SOURCE: BCC Research LLC

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January 28, 2016 08:52 ET

Solar Thermal Technologies Heating Up; CSP Segment Torching Market With 60% CAGR, Reports BCC Research

WELLESLEY, MA--(Marketwired - 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.

  • SH technology includes all technologies used for residential, commercial and industrial ST installations that do not concentrate sunlight and provide low-grade heat to various heating systems.
  • CSP technology includes technologies that concentrate and/or absorb sunlight to provide thermal energy to a utility-scale process or system. Unlike the SH technologies, CSP technologies produce superheated heat transfer fluids (HTFs) above the boiling point of water (e.g., 212°F). The thermal energy input needed to produce superheated HTFs is only possible through the sunlight-concentrating designs of CSP technologies. (Steam production for electrical power generation is by far the most common market application for utility-scale ST technologies.)

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.

About BCC Research
BCC Research publishes market research reports that make organizations worldwide more profitable with intelligence that drives smart business decisions. These reports cover today's major industrial and technology sectors, including emerging markets. For more than 40 years we've helped customers identify new market opportunities with accurate and reliable data and insight, including market sizing, forecasting, industry overviews, and identification of significant trends and key market participants. We partner with analysts who are experts in specific areas of industry and technology, providing unbiased measurements and assessments of global markets. Recently selected as the world's greatest market research company, BCC Research is a unit of Eli Global, LLC. Visit our website at www.bccresearch.com. Contact us: (+1) 781-489-7301 (U.S. Eastern Time), or email information@bccresearch.com.

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