Solar Thermal Fuel Market - Global Industry Analysis 2031

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Solar Thermal Fuel Market - Global Industry Analysis 2031

Solar Thermal Fuel Market is driven by rise in demand for energy and decrease in greenhouse gas emissions in the near future

Solar Thermal Fuel Market: Overview

Solar thermal fuel is a chemical that can absorb solar radiation, store it for a longer period, and then release it. Solar thermal fuel stores solar energy through light-induced changes in its molecular structure, and released the energy in the form of heat in future, as needed.
Solar thermal fuel technology was developed in 2018 by scientists of the Chalmers University of Technology, Sweden, as a specialized fluid that can reportedly store energy captured from the sun for up to 18 years. It acts as rechargeable battery, but instead of electricity, sunlight goes in and heat goes out. The fluid can be reused in the process and has been tested for more than 125 cycles till now.
In 2020, a team of researchers at the Chalmers University started work on developing prototypes of the solar thermal fuel technology for large-scale applications. The project has been granted Euro 4.3 Mn from the EU for 3.5 years. The funding may lead to development of a solution for large scale heating in residential and industrial applications.
Tata Center, part of the MIT Energy Initiative, is also working on developing a prototype for a similar technology

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Key Drivers and Restraints of Solar Thermal Fuel market

Rise in demand for energy and decrease in greenhouse gas emissions are two key challenges in the industry. Solar energy offers a promising solution to these challenges, as it is abundantly available and does not emit greenhouse gases. This is anticipated to drive the solar thermal fuel market during the forecast period.
Solar thermal fuel is a new class of material that offers an alternative to conventional solar photovoltaics. It is based on photochromic materials, which store energy through changes in molecular structure in response to visible or UV-light irradiation and has advantages over conventional solar photovoltaics, as in the proposed technology, light energy is stored and converted to heat within one material, without the need for additional batteries.
Availability of other renewable energy sources and high initial cost as compared to other commercially available renewable technologies are projected to hamper the solar thermal fuel market during the forecast period

Global Solar Thermal Fuel Market: Segmentation

The global solar thermal fuel market can be segmented based on application
In terms of application, the global solar thermal fuel market can be divided into industrial, household, commercial, and automotive. Demand for this technology is expected to be high in the household segment in the next few years, as the described technology is anticipated to be an ideal substitute to lead batteries and gensets that are used to provide continuous and reliable energy inside the house.

Global Solar Thermal Fuel Market: Regional Segmentation

In terms of region, the global solar thermal fuel market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
The market in Asia Pacific is anticipated to be highly lucrative in the near future. The market in China, India, South Korea, Australia, and Japan is expected to expand significantly in the next few years owing to the increase in demand for power in these countries.
North America is a vital region of the global solar thermal fuel market. Wide adoption of electric vehicles and rising demand for energy for heating & cooling of residential and commercial places are expected to boost the market in the region.
Europe is expected to be the major region of the global solar thermal fuel market in the near future. Presence of large automotive manufacturers is expected to boost the demand for solar thermal fuel in the region.

COVID-19 Impact on Global Solar Thermal Fuel Market

The COVID-19 pandemic has adversely affected the global solar thermal fuel market. Various research & development labs working in these fields have closed down temporarily during the ongoing lockdowns. The crisis has also have negatively affected research in alternate technologies, as private and public sectors are refraining from investing in the field. However, favorable governmental relief packages, to be implemented after lockdowns, are likely to lead to quick recovery of the solar thermal fuel market in the near future.

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Key Institutes in Market

The solar thermal fuel market is in the research phase and is not commercialized yet. Prominent institutions and associations operating in the solar thermal fuel market are: