The global solar thermal collector market is expected to reach USD 41.96 billion by 2025, according to a new report by Grand View Research, Inc. Solar thermal collector market is growing worldwide on account of increasing need for renewable energy.
Limited fossil fuel resources coupled with environmental problems associated with them have facilitated the use of new sustainable energy supply options that use renewable energy. The low price of installation as well as reduced electricity cost has led to high demand for non-concentrating collectors across Asia Pacific, thereby providing new avenues for growth of the market.
Utilization of the product in the residential application including water heating and space heating results in energy and cost saving for the consumers. Initiatives taken by the government to protect the depleting natural resources coupled with increasing preference of consumers towards low cost energy options is anticipated to provide positive scope for product demand over the forecast period.
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Further key findings from the report suggest:
Concentrating products accounted for a volume share of 9.5% in 2016 as they collect more heat compared to flat plate collectors
Evacuated tubes are widely preferred across all regions except for Europe as they provide higher temperature compared to flat plates and improved efficiency at higher operating temperature
The market for air collectors is expected to grow at a slow rate of 5.2% due to high replacement with flat plate and evacuated tubes
Germany accounts for a share of about 50.0% of the Europe’s solar thermal capacity. However, the region is expected to witness slow growth rate due to low consumer awareness regarding the benefits of the product
Non-concentrated collectors in Germany accounted for a revenue share of 87.8% in 2016 owing to low maintenance cost as compared to concentrated collectors.
Rest of the world including Central & South America and Middle East & Africa is expected to grow at a CAGR of 7.5%, in terms of revenue owing to advancement in infrastructure and increase in population
In August 2016, Apricus developed a small scale solar based water distillation plant as a part of research & development
Grand View Research has segmented the global solar thermal collector market on the basis of product, application, and region:
Product Outlook (Volume, Megawatts, Revenue, USD Million, 2014 - 2025)
Unglazed Water Collector
Application Outlook (Volume, Megawatts, Revenue, USD Million, 2014 - 2025)
Regional Outlook (Volume, Megawatts, Revenue, USD Million, 2014 - 2025)
Rest Of World
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