ID: MRFR/E&P/5224-HCR | February 2021 | Region: Global | 185 pages
The solar thermal collectors market size is expected to attain a global CAGR of 8.15% during the ongoing forecast period of 2021-2028. By the end of the forecast period that will be ending in 2028, the market is likely to attain a global market revenue worth USD 41.96 billion. The market trends show that the evacuated tubes are widely preferred in major mushrooming regions across the globe except for the European regions as the region will provide a higher temperature in comparison to the availability of flat plates and improved efficiency at a higher operating temperature will promise great functional benefits to the market.
The solar thermal collectors market size has been affected by the rising cases and brutality caused by the COVID19 pandemic. The pandemic has raised major concerns for the global market functioning as there was a dire need to opt for regulations that would prove to help curb the spread of the pandemic. The market has been facing issues due to the strict norms and regulations like lockdown which has been imposed at the global levels followed by the restrictions on travel, production, transportation, logistics, and much more.
The global economies are understanding the need to attain normalcy and come back to work that helps offer sustainability to the mass population. Hence, there has been an increased rise in the government funding and research undertaken by the global market players during the forecast period that ends in 2028.
The most prominent major key players in the solar thermal collectors market all across the globe are mentioned below:
These major key players use various strategies to sustain their market position in the solar thermal collectors market in the global market by going for mergers, and acquisitions, by collaborating, setting up a new joint venture, establishing a partnership, developing a new product line, innovation in the existing product, developing a unique production process, and many others to expand their customer base in the untapped market all across the globe.
Limited availability of fossil fuel resources are being coupled with the environmental problems that have an association with the facilitated use of new and sustainable energy supply options make use of renewable energy. Also, the low price associated with the installation process followed by the reduced electricity costs has resulted in a huge rise in the demand for non-concentrating collectors amongst areas like the APAC region that will give rise to great opportunities for the market during the forecast period that will end in 2028.
However, one of the major market factors that will decline the market growth is the lack of mass availability followed by the lack of knowledge amongst the potential demand creating an audience in the forecast period.
Utilization of the market products in the residential applications that are inclusive of water and space heating will help save both energy and the associated costs for the customers. The government is increasing its investment for protecting the depleting natural resources along with the increased preference of consumers towards products with low costs are expected to have positive attributes for the market.
The solar thermal collectors market has been divided all across the globe based on the product type, application, and region.
Based on the Product Type
The market has been divided all across the globe based on the product type into concentrating and non-concentrating product type. The concentrating product type is further sub-divided into the solar tower, parabolic trough, parabolic dish, and parabolic concentrator. The non-concentrating product type is also further sub-divided into evacuated tubes and flat plates. The largest market share is held by the non-concentrating product type.
Based on the Application
The market has been divided all across the globe based on the application into commercial purpose, residential sector, industrial sector, and various others. The largest market share is held by the industrial sector as it is growing at a very high pace.
Based on the Region
The market has been divided worldwide based on the region into North American region, European region, Asia-Pacific region, Latin American region, and the Middle East and African region.
The solar thermal collectors market has been divided all across the globe based on the region into North American region, Asia-Pacific region, European region, Latin American region, and the Middle East and African region. Being the fastest-emerging region, the largest market share in the global market is held by the Asia-Pacific region owing to the presence of countries like South Korea, Japan, China, and India which are regarded as the manufacturing hub of various solar thermal collectors and hence drives the market demand in this region. Moreover, increasing urbanization and industrialization is another factor that creates more market demand.
The second-largest market share in the global market is held by the North American region owing to the presence of countries like the US, Canada, and Mexico that drive the market demand in this region. Increasing investment in various construction and infrastructural development programs creates more market demand. The presence of various major key players also drives the market demand in this region.
The third-largest market share in the global market is held by the European region owing to the presence of a well-established technologically advanced infrastructure that requires more power generation and hence creates more growth opportunities in this region. Moreover, increasing investment coupled with increased expenditure in various power generation projects drives the market demand in this region.
The Latin American region and the Middle East and African region show the least market share due to the presence of low infrastructure in both these regions. Low per capita income is another contributing factor that restricts the market growth in these regions.
This global solar thermal collectors market research report consists of the following components mentioned below:
This market research report contains factors that drive the growth of the solar thermal collectors market in the global market and the factors that restrict its growth in the global market. The technical analysis in the global market during the forecasted period is mentioned. The impact of the COVID 19 in the global market is mentioned. The future growth rate in the market during the review period is estimated and mentioned.
|CAGR||8.15% CAGR (2022-2030)|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product Type and Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Alternate Energy Technologies, LLC. (US), TVP Solar (Switzerland), Ouraset(Turkey), SunEarth (California), GREENONETEC SOLARINDUSTRIE GMBH (Austria), Absolicon Solar Collector AB (Sweden), Sunerg Solar s.r.l. (Italy), Solimpeks (Turkey), Heliodyne, Inc.(California), and HTP Comfort Solutions LLC. (US)|
|Key Market Opportunities||New product launches and R&D Amongst major key Players|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
Increasing investments in renewable energy industry is prognosticated to drive the demand for solar thermal collectors.
The solar thermal collectors market has been anticipated to attain a valuation of over USD 44.87 billion by 2028.
The contributors are Alternate Energy Technologies, LLC. (US), Ouraset(Turkey), TVP Solar (Switzerland), SunEarth (California), Absolicon Solar Collector AB (Sweden), GREENONETEC SOLARINDUSTRIE GMBH (Austria), Sunerg Solar s.r.l. (Italy), Heliodyne, Inc.(California), Solimpeks (Turkey), and HTP Comfort Solutions LLC. (US)
The segments of the solar thermal collectors market, by application, are residential, commercial, and industrial.
By product type, the segments of the solar thermal collectors market are concentrating and non-concentrating.