Solar Thermal Collectors
Market Highlights
The global solar
thermal collectors market size 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
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. 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.
Increasing
environmental consciousness combined with a desire to move away from heavy
reliance on increasingly expensive and rapidly depleting fossil fuel reserves
have given rise to the demand for renewable energy. Since solar thermal
collectors, as the name suggests, rely on solar power, the demand for the same
has increased drastically. The growing demand and need for energy efficiency
propel the 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.
Market Segmentation
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.
Applications of solar thermal
collectors are segmented to include residential, industrial, and commercial.
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.
Industry Buzz
July 2019, Savosolar have
most recently got an orfer from the Suur-Savon Sähkö Oy for a solar heating
system. This is said to be the largest solar heating system supplied in all of
Finland.
Browse Summary of Solar Thermal Collectors Market
Research Report at: https://www.marketresearchfuture.com/reports/solar-thermal-collectors-market-6687
About Market Research Future:
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