Global Solar Thermal Collectors Market was valued US$ 23.10 Bn in 2018 and is expected to reach US$ XX Bn by 2026, at a CAGR of XX % during a forecast period.
Global Solar Thermal Collectors Market
The global solar thermal collectors market based on product, application, and region. In terms of product, the global solar thermal collectors market is classified into concentrating and non-concentrating. Based on application, the global solar thermal collectors market is categorized into commercial, residential, and industrial. Region wise into North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
Increasing awareness of the depleting non-renewable energy resources and the tremendously rising oil prices are some of the key factors that are estimated to fuel the growth of the global solar thermal collectors market. Moreover, the increasing preference of consumers towards cheaper options for energy is another factor estimated to offer promising opportunities for the leading players in the global market.
On the other hand, the lack of sunlight in adequate quantity in several nations, owing to climatic conditions is one of the significant factors that is expected to restrict the growth of the overall market. Furthermore, the less awareness among consumers regarding the benefits of making use of solar energy in underdeveloped and developing economies is anticipated to hinder the growth of the market in the upcoming years.
Based on product, non-concentrating is the largest segment accounting for 90.02% of global volume in 2017. The segment is anticipated to witness the fastest growth on account of rising scope of the product in industrial application.
In terms of application, solar thermal collectors are used in water heating applications and other residential activities. Rising population along with other environmental challenges is overstraining the limited energy resources coupled with increasing human needs is anticipated to rise the demand for solar thermal collector for residential application over the forecast period.
Asia Pacific is estimated to lead the global solar thermal collectors market. India and China are projected to contribute extensively towards the growth of the market in the upcoming years. Moreover, the increasing number of initiatives taken by governments to encourage the use of solar energy is another factor driving the solar thermal collectors market in Asia Pacific.
Some of the key players in the global solar thermal collectors market are Solar Millennium AG, TVP Solar, Alternate Energy Technologies, LLC, Sun Master Energiesysteme GmbH, Solar Skies Mfg. LLC, and SunMaxx Solar.
Scope of the Global Solar Thermal Collectors Market
Global Solar Thermal Collectors Market by Product
• Concentrating
• Non-Concentrating
Global Solar Thermal Collectors Market by Application
• Commercial
• Residential
• Industrial
Global Solar Thermal Collectors Market by Geography
• North America
• Europe
• Asia-Pacific
• Middle East & Africa
• Latin America
Key Players operating in the Global Solar Thermal Collectors Market
• Solar Millennium AG
• TVP Solar
• Alternate Energy Technologies
• Sun Master Energiesysteme GmbH
• Solar Skies Mfg. LLC
• SunMaxx Solar
• Apricus Solar Co. Ltd
• GreenoneTec
• Heliodyne, Inc
• HTP
• Ouraset Solar
• Solimpeks
• Sunearth
• Sunerg Solar S.R.L
• TIGI
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