Solar Thermal Collectors Market Overview
The global solar thermal collectors
market was analyzed by Market Research Future (MRFR) and it was projected that
a decent CAGR of 7.8% will be attained by the market over the forecast period
of 2018 to 2023. The valuation of the global solar thermal collectors market was
further stated to surpass its previous valuation and reach USD 41,900 million
by the end of the forecast period.
Solar collectors, aka solar hot water panels,
are used for applications in commercial, residential, and industrial scale. The
Solar
Thermal Collectors Market Share is seeing a favorable increase in
recent years. The emergence of affordable collectors and growing awareness
concerning the need to use renewable energy is boosting the sales and demand of
solar thermal collectors across the globe. Add to this, growing environmental
awareness and a flickering desire to shift the reliance of expensive and
depleting fossil fuel reserves is pushing the market demand for renewable
energy. This has prompted the solar thermal collectors market to grow and
expand. An increasing need and demand for energy efficiency is pushing the global
demand for solar thermal collectors. Efficiency in energy consumption and
generation has become extremely critical owing to the fast-paced
industrialization and urbanization ongoing today. This is, in turn, driving the
growth and demand of the global market, especially in industrial applications in
an effort to curb down the overhead costs. However, on the contrary, the high
cost associated with its initial investment can majorly hamper the growth of
the global market over the forecast period.
Global Solar Thermal Collectors Market Segmentation
The global solar thermal collectors market has
been segmented in terms of type and application.
By type, the market divides into
non-concentrating and concentrating types. The concentrating segment is
narrowed down into parabolic dish, compound parabolic concentrator, solar tower,
parabolic trough, and others. While the non-concentrating segment is broken
down into evacuated tube and flat plate. The non-concentrating segment holds
the largest share in the global solar thermal collectors market. The segment is
projected to be the fastest among the two and will continue to spearhead the
global market in the coming years.
By application, the market comprises
industrial, residential, and commercial applications. The industrial
application segment is reported to grow at an impressive pace over the forecast
period. The segment even boasts the highest share percentage in the market.
Regional Analysis
The
global solar thermal collectors market is
geographically distributed across the following key regions: Asia Pacific,
North America, Europe, and the Rest of the World (RoW).
The
Asia Pacific region is the biggest contributing region in the global solar
thermal collectors market. The regional market is further anticipated to
maintain its stay at the top by attaining the highest CAGR during the forecast
period. The market herein is on a rapidly expanding path due to the ongoing
urbanization and industrialization in the region. The presence of countries
like China, India, and others is a major driving factor for the regional market
due these nations quickly establishing itself as some of the leading
manufacturing hubs. Furthermore, the regional market boasts a huge population
base, which has a massive energy demand. To meet this massive demand, solar
energy is being increasingly considered as a sustainable solution.
Competitive Landscape
The
global solar thermal collectors market comprises
a host of key players. This includes names like Greenonetec Solarindustrie Gmbh
(Austria), Alternate Energy Technologies, LLC. (US), SunEarth (California),
Heliodyne, Inc. (California), TVP Solar (Switzerland), Sunerg Solar S.R.L. (Italy),
Ouraset (Turkey), Solimpeks (Turkey), Absolicon Solar Collector AB (Sweden),
and HTP Comfort Solutions LLC. (US).
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