Solar Thermal Market in Europe Size to grow by USD 2638.5 million between 2024-2028
According to a research report “ Solar Thermal Market in Europe” by Technology (Low and medium temperature, High temperature) Application (Heat generation, Power generation) Geography (Europe)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 2638.5 million, at a CAGR of almost 7.81% during the forecast period. Solar thermal technology enhances the flexibility of European solar power plants by extending the alignment of solar electricity generation with normal demand patterns. This is achieved through solar thermal energy storage, which mitigates the constraints of ramping and minimum generation levels in Concentrated Solar Power (CSP) plants. By integrating thermal energy storage in CSP systems, power generation becomes possible even during unfavorable weather conditions, with minimal impact on operating efficiency. Additionally, the significant cost reduction in CSP electricity generation over the past few years has fueled the installation of new solar thermal power plants across Europe. These plants rely on solar thermal energy due to its ability to withstand higher temperatures compared to alternative storage technologies like batteries.
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By Technology, the Low and medium temperature segment is projected to dominate the market size in 2024
The European Solar Thermal market is experiencing significant growth, driven by increasing demand for renewable energy sources and government incentives. This sector offers substantial business opportunities for manufacturers, installers, and distributors. Key players include Viessmann, Bosch Thermotechnology, and Solaredge Technologies. The market is expected to expand at a CAGR of over 5% through 2025, driven by advancements in technology and rising energy prices.
By Application, Heat generation segment is expected to hold the largest market size for the year 2024
The European Solar Thermal market exhibits robust growth, driven by increasing government incentives and consumer awareness towards renewable energy sources. Market players are focusing on technological advancements to enhance system efficiency and reduce costs. Key players include Vaillant Group, Viessmann, and Bosch Thermotechnology, who are investing in R&D to expand their product portfolios and gain a competitive edge. The market is expected to reach significant growth by 2025, driven by the European Union's renewable energy targets and favorable regulatory frameworks.
Europe is forecasted to hold the largest market size by region in 2024
The European Solar Thermal market is experiencing significant growth, driven by increasing demand for renewable energy sources and government incentives. This sector offers substantial business opportunities, particularly in countries like Germany, Italy, and Spain, which have high solar radiation levels. Companies specializing in solar thermal technologies can benefit from this trend by providing innovative solutions for hot water and space heating applications. Collaborations and partnerships with local players can also enhance market penetration and expand business networks.
The Solar Thermal Market in Europe growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
Solar thermal technology is a renewable energy solution that harnesses the power of sunlight to generate high-temperature heat. This heat can be used for various applications, including heating homes and water for both domestic and industrial use. Solar thermal energy is an essential component of the European energy landscape, with the market expected to grow significantly in the coming years. The European solar thermal market is driven by the demand for thermal energy in the residential segment, which accounts for the largest share of the market. Solar heating systems are increasingly being adopted for direct heating of homes and water, providing an eco-friendly alternative to natural gas and reducing energy bills. In the industrial sector, solar thermal energy is used for processes requiring high temperatures, such as drying, water desalination, and food processing. The technology is also used in district heating systems, providing thermal energy to multiple buildings in a centralized manner. The European solar thermal market is expected to reach megawatts-scale installations in the coming years. The market is driven by the increasing availability of unglazed and glazed collectors, which offer different efficiency levels and cost structures. The Solar Payback Project, a European initiative, aims to promote the adoption of solar thermal technology by providing financial incentives and technical support. Solar thermal technology is distinct from photovoltaic energy, which converts sunlight into electrons through the photovoltaic effect. Solar thermal energy is a promising solution for meeting Europe's energy needs while reducing greenhouse gas emissions and promoting energy independence.
Market Research Overview
The Solar Thermal Market in Europe is witnessing significant growth as the continent pushes towards renewable energy solutions and reduces its reliance on fossil-derived energy. Solar thermal technology, which includes infrared insulating materials and photothermal materials, is playing a crucial role in this transition. This technology uses sunlight to heat fluids, which can then be used for process heating in industries, space heating, domestic water heating, and even solar desalination. The solar thermal market in Europe includes various applications such as textiles and chemicals, automotive components, solar panels, and food processing in the industrial, commercial, and residential segments. Solar thermal systems come in different types, including unglazed and glazed collectors, evacuated tube collectors, and flat plate collectors. The European solar industry is also focusing on high-temperature heat applications, such as solar chimneys, furnaces, and boilers, to generate steam turbines for power generation industries. The market is expected to reach gigawatts in capacity, with government incentives and clean energy targets driving growth. However, grid disconnection fees and the need for energy storage solutions pose challenges to the solar thermal market. Solar thermal technology can also be used for solar air heating, solar drying, and solar water heating, making it a versatile solution for various applications. The market also includes solar combi systems, hot water systems, and air collectors. The solar thermal market in Europe is expected to have a significant impact on industries such as tourism, swimming pool facilities, and food processing, providing clean energy resources and reducing greenhouse gas emissions in line with regulatory plans and green technologies.
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