Solar Updraft Tower Market Size

Solar Updraft Tower Market size was over USD 12.52 Billion in 2023 and is anticipated to reach USD 232.52 Billion by 2036, witnessing around 25.2% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of solar updraft tower is estimated at USD 15.04 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.

Frequently Asked Questions (FAQ)

In the year 2024, the industry size of solar updraft tower is estimated at USD 15.04 Billion.

The solar updraft tower market size was over USD 12.52 Billion in 2023 and is anticipated to reach USD 232.52 Billion by 2036, witnessing around 25.2% CAGR during the forecast period i.e., between 2024-2036. 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.

North America industry is estimated to hold 35% of the revenue share by 2036, owing to presence of numerous research institutions for the development of the latest technology in the region.

Enviromission LimitedGreen Power EnergyHyperion Solar EnergyPivot Energy Inc.Atlantis SolarSunPower CorporationNew BrightSource, Ltd.Hanwha Q CELLS GmbHFirst Solar, Inc.Jinko Solar

Solar Updraft Tower Market Size