MRFR's expert analysis of the
market has calculated growth at a healthy CAGR of 7.8% during the assessment
period from 2018 to 2023. This projection is expected to lead the market toward
revenue of USD 41,960 Mn by the end of 2023.
Solar thermal collectors have a
high initial cost of investment which deters rapid adoption and hampers market
growth. However, increasing focus and government support for the development of
renewable energy technology is expected to lead to advancements in solar
thermal technology which in turn, will provide the market with opportunities in
the foreseeable future.
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Research
Methodology
MRFR employs a
critical research method, which is also interpretive. The statistical
formulations involved in data sampling or data collection are comprehensive in
nature. The accuracy of market assessment is based on representativeness of
primary and secondary resource inputs. Attention is paid on a systematic
categorization of resources. Reference from white papers, annual report, SEC
filings etc. fall under secondary resource input while interactions and surveys
are treated as primary data. Evaluation of the gathered information involves
application of a highly dynamic data analysis technique. Further, utilization
of top-down and bottom-up approaches ensure an error-free market projection.
Key
Players
Noted market players of importance
in MRFR’s global solar thermal collectors market report include Absolicon Solar
Collector AB, Solimpeks, TVP Solar, Sunerg Solar s.r.l., Alternate Energy
Technologies, LLC., Ouraset, GREENONETEC SOLARINDUSTRIE GMBH, SunEarth, HTP
Comfort Solutions LLC., and Heliodyne, Inc.
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Market
Segmentation
MRFR has analyzed the market in its
various parts to provide a complete picture. As such, the global solar thermal
collectors market is segmented on the basis of product type, application, and
region. Product types available in the solar thermal collector market are
broadly segmented into concentrating, and non-concentrating. The concentrating
segment is divided further to include compound parabolic concentrator,
parabolic dish, parabolic trough, and solar tower. Meanwhile, the
non-concentrating segment is segmented further into flat plate and evacuated
tube. The non-concentrating segment accounts for both a dominant market share
and fastest growth between the two main segments.
Applications of solar thermal
collectors are segmented to include residential, industrial, and commercial.
The industrial application segment which is growing at the most rapid pace,
also has the highest share of the market, thus acquiring a leadership role in
the global market.
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Market Research Future:
At Market Research Future (MRFR),
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