Renewable Heating Boosting Solar Thermal Market Share Across Residential and Industrial Sectors

According to a new report published by Allied Market Research, the global solar thermal market was valued at $21.5 billion in 2021 and is projected to reach $35.3 billion by 2031, growing at a CAGR of 5.1% from 2022 to 2031. The growing transition toward renewable energy, increasing environmental awareness, and supportive government initiatives are key factors accelerating the growth of the solar thermal market across residential, commercial, and industrial sectors.

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Solar thermal systems are designed to collect energy from the sun and convert it into heat energy. This heat is used to raise the temperature of a heat transfer fluid such as air, water, or specialized fluids, which can then be utilized for space heating, cooling, and hot water applications. In addition, solar thermal power generation systems concentrate sunlight to produce high-temperature heat required for electricity generation, making them an efficient renewable energy solution.

Growing Shift Toward Renewable Energy Driving the Solar Thermal Market

The global shift from fossil fuels to renewable energy sources is a major factor fueling the expansion of the solar thermal market. Increasing concerns regarding carbon emissions, climate change, and environmental degradation have encouraged governments and consumers to adopt sustainable energy technologies. Solar thermal energy has emerged as a reliable and eco-friendly alternative for heating and power applications.

Furthermore, rising awareness regarding the environmental impact of conventional energy resources has led to a surge in the adoption of solar thermal systems worldwide. As countries aim to reduce their dependence on fossil fuel imports and promote energy security, investments in solar thermal infrastructure are steadily increasing, positively influencing solar thermal market growth.

Technological Advancements and Government Schemes Boost Market Expansion

Rapid technological developments in solar receiver tubes, thermal components, and testing facilities are significantly supporting the growth of the solar thermal market. The increasing efficiency of collector technologies and system integration is enhancing the performance and reliability of solar thermal systems, thereby attracting more end users.

In addition, favorable government policies and incentive schemes promoting solar water heaters and renewable heating technologies are expected to accelerate market expansion. Several governments are encouraging consumers to switch from traditional geysers to solar water heaters through subsidies and tax incentives. Such supportive initiatives are playing a crucial role in strengthening the solar thermal market outlook during the forecast period.

Emerging Trend of Solar District Heating Systems

One of the most prominent trends shaping the solar thermal market is the rising adoption of solar district heating systems combined with seasonal storage solutions. These systems are gaining traction due to their ability to provide consistent and efficient heating for residential communities and commercial establishments.

For instance, the implementation of solar district heating networks in various regions demonstrates the growing acceptance of renewable heating technologies. Government incentives, policy reforms, and exemptions for renewable heating users are further expected to propel the adoption of solar thermal solutions in the coming years, thereby boosting the overall solar thermal market trends.

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Market Segmentation Analysis

The solar thermal market is segmented based on collector type, system, application, end use, and region. By collector type, the market is categorized into evacuated tube collectors, flat plate collectors, unglazed water collectors, and air collectors. Among these, evacuated tube collectors accounted for the largest share in 2021 due to their higher efficiency and superior thermal performance.

Based on system type, the market is divided into thermosiphon solar heating systems and pumped solar heating systems. The thermosiphon solar heating system segment dominated the solar thermal market in 2021 owing to its cost-effectiveness, simple installation, and low maintenance requirements.

On the basis of application, the market includes hot water systems, solar combi systems, swimming pool heating, and others. The hot water systems segment held the largest share, driven by increasing demand for domestic and large-scale water heating applications. Growing awareness about energy-efficient water heating solutions is further supporting segmental growth in the solar thermal market.

Residential Sector Dominates End-Use Segment

By end use, the solar thermal market is segmented into residential, commercial, and industrial sectors. The residential segment accounted for the largest market share in 2021, mainly due to the increasing adoption of solar water heaters in households. Rising energy costs and growing environmental awareness among homeowners are encouraging the installation of solar thermal systems for domestic heating purposes.

Additionally, the commercial and industrial sectors are witnessing steady adoption of solar thermal technologies for process heating and energy-efficient operations, further contributing to solar thermal market expansion.

Regional Insights: Asia-Pacific Leading the Solar Thermal Market

Region-wise, the solar thermal market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific currently holds the largest share of the solar thermal market and is expected to register a CAGR of 5.5% during the forecast period. Rapid urbanization, industrialization, and population growth in countries such as China and India are significantly driving the demand for renewable heating technologies in the region.

Moreover, increasing government investments in solar thermal power plants and renewable infrastructure are further strengthening the solar thermal market in Asia-Pacific. Europe and North America are also witnessing steady growth due to supportive renewable energy policies and rising adoption of sustainable heating systems.

Impact of COVID-19 on the Solar Thermal Market

The COVID-19 pandemic negatively impacted the solar thermal market due to disruptions in project timelines, supply chains, and construction activities. Temporary closures of commercial facilities, including swimming pools and recreational centers, reduced the deployment of solar thermal heating systems during the pandemic period.

However, post-pandemic recovery in the construction and tourism sectors has led to renewed demand for solar thermal systems. Governments across developed and developing nations are increasingly investing in renewable energy projects to reduce fossil fuel dependency, thereby supporting long-term solar thermal market growth.

Competitive Landscape and Strategic Developments

The solar thermal market is highly competitive, with key players focusing on expansion, partnerships, acquisitions, and research & development to strengthen their market position. Major companies operating in the market include Solareast Holdings Co. Ltd, Greenonetec Solarindustrie GmbH, BTE Solar Co. Ltd, Linuo Ritter International Co. Ltd, Photon Energy Systems Limited, BrightSource Energy, Abengoa Solar, Siemens AG, Acciona, SolarReserve, and Torresol Energy, among others.

These industry leaders are investing heavily in innovative solar thermal technologies and production capacity expansion to meet the rising global demand for clean energy solutions. Continuous innovation and strategic collaborations are expected to create lucrative opportunities in the solar thermal market over the coming decade.

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Conclusion

In conclusion, the solar thermal market is poised for steady growth driven by increasing adoption of renewable heating technologies, supportive government policies, and rising environmental awareness. Technological advancements, expanding residential installations, and growing investments in renewable infrastructure are further expected to enhance market growth. As the global demand for sustainable and energy-efficient solutions continues to rise, the solar thermal market will play a vital role in the transition toward a cleaner and more sustainable energy future.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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