January 28, 2016
Wellesley, Mass., January 28, 2016 – In recent years, broad-based support for alternative energy as a solution to energy security, global warming and rising fossil energy prices has generated tremendous interest in solar thermal (ST) technologies. BCC Research reveals in its new report that solar heat (SH) and concentrated solar power (CSP) technologies represent economically viable opportunities for power providers, businesses and individuals to reduce grid-energy and/or fossil-fuel consumption for process heating and electrical power generation.
Solar thermal technologies are products and power installations that capture, concentrate and/or absorb sunlight to provide thermal energy to a particular process or system. Solar thermal technologies are segmented into two major categories: SH and CSP.
The global market for ST technologies is expected to reach from almost $19.8 billion in 2014 to $42.6 billion in 2019, reflecting a five-year compound annual growth rate (CAGR) of 16.6%.
In the global markets for SH heat technologies, several drivers are keying growth. These include the potential for increased environmental benefits, the offset of fossil fuel usage, reductions in greenhouse gas emissions, reductions in air and water pollutant emissions, reductions in the amount of energy extraction and associated disposal requirements and benefits to energy security. In 2014, the worldwide market for SH technologies totaled about $17.4 billion. BCC Research predicts the global market to decrease at a slightly negative five-year CAGR of -0.6%, to reach nearly $16.9 billion by 2019.
“On the other hand, in 2014 the worldwide market for CSP technologies declined to market sizes prior to 2008,” says BCC Research analyst Nikolaos Bazoukis. “However, scheduled projects under development for numerous solar thermal power plants using CSP technologies, as well as other projected major country entries in the CSP market indicate huge market growth. During the forecast period, the market should reach $2.4 billion and $25.8 billion in 2014 and 2019, respectively, reflecting a whopping five-year CAGR of 60.2%.”
Solar Thermal Technologies: Applications and Global Markets (EGY137A) examines the industry by market share, technology type, geography, and field of application. Analyses of global market drivers and trends, with data from 2013, estimates for 2014, and projections of CAGRs through 2019 are provided.
Editors and reporters who wish to speak with the analyst should contact Steven Cumming at firstname.lastname@example.org.
Solar Thermal Technologies: Applications and Global Markets( EGY137A )
Data and analysis extracted from this press release must be accompanied by a statement identifying BCC Research LLC as the source and publisher. For media inquiries, email email@example.com or visit www.bccresearch.com/media to request access to our library of market research.