Energy is considered a prime factor in the economic development of the country. Demand for new sustainable energy sources is rising due to the limited availability of fossil resources and environmental issues associated with these. Solar thermal power is a type of energy that is converted from solar energy in the form of electricity. This energy is consumed in industrial and residential sectors.
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Based on the system, the solar thermal power market can be segmented into linear concentrated systems, solar power, and solar dish. The linear concentrated systems segment accounted for significant share of the solar thermal power market in 2015 owing to the high efficiency of these systems. Increase in awareness about renewable energy and rise in demand for electricity have boosted the demand for solar thermal power.
Solar thermal power generation is expected to play a significant role in addressing the electrical issues in rural areas. The technology is anticipated to help electrify remote places where supply of electricity is scarce. Integration of solar thermal power systems with coal thermal power plants or steam turbines is estimated to lower capital investment and increase electricity output.
In terms of region, the global solar thermal power market has been segmented into Asia Pacific, North America, Europe, Middle East & Africa, and Latin America. Europe dominated the solar thermal power market in 2015. Germany has been leading the way, being the country with high number of installed photovoltaic cells. The global solar thermal power market has been expanding significantly since the last few years due to the availability of high government subsidies in countries around the world. The market in Asia Pacific is expected to expand due to the increase in developments in renewable energy in the region. Asia Pacific is projected to be a rapidly growing region for the solar thermal power market during the forecast period.
The market in Latin America is also anticipated to expand substantially during the forecast period. The U.S. held significant share of the solar thermal power market in North America in 2015. The country is projected to dominate the regional market in the near future. Global demand for solar thermal power is likely to increase due to the rapid industrialization and urbanization in developing economies. Rise in awareness about renewable energy and increase in government subsidies on solar products have encouraged the usage for solar energy in many developing regions. The Government of China plans to develop 16 solar thermal plants by 2020. This is expected to propel the demand for solar thermal power systems in the country during the forecast period.
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Global demand for utilization of solar energy is anticipated to rise significantly in the near future, thereby offering high growth opportunities for solar thermal power market. Rapid increase in demand in end-use applications, competitive manufacturing costs, and high economic growth rate are propelling the solar thermal power market in Asia Pacific. These factors are prompting companies to adopt expansion and R&D strategies in the region.
Companies are focusing on Asia Pacific to gain higher market share. Producers of solar thermal power have been compelled to adopt expansion and acquisition strategies to meet the global demand. Large numbers of producers are shifting their plants to countries such as China and India due to factors such as high demand and low raw material and labor costs.
Major players operating in the global solar thermal power market include Abengoa Solar, S.A., ACCIONA, GlassPoint Solar, Inc, Rackam, ABROS green GmbH, Torresol Energy Investments, S.A, AREVA Solar, Novatec Solar, Sopogy, and BrightSource Energy, Inc.