The solar thermal market is poised to grow by 167187.58 MW during 2021-2026. The market is driven by the rise in investments in renewable energy. In addition, the solar thermal enhanced oil recovery is anticipated to boost the growth of the Solar Thermal Market.

From 2021 to 2026, the solar thermal market is expected to expand by 167187.58 MW, or 5.71 percent annually. The growth of investments in renewable energy is the primary factor propelling the market. The expansion of the Solar Thermal Market is also expected to benefit from solar thermal enhanced oil recovery. Segmentation of the solar thermal market is discussed at length in this report, both by type of use (heat generation vs. power generation) and by region (North America, APAC, Europe, the Middle East and Africa, and South America)

The global energy transition and the increasing use of renewable energy sources and thermal energy storage create enormous expansion potential for CSP. However, the growth of market participants will be hindered by technical difficulties with solar thermal technology, falling crude oil prices, and the intermittent nature of solar resources.

The fastest-growing parts of the market are where vendors will see the most opportunity, so they should concentrate on those while holding steady in the slower-growing parts.

source: PR Newswire