New Solar Thermal Market In Europe Research during 2021-2025 | COVID-19 Industry Planning Structure | Technavio

The new solar thermal market in Europe research from Technavio indicates growth in the short term as the business impact of COVID-19 spreads.

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"One of the primary growth drivers for this market is the increasing demand for CSP," says a senior analyst for the utilities industry at Technavio. As the markets recover, Technavio expects the solar thermal market in Europe size to grow by 0.54 Terawatt-hour during the period 2021-2025.

Solar Thermal Market in Europe Segment Highlights for 2020

• The solar thermal market in Europe is expected to post a year-over-year growth rate of 1.3%.
• Based on the technology, the low and medium temperature segment saw maximum growth in 2020. The low and medium temperature segment primarily includes the small- and medium-scale solar water heating systems for residential and commercial buildings. The segment is facing severe competition from the PV systems and the heat pumps.
• The growth of the market segment will be significant during the forecast period.

Regional Analysis

• 91% of the growth will originate from the Spain region.
• The decrease in the prices of CSP with thermal energy storage will facilitate the solar thermal market growth in Spain over the forecast period.
• The market growth in Spain will be slower than the growth of the market in the rest of Europe.

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Notes:

• The solar thermal market in Europe size is expected to accelerate at a CAGR of 2% during the forecast period.
• The solar thermal market in Europe is segmented by technology (Low and medium temperature and High temperature) and geography (Spain and Rest of Europe).
• The market is fragmented due to the presence of many established vendors holding significant market share.
• The research report offers information on several market vendors, including Aalborg CSP AS, Abengoa SA, Acciona SA, Bosch Thermotechnik GmbH, BrightSource Energy Inc., Cosmosolar, DEL PASO SOLAR SL, GREENoneTEC Solarindustrie GmbH, SENER group, and Vaillant GmbH.

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