“Growing demand for solar thermal collectors from various industrial, commercial, and residential sector is anticipated to provide positive scope for market growth for 2019-2029”, says Visiongain report

05 September 2019
Energy

Visiongain’s new report the Solar Thermal Collectors Market Report 2019-2029: Forecasts by Product [Concentrating, Non-Concentrating (Flat Plate, Evacuated Tube, Unglazed Water Collector, Air Collector)], by Application (Commercial, Residential, Industrial), by region and analysis of leading companies indicates that the Global Solar Thermal Collectors Market was valued at $21 billion by 2029

Growing demand for solar thermal collectors from various industrial, commercial, and residential sector is anticipated to provide positive scope for market growth over the forecast period. Asia Pacific was the largest market in 2018 in terms of revenue and is expected to dominate the industry over the coming years. Rapid industrialization in China, Japan, India, Southeast Asia, and South Korea is expected to offer lucrative opportunity for solar thermal collector manufacturers to increase their production facilities to cater growing industry requirements. However, high cost of the product is expected to be the major restraint for the industry.

It is expected that the development of novel techniques to improve the product's effectiveness will provide favorable market growth scope. Different businesses and educational institutes are investing in research & development to decrease the product's price and boost its production. On the basis of product, solar thermal collectors market is divided into concentrating and non-concentrating out of which non-concentrating product accounted for more than 80% of overall market share in 2018.

Due to the large-scale use of resources such as crude oil and coal for power generation, fossil fuels are experiencing depletion. This in turn contributes to enhanced pollution of the environment. Electricity demand is also experiencing development as a result of enhanced living standards. Due to a shortage of qualified employees and installers, solar heat collectors are not commonly used in industrial applications. However, the demand for the item in national implementation is anticipated to boost owing to the rise in the building industry and elevated energy prices.

In water heating application and other residential operations, solar thermal collectors are increasingly used. Growing population along with other environmental problems is anticipated to exaggerate the restricted energy resources combined with increasing human requirements to boost demand for residential solar thermal collector over the projected period.

Notes for Editors
If you are interested in a more detailed overview of this report, please send an e-mail to sara.peerun@visiongain.com or call her on +44 (0) 207 336 6100.

About Visiongain
Visiongain is one of the fastest growing and most innovative independent media companies in Europe. Based in London, UK, Visiongain produces a host of business-to-business reports focusing on the automotive, aviation, chemicals, cyber, defence, energy, food & drink, materials, packaging, pharmaceutical and utilities sectors.

Visiongain publishes reports produced by analysts who are qualified experts in their field. Visiongain has firmly established itself as the first port of call for the business professional who needs independent, high-quality, original material to rely and depend on.

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