LONDON--(BUSINESS WIRE)--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.
This market research report on the global solar thermal market 2018-2022 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. 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.
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In this report, Technavio highlights the solar thermal enhanced oil recovery as one of the key emerging trends in the global solar thermal market:
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.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market sizing
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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