Solar Thermal Market 2021 Future Growth Prospect, Industry Report And Growing Demand Analysis Till 2027

The key factors that boost the solar thermal market growth are green energy target rollouts by major countries, increase in clean energy demand, rise in population rate, and rural electrification plans. Rapid expansion of infrastructure industry along with strong economic activity across developing nations are expected to boost the solar thermal market growth.

Some of the key benefits of solar thermal panels include long operating life, lowered energy bills, low maintenance cost, and easy installation, making their use superior to alternate technologies. Improved efficiency, sustainability, and low thermal losses are some of the key factors that influence the acceptance of solar thermal panels worldwide. In addition, surge in consumer awareness on the importance of renewable technologies along with rise in focus on energy security are expected to offer lucrative opportunities for the expansion of the global market.

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One of the critical factors responsible for the growth of the solar thermal industry is the growing emphasis on introducing clean fuel substitutes with a view to curbing carbon emissions. Solar thermal systems can be installed for a range of applications, which will vastly reduce the consumption of fossil fuels. This will act as a remunerative opportunity for the solar thermal market, along with operational and economic benefits for both the user and the service provider.

In addition, rise in demand for continuous power supply and increase in adoption of decentralized power systems are projected to boost the growth of the solar thermal market. The ability to generate power round the clock in line with energy storage capability is expected to further increase demand for the product. However, insufficient rewards for investment may pose a market challenge. Taxation policies could raise costs that would lead to high energy prices. Economical and technical viability further serves as a key concern, as the costs of the equipment is high.

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COVID-19 scenario analysis

Global solar thermal market is expected to witness decline in growth rate during the forecast period, owing to the outbreak of the COVID-19 pandemic. Governments of various countries have implemented lockdown, which has led to shutdown of factories in scores of cities and provinces across the world, thus leading to predictions of a sharp slowdown in the output from residential to industrial sectors.

Moreover, companies are dealing with missing sales and fractured supply chains as production activities shutdowns. Among other problems, if this continues, it might be possible that companies may not be able to meet project delivery timelines that could alter tax treatment or eligibility for state incentives for such projects.

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