Solar Thermal Collectors Market Analysis
Market Research
Future has published its report on the global solar thermal collector market
which projects and records several vital factors and figures relevant to the
market. 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 Solar
Thermal Collectors Market Size revenue of USD 41,960 Mn by the end of
2023.
Solar collectors,
aka solar hot water panels, are used for applications in commercial,
residential, and industrial scale. The global solar thermal collectors market
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.
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.
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).
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.
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