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.
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. In residential, industrial and commercial applications, water heating, and air heating often have a high impact on energy consumption. The growing demand and need for energy efficiency propel the demand for solar thermal collectors. Energy efficiency has become vital due to rapid and ongoing industrialization and urbanization, thus driving the demand for solar thermal collectors, particularly in industrial applications in an effort to reduce overhead costs.
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.
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Key Players
Noted market players of importance in MRFR’s global solar thermal collectors market report include Absolicon Solar Collector AB, Solimpeks, TVP Solar, Sunerg Solar s.r.l., Alternate Energy Technologies, LLC., Ouraset, GREENONETEC SOLARINDUSTRIE GMBH, SunEarth, HTP Comfort Solutions LLC., and Heliodyne, Inc.
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.
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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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