SAN FRANCISCO, October 12, 2017 /PRNewswire/ --
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.
Browse full research report with TOC on "Solar Thermal Collectors Market Analysis By Product [Concentrating, Non-Concentrating (Flat Plate, Evacuated Tube, Unglazed Water Collector, Air Collector)], By Application, By Region, And Segment Forecasts, 2014 - 2025" at: http://www.grandviewresearch.com/industry-analysis/solar-thermal-collector-market
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
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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)
- Flat Plate
- Evacuated Tube
- Unglazed Water Collector
- Air Collector
- Application Outlook (Volume, Megawatts, Revenue, USD Million, 2014 - 2025)
- Regional Outlook (Volume, Megawatts, Revenue, USD Million, 2014 - 2025)
- North America
- Asia Pacific
- Rest Of World
- North America
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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