Solar Thermal Market in Europe - Change in Energy Mix to Boost Growth| Technavio

Technavio market research analysts forecast the solar thermal market in Europe to grow at a CAGR of over 3% during the period 2018-2022, according to their latest report.

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This market research report segments the solar thermal market in Europe by technology (low and medium temperature and high temperature). The report also presents a detailed analysis of the market’s growth prospects across regions such as Austria, Germany, Greece, Italy, Spain, and others.

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In this report, Technavio analysts highlight the change in energy mix as a key factor contributing to the growth of the solar thermal market in Europe:

Change in energy mix

The rapid growth in urbanization has had a massive impact on power consumption. Most of the power and heat needs are met by using fossil fuel, which is harmful to the atmosphere. Therefore, the demand for the clean and efficient power source is increasing across the globe.

Advancing from fossil fuels to renewable sources is the key to achieving economic, social, and environmental development. The total cost of producing electricity from renewable sources is relatively higher than by conventional sources of power generation. However, renewable technology is evolving much faster, posing stiff competition to the fossil fuel power plants. Low carbon emissions from renewable sources and the competitive cost of producing electricity have led to the continuous investments in renewable energy globally. The EU aims to have 20% share of its gross final energy consumption from renewable sources by 2020. For instance, Sweden had more than half of its energy from renewable sources in its gross final consumption of energy.

According to a senior analyst at Technavio for power research, “The increased focus on renewable sources is attracting more investments in the energy industry, which will drive the solar thermal market during the forecast period. The shift toward renewable sources is further fueled by the ratification of the Paris Climate Agreement in 2016. The key aim of this agreement is to reduce the global temperature to 2-degrees Celsius above the pre-industrial levels. Governments across the globe are taking initiatives to increase the use of renewable sources of energy. This is likely to drive investments in renewable sources, thereby driving the market for solar thermal systems.”

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Solar thermal market in Europe - segmentation analysis

Germany was the leading country for the solar thermal market in Europe in 2017, accounting for a market share of close to 32%, followed by Spain. Increasing number of cities across the world are developing programs for deployment of smart solutions. Europe is one of the leading regions in the number of smart city projects. European Commission that has launched the European Innovation Partnership on Smart Cities and Communities (EIPSCC), which has been the key driving factor for the increase in the number of projects. The sustainable integrated solutions include higher energy efficiency, innovation, better transport solutions, and efficient use of ICT.

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