Top Companies in Solar Thermal Market by Size, Share, Historical and Future Data & CAGR | Report by Vantage Market Research
Solar Thermal Market is projected to reach a value of USD 26.7 Billion by 2028 at a CAGR of 4.9% over the forecast period.
The Global Solar Thermal Market is valued at USD 20.1 Billion in 2021 and is projected to reach a value of USD 26.7 Billion by 2028 at a CAGR of 4.9% over the forecast period. The solar district heating system combined with seasonal storage is the market's fastest-growing trend in Solar Thermal technology. Additionally, the government's incentives might provide the market with the greatest boost.
Over the forecast period, rising clean fuel alternative adoption will support the expansion of the worldwide Solar Thermal market. This industry is anticipated to grow due to the goal of reducing carbon emissions and practical and financial benefits.
The market is expanding due to the quick advancement of solar energy technology, increasing public and private sector investments, and the availability of Solar Thermal applications in the building sector. The expansion of solar district heating projects worldwide is the most prominent development factor for the residential Solar Thermal market. They are essential to decarbonizing the heating industry and addressing the rising demand for environmentally benign heating services like residential water and space heating. Additionally, the Solar Thermal market has expanded in European nations, with solar district heating systems having the most extensive use. The government-set renewable energy goals and the declining cost of technology are the driving forces behind the market's rapid expansion.
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Key Solar Thermal market players emphasize investing in R&D to increase efficiency and use sunlight best. Well-known players like Solar East Holdings Co. Ltd. (China), Greenonetec Solar Industries GmbH (Austria), BTE Solar Co. Ltd (China), Linuo Ritter International Co. Ltd. (China), Photon Energy Systems Limited (India), BrightSourcEnergy (US), Abengoa Solar (Spain), Siemens AG (Germany), Acciona (Spain), SolarReserve (US), Torresol Energy (Spain), Trivelli Energy (Italy), Sener (Spain), Lointek (Spain), SCHOTT (Germany), Abors Green GmbH (Germany), and Liontek (US) among others dominate the Global Solar Thermal market.
Let’s Take a Look at the Top Market Players that are Captivating the Solar Thermal Market
- Solar East Holdings Co. Ltd. (China)
Solar East Holdings Co. Ltd. sells building supplies wholesale and distributes them. The company sells various goods, including solar water heaters, air energy heaters, electric water heaters, water purifiers, and bathroom accessories. Additionally, Solar East Holdings markets its goods internationally.
- Greenonetec Solarindustrie GmbH (Austria)
The Company was established in 1995. Other than electric and warm air furnaces, the company's area of business includes the manufacture of heating equipment.
- Linuo Ritter International Co. Ltd. (China)
A subsidiary of Linuo Paradigma, the first Sino-German joint venture in the Solar Thermal sector and one of the leading businesses in China, Linuo Ritter International Co. Ltd. concentrates on the international renewable energy commerce.
- Photon Energy Systems Limited (India)
This Company creates solar energy-related items. The business manufactures solar photovoltaic modules, water pumps, power plants, lanterns, street lights, and water heating systems. Photon Energy Systems serve customers in India.
- BrightSource Energy (US)
This Company creates, develops, and implements Solar Thermal technology to generate electricity in utility-scale power facilities. The company offers unique software to produce high-temperature steam for the electric, petroleum, and industrial processes markets. BrightSource Energy serves international clients.
- Abengoa Solar (Spain)
Abengoa Solar offers utility services. Electricity is generated, distributed, and transmitted by the company. Abengoa Solar caters to customers in Spain.
- Siemens AG (Germany)
Siemens AG is a manufacturer and engineering company. The Company is heavily invested in digitalization, automation, and electrification. Siemens offers engineering solutions in automation and control, power, transportation, and medical diagnosis.
- SolarReserve (US)
This Company creates massive solar energy installations. The business provides services for clean fuel and renewable energy. SolarReserve serves customers in the United States.
- Torresol Energy (Spain)
Torresol Energy is a provider of energy. The Company seeks to advance technological advancement, large-scale concentrated solar power plant construction, operation, and maintenance. Torresol Energy Investments serve international clients.
- SCHOTT (Germany)
This Company creates glass goods. The company sells syringes, color filters, metal enclosures, solar power modules, glass for ceramic cooktops, and other goods. SCHOTT provides services to the global home appliance, solar energy, pharmaceutical, electronics, optics, automotive, transportation, and architectural industries.
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