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.
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.
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.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.