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Global Solar Thermal Market to Post CAGR of 5% during 2018-2022
July 18, 2018 | Business WireEstimated reading time: 2 minutes
The global solar thermal market is expected to post a CAGR of close to 5% during the period 2018-2022, according to the latest market research report by Technavio.
A key factor driving the growth of the market is the rise in investments in renewable energy. The total cost of electricity generated from renewable energy sources is more than that from conventional sources. However, the technology used to generate electricity from renewable energy sources is growing rapidly, making it competitive with newly built fossil fuel power plants. Low carbon emission and the competitive cost of generating electricity have led to continuous investment in renewable sources of energy across the world.
Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
Global Solar Thermal Market: Solar Thermal Enhanced Oil Recovery
Solar thermal enhanced oil recovery is a technique applied to increase the production from maturing oil reservoirs using CSP technology. With the maturing oil fields, the production decreases substantially. Therefore, it has become crucial to use different oil recovery methods to ensure adequate production from oil reservoirs.
“Thermal EOR technique involves the burning of natural gas to reduce the viscosity of heavy oil, thus aiding in vaporizing reservoir water to steam. The process increases the amount of oil that can ultimately be recovered along with the enhanced rate of production. The three most common steam injection methods used are continuous steam injection, steam-assisted gravity drainage, and cyclic steam stimulation,” says a senior analyst at Technavio for research on power.
Global Solar Thermal Market: Segmentation Analysis
This market research report segments the global solar thermal market by application (heat generation and power generation) and geographical regions (APAC, EMEA, and the Americas).
The heat generation segment held the largest market share in 2017, accounting for nearly 99% of the market. This application segment is expected to dominate the global market throughout the forecast period.
APAC led the market in 2017 with a market share of nearly 77% of the market share. The market share occupied by this region is anticipated to decrease during 2018-2022.
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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