Solar Thermal Collector Market (By Type: Concentrating, Non-Concentrating [ Flat Plate, Evacuated Tube, Unglazed Water Collectors, Air Collectors ]; By Application: Residential, Commercial, Industrial) - 2027) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 – 2027

The global solar thermal collector market value is expected to reach of around US$ 40 Bn by 2027 and is anticipated to grow at a CAGR of around 8% in terms of revenue during the forecasting period 2020 to 2027.

Solar thermal collector known as solar radiation tool, absorbs heat from sunlight. Solar radiation is energy from infraround (long) to ultraviolet (short) wavelengths in terms of electromagnetic radiation. The sum of sun energy that reach the earth's (solar constant) surface, based upon environmental patterns, location and orientation, is around 1000 watts per square meter under clear skysail. The solar thermal collectors thus help to generate the heat from these sources.

The report provides analysis of global Solar Thermal Collector market for the period 2016-2027, wherein 2020 to 2027 is the forecast period and 2019 is considered as the base year.

Market Dynamics

The need for renewable energy has resulted in an increased environmental consciousness and in a drive to step away from depleting fossil fuels. As the name suggests that solar thermal collectors rely on solar electricity and the demand is rapidly growing. Water heating and air conditioning also have a significant effect on energy use in domestic, industrial and business applications which consequently rise the demand for solar thermal collectors. Rising energy efficiency standards are increasing demand for solar thermal collectors. The rapid and steady industrialization and urbanization have made energy conservation important which ultimately augment the demand for the solar thermal collectors in order to reduce overhead costs, especially in industrial applications.

The initial high cost of investments in solar thermal collectors reduces rapid adoptions and hampers business growth. Policy funding and emphasis on advancing clean energy solutions are however projected to contribute to developments in solar thermal technology, which, in turn, will provide the industry with opportunities in near future.

Regional Stance

North America is the world's largest solar thermal collector market led by the US. A growing demand is expected to push North America's solar thermal collectors market during the forecast timeframe for the heating of swimming pools as well as other commercial applications such as large IT sector. Besides, increasing awareness of using renewable energy through traditional sources in the region will stimulate demand growth in North America's solar thermal collectors industry. In addition, the presence of top manufacturers of solar thermal collectors namely Emcore Corporation, Prism Solar Technologies, Inc., and others is expected to improve the region's revenue growth.

Europe held considerable market share in 2018. The green energy goals set by countries in the European Union are the key factors in Europe market. This has contributed to expanded solar capacity research & development activities. In addition, universities, state governments, key players in the industry and laboratories are uniting to develop innovative technologies for solar-efficient generation of electricity.

Report coverage

The market research study on “Solar Thermal Collector Market (By Type: Concentrating, Non-Concentrating; Solar Thermal Collector Market By Application: Residential, Commercial, Industrial) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027” offers a detailed insights on the global Solar Thermal Collector market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report also provides competitive landscape to understand the current stance of particular player. The report provides insights on global Solar Thermal Collector market, its technology, mounting, connectivity, end use, and major geographic regions. The report covers global Solar Thermal Collector market size, and segment markets by type, application, and geography along with the information on companies operating in the market. The Solar Thermal Collector market analysis is provided for major regional markets including North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. For each region, the market size for different segments has been covered under the scope of report.

The global Solar Thermal Collector market is segmented as below:

Market Segmentation

Solar Thermal Collector Market By Type

Concentrating

Non-Concentrating

• Flat Plate
• Evacuated Tube
• Unglazed Water Collectors
• Air Collectors
  
  

Solar Thermal Collector Market By Application

• Residential
• Commercial
• Industrial

Solar Thermal Collector Market By Geography

North America

• U.S.
• Canada

Europe

• UK
• Germany
• France
• Spain
• Rest of Europe

Asia-Pacific

• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia-Pacific

Latin America

• Mexico
• Brazil
• Rest of Latin America

Middle East & Africa

• GCC
• South Africa
• Rest of MEA

Key Players

Major players include in this report are TVP Solar, Emcore Corporation, Solar Millennium AG, Prism Solar Technologies, Inc. Alternate Energy Technologies, Solar Skies Mfg. LLC, Sun Master Energiesysteme GmbH, and Others.

Such players make considerable attempts to make use of alternatives that can add to the economic performance of their goods. Moreover, the market is projected to expand significantly over the forecast period with the growing emphasis on innovation,research and development activities.

Moreover, owing to the high prices of the product and widely available replacement products, such as photovols and condensed photovoltaics, the challenge of substitutes is expected to be high on the market. However, the possibility of replacement goods can be minimized by intense research and development to boost performance.