The market for solar-thermal technology in residential and commercial applications is worth $8 billion today, BCC said. It will grow to $20 billion by 2014, a 19.8 percent compound annual growth rate.
The research firm broke solar-thermal into two categories: solar power for water heating and for air heating. Of those, BCC reported, water-heating technologies are poised to see the most impressive rate of growth: an estimated 19.9 percent each year between now and 2014. Air heating via solar energy will grow at a 7.9 percent annual rate.
The market for water-heating systems is the larger of the two, as well: $7.9 billion today and $19.6 billion (forecasted) in 2014.
Home installations of solar-thermal technologies are increasingly popular because water heating is the second-largest consumer of energy after heating and cooling a home. Solar-thermal water heating reduces energy costs and environmental impact, making solar power a viable source of heat for either air or water.
