Solar Updraft Tower Market Research Report 2023-2035

Global Market Size, Forecast, and Trend Highlights Over 2023 - 2035

Solar Updraft Tower Market size is slated to reach USD 27 Billion by 2035, growing at 25% growth rate from 2023 to 2035. In the year 2022, the industry size of solar updraft tower was USD 10 Billion. The rising electricity demand in the world has increased the utilization rate of solar updraft towers. The International Energy Agency (IEA) stated that global electricity demand grew by 6% in 2022 from the previous years.

A Solar Updraft Tower (SUT) is an advanced technology that produces sustainable energy using the natural convection of air heated by solar radiation. Major key players are investing hefty amounts in research and development activities to introduce more efficiency in the technology of solar updraft towers and reduce production costs. This factor is estimated to aid in attracting new opportunities for revenue generation in the upcoming years.

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Solar Updraft Tower Market: Key Insights

Base Year	2022
Forecast Year	2023-2035
CAGR	~25%
Base Year Market Size (2022)	~ USD 10 Billion
Forecast Year Market Size (2035)	~ USD 27 Billion
Regional Scope	North America (U.S., and Canada) Latin America (Mexico, Argentina, Rest of Latin America) Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific) Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe) Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)

Global Solar Updraft Tower Sector: Growth Drivers and Challenges

Growth Drivers

Growing Demand for Renewable Energy Sources–creates a positive environment that leads to the development and future demand for solar updraft towers. In 2021, global renewable electricity production rose by almost 7% from the previous years and recorded a 522 TWh increase.
Increasing Adoption of Solar Equipment – To reduce the dependency on fossil-based energy, the world has been adopting various solar equipment which includes solar panels, energy storage systems, power meters, and others. This is expected to bring lucrative growth opportunities for the market. The percentage of solar photovoltaic panels installed in the year 2022 in China was 100% and India was 50% as per the estimations.
The Need to Reduce Carbon Footprint – The rising use of non-renewable sources of electricity increases the carbon footprint across the world and adversely impacts the environment. This brings the need for solar updraft towers for energy production. It has been calculated that the global CO2 emissions from electricity production grew in 2022 by 0.9%, or 321 million tons, reaching a new high of more than 36.8 billion tons.

Challenges

Requirement of Constant Maintenance and Construction – Usually, the maintenance of solar updraft towers requires a specific amount of dedication and money. This process could be costlier in the longer run which is projected to hamper the market growth.
High Investment and Funds Required
Low Tower Output in Areas with Low Solar Radiation and Variable Weather Conditions

Solar Updraft Tower Segmentation

Component (Chimney/Tower, Wind Turbine, Solar Air Collector, Generator)

The wind turbine segment value is poised to be the greatest among the others with a market share of 32% by the end of 2035. Wind turbines are an imperative component of solar updraft towers for converting the thermal energy of the air in the tower into mechanical energy which could be further used for generating electricity. Furthermore, the increased electricity generation capacity by wind is also slated to favor the expansion of segment size in the forecasted timeline. It has been calculated that the amount of wind power generation rose by almost 55% in 2020 and reached 270 TWh in 2021.

Application (Residential, Industrial, Commercial)

The residential segment is set to be the largest share in the market with a value of ~42% by 2035. The burgeoning population across the globe and their demand for uninterrupted power supply is predicted to bring opportunities for extensive use of solar updraft towers. Additionally, favorable government incentives and subsidies for adopting renewable sources of energy are projected to help in generating a robust revenue income.

Our in-depth analysis of the market includes the following segments:

Component	Chimney/Tower Wind Turbine Solar Air Collector Generator
Application	Residential Industrial Commercial

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Global Solar Updraft Tower Industry Regional Synopsis

North America Market Forecast

The North America solar updraft tower market is estimated to hold a significant market share of 35% with a considerable growth rate by 2035. The availability of funds for investing in the technology of solar updraft towers along with the presence of numerous research institutions for the development of the latest technology for building efficient solar updraft towers are considered to be major factors contributing positively to raising the market value in the future.

Asia Pacific Market Analysis

The Asia Pacific solar updraft tower market is estimated to grow at a notable pace and holds almost 24% market share by the end of the forecast timeline. The Asia Pacific is the region with high solar radiation levels which aids in solar power generation and the high focus on producing clean energy in Australia, China, and India region is estimated to help in market size expansion.

Key Questions Answered in the Report

1) What are the major factors driving the growth of the solar updraft tower market?

Ans: Increasing demand for an uninterrupted supply of electricity and the rise in the use of electricity are considered to be major factors contributing to market size expansion.

2) What would be the CAGR of the solar updraft tower market over the forecast period?

Ans: The market size of solar updraft towers is anticipated to attain a CAGR of ~25% over the forecast period, i.e., 2023 â€“ 2035.

3) Who are the major players dominating the solar updraft tower market?

Ans: The major players in the market are Enviromission Limited, Green Power Energy, Hyperion Solar Energy, Pivot Energy Inc., Atlantis Solar, SunPower Corporation, New BrightSource, Ltd., Hanwha Q CELLS GmbH, First Solar, Inc., Jinko Solar, and other key players.

4) How are the company profiles selected?

Ans: The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.

5) What are the segments in the solar updraft tower market?

Ans: The market is segmented by component, application, and by region.

6) Which segment captures the largest market size in the application segment in the solar updraft tower market?

Ans: The residential segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

7) What are the challenges affecting the market growth?

Ans: The requirement of constant maintenance and construction along with the high initial investment are estimated to be the growth hindering factors for the market expansion.

8) Which region will provide more business opportunities for the growth of the solar updraft tower market in the future?

Ans: The market in the North American region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.

Solar Updraft Tower Market Size & Share, Component (Chimney/Tower, Wind Turbine, Solar Air Collector, Generator); Application (Residential, Industrial, Commercial) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035