Solar Thermal Fuel Market: How to Leverage on Technology During Covid19 Crisis? Fortune Business Insights

(MENAFN- The Express Wire) Solar Thermal Fuel Market: How to Leverage on Technology During Covid19 Crisis? Fortune Business Insights

Posted on Aug 10 2020 5:24 AM

"Solar Thermal Fuel Market Size, Share and Global Trend By Application (Industrial, Household, Commercial, Automotive) and Geography Forecast till 2026 "

The global solar thermal fuel market size is poised to grow at a considerable rate owing to the rapidly expanding residential sector worldwide. According to a joint report published by UN Environment, the World Green Building Council, and the International Energy Agency (IEA), buildings and construction contribute 39% of the energy-related carbon dioxide emissions and account for 36% of the final energy use globally. Moreover, the report reveals that in the next 40 years, about 230 billion square meters in new constructions will be built across the globe, thereby adding exponentially to the already high emission levels. This has given rise to a desperate need to curb carbon emissions from the construction sector and has invigorated public and private interest in developing green technologies. This market is likely to benefit as " solar thermal fuel " cells are set to become a highly demanded technology in the near future.

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Fortune Business Insights, in its report, titled 'Solar Thermal Fuel Market Size, Share and Global Trend By Application (Industrial, Household, Commercial, Automotive) and Geography Forecast till 2026, provides an exhaustive analysis of the market through a detailed assessment of the various factors and trends that will shape its development during the forecast period. Apart from this, the report also incorporates a comprehensive evaluation of the different regional and competitive dynamics along with an overall industry outlook that will chart the growth of the market.

A solar thermal fuel is basically a chemical that has the ability to capture and store solar energy for long time periods and release it again in the form of heat. A nascent technology, it is being extensively researched to understand the scope of its application.

Top Players Overview:

• Massachusetts Institute of Technology
• Solar Energy Industries Association
• International Solar Energy Society
• The Australian Solar Thermal Energy Association
• Solar Energy Society of India
• International Energy Agency
• Chalmers University of Technology.

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Steady Rise in Investment in Solar Energy to Boost Sales

The solar thermal fuel market growth is premised on the expected rise in investment in renewable energy in general and solar energy in particular. According to the IEA, between 2012 and 2017, the share of government-led energy investment increased by over 40% globally. The IEA's Renewables 2020 report foresees a 50% increase between 2020 and 2024 in the total renewable energy-based power generation, with solar accounting for 60% of this rise. This augurs well for this market as higher investment in renewables will not only aid research but it will also create a host of employment opportunities, thus fuelling new business ventures and solar thermal fuel production in the forecast period.

Europe to Have a Tight Grip on the Market

Geographically, Europe is anticipated to dominate the global solar thermal fuel market share owing to faster adoption of clean heating systems in industries as well as residential spaces. Europe is at the forefront in promoting sustainable development practices and is therefore expected to lead the solar thermal fuel market trends in the coming decade. In Asia-Pacific, government schemes to develop eco-friendly technologies will prove favourable for the growth of this market. India has now become one of the leading countries in renewable energy-based power generation, having installed 71 GW of capacity in 2018, according to the World Economic Forum.

Unbounded Innovation Opportunities to Spur Competition

The market for solar thermal fuel is emerging as a highly competitive one as vast opportunities for innovation are being rigorously explored by companies and research institutes alike. These innovations must be seen in the broader context of solar energy. Thus some of the noticeable developments in this market include:

• October 2020:  California-based Ubiquitous Energy unveiled its ClearView Power Window which boasts of a line of windows that can absorb infrared and ultraviolet light from the sun and convert it into electricity.
• November 2018:  Swedish scientists developed a unique fluid that can absorb and store solar energy for 18 years.

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Key Market Driver   Increase in investment for renewable sources of energy

Key Market Restraint   Lack of awareness

Segmentation

1. By Application

• Industrial
• Household
• Commercial
• Automotive

2. By Geography

• North America (USA and Canada)
• Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
• Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
• Latin America (Brazil, Mexico, and Rest of Latin America)
• Middle East & Africa (South Africa, GCC, and Rest of the Middle East & Africa)

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Major Table of Content For Solar Thermal Fuel Market:

An Overview of the Impact of COVID-19 on this Market:

The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.

We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.

Click here to get the short-term and long-term impact of COVID-19 on this Market.

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