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 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. 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.
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).
Solar Thermal Collector Industry 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.
By application, the market comprises industrial, residential, and commercial applications.
Regional Analysis
MRFR's analysis of the various prominent regions that make up the global solar thermal collectors market includes North America, Europe, Asia-Pacific, and the Rest of the World. Among these regions, the Asia Pacific has been observed to be the biggest contributor to growth for the global market. The APAC solar thermal collector regional market possesses a dominant share of the global market and is expected to retain its leadership position as it grows at the highest CAGR over the review period. The region is significant in the global solar thermal collectors market due to the rapid ongoing industrialization and urbanization in the region. Countries such as India, China, and several others in the region are emerging markets which have established themselves as manufacturing hubs. Moreover, the region has a large population with high energy demands for which solar energy is considered a sustainable solution as the region naturally receives high amounts of sunlight for a majority of the year.
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