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Solar District Heating Global Market Report 2024 To 2033 | DESMI A/S, Göteborg Energi AB, Keppel District Heating and Cooling Services Pte. Ltd
Solar District Heating Market Share
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According to The Business Research Company's, The solar district heating market size has grown rapidly in recent years. It will grow from $3.23 billion in 2023 to $3.68 billion in 2024 at a compound annual growth rate (CAGR) of 14.1%. The growth in the historic period can be attributed to environmental concerns, government incentives, energy security, community initiatives.
The solar district heating market size is expected to see rapid growth in the next few years. It will grow to $5.79 billion in 2028 at a compound annual growth rate (CAGR) of 12.0%. The growth in the forecast period can be attributed to policy developments, economic factors, climate change mitigation, public awareness, urban planning and integration. Major trends in the forecast period include innovation and research, technological advancements, integration with smart technologies, hybrid systems, modular and scalable designs, global collaboration.
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Market Drivers and Trends:
The growing adoption of sustainable energy is driving the growth of the solar district heating market. Governments, residents and industries across the globe are focusing on adopting sustainable energy to decrease the dependency on conventional energy consumption and increase the utilization of clean energy such as solar, wind, hydropower, and bioenergy. The growing adoption of sustainable energy is expected to boost the utilization of solar district heating systems, as they offer the most cost-effective heating solutions to commercial, residential, and industrial customers, over the existing heating solutions. According to the International Energy Agency (IEA) Renewable Energy Market Update 2021, Net renewable capacity additions in 2022 are estimated to increase from 269.9GW in 2021 to 279.6GW in 2022. Solar renewable energy expansion to increase from 145W in 2021 to 162GW in 2022. Thus, the growing adoption of sustainable energy is expected to boost the utilization of solar district heating during the forecast period.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
DESMI A/S, Göteborg Energi AB, Keppel District Heating and Cooling Services Pte. Ltd., Korea District Heating Corporation, LOGSTOR A/S, Arcon-Sunmark A/S, Savosolar Oyj, Solvis GmbH, S. O. L. I. D. GmbH, Sunamp Ltd., WOLF GmbH, Aalborg CSP A/S, Absolicon Solar Collector AB, Institut für Nachhaltige Technologien, BrightSource Energy Inc., CitrinSolar GmbH, Energie Solaire SA, Frenell GmbH, Heliodyne Inc., Industrial Solar GmbH, Sunlumo Technology GmbH, Sunoptimo SA, Suntrix Company Limited, TSK Flagsol Engineering GmbH, TVP Solar SA, Viessmann Werke GmbH & Co. KG, Wagner Solar GmbH, Institute for Sustainable Technologies, KBB Kollektorbau GmbH, Alfa Laval AB
Solar District Heating Market 2024 Key Insights:
• The solar district heating market size is expected to see rapid growth in the next few years. It will grow to $5.79 billion in 2028 at a compound annual growth rate (CAGR) of 12.0%.
• Fostering Solar District Heating Market Growth Through Sustainable Energy Adoption
• Strategic Collaborations Drive Innovation And Global Expansion In The Solar District Heating Market
• Western Europe was the largest region in the solar district heating market in 2023
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