In recent years, broad-based support for alternative energy has generated tremendous interest in solar thermal technologies. BCC Research reveals in its new report that both 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.
BCC Research expects the global market for solar thermal technologies to increase 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 2014, the worldwide market for SH technologies totaled about $17.4 billion. BCC Research predicts the global market for SH 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 [CSP] market should reach $2.4 billion and $25.8 billion in 2014 and 2019, respectively, reflecting a whopping five-year CAGR of 60.2 percent.”