15.2.1.        Business Overview

15.2.2.        Key Revenue and Financials 

15.2.3.        Recent Developments

15.2.4.        Key Personnel

15.2.5.        Key Product/Services Offered

15.3.   Siemens AG

15.3.1.        Business Overview

15.3.2.        Key Revenue and Financials 

15.3.3.        Recent Developments

15.3.4.        Key Personnel

15.3.5.        Key Product/Services Offered

15.4.   Enel S.p.A.

15.4.1.        Business Overview

15.4.2.        Key Revenue and Financials 

15.4.3.        Recent Developments

15.4.4.        Key Personnel

15.4.5.        Key Product/Services Offered

15.5.   Abengoa S.A.

15.5.1.        Business Overview

15.5.2.        Key Revenue and Financials 

15.5.3.        Recent Developments

15.5.4.        Key Personnel

15.5.5.        Key Product/Services Offered

15.6.   China General Technology (Group) Holding Co., Ltd.

15.6.1.        Business Overview

15.6.2.        Key Revenue and Financials 

15.6.3.        Recent Developments

15.6.4.        Key Personnel

15.6.5.        Key Product/Services Offered

15.7.   SolarReserve LLC

15.7.1.        Business Overview

15.7.2.        Key Revenue and Financials 

15.7.3.        Recent Developments

15.7.4.        Key Personnel

15.7.5.        Key Product/Services Offered

15.8.  Tianjin Zhonghuan Semiconductor Co., Ltd

15.8.1.        Business Overview

15.8.2.        Key Revenue and Financials 

15.8.3.        Recent Developments

15.8.4.        Key Personnel

15.8.5.        Key Product/Services Offered

15.9.   General Electric Group

15.9.1.        Business Overview

15.9.2.        Key Revenue and Financials 

15.9.3.        Recent Developments

15.9.4.        Key Personnel

15.9.5.        Key Product/Services Offered

15.10.Areva S.A

15.10.1.     Business Overview

15.10.2.     Key Revenue and Financials 

15.10.3.     Recent Developments

15.10.4.     Key Personnel

15.10.5.     Key Product/Services Offered

16. Strategic Recommendations

17. About Us & Disclaimer

Figures and Tables

Frequently asked questions

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The market size of the global solar thermal power market was USD 21.07 Billion in 2022.

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Hot Water Systems was the dominant segment in the global solar thermal power market in 2022 by application.

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The challenges in the global solar thermal power market include high initial costs and capital intensity, intermittency and weather dependence, land use and environmental impact, technological maturity and learning curve, etc.

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The major drivers for the global solar thermal power market include renewable energy transition and climate change mitigation, increasing energy demand and grid integration needs, advancements in technology and cost reduction, energy security and diversification, etc.

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Jan, 2024

The increasing global solar thermal power market is driven by renewable energy transition and climate change mitigation, increasing energy demand and grid integration needs during the forecast period

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