Solar Thermal Collectors Market Analysis
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.
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).
Also Read: http://www.marketwatch.com/story/covid-19-pandemic-impact-on-solar-thermal-collectors-market-2020-development-strategies-growth-drivers-regional-trends-future-scope-and-forecast-by-2023-2020-09-03
Industry Highlights
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. 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.
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.
Industry Buzz
July 2019, Savosolar have most recently got an orfer from the Suur-Savon S
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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