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 market toward 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 analysis 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.
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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.
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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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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