Fixed Array Solar Collectors Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2028
With the increasing prices of fossil fuels and the exhausting resources of non-renewable resources, the need for energy generation from renewable resources is increasing at a rapid rate. Solar energy is one of the most prominently used renewable resources for energy generation purposes. Many new devices and techniques have been devised to generate maximum output from solar energy. Fixed array solar collectors are one of them. Thus, based on these factors, the fixed array solar collectors market is prognosticated to observe extensive growth across the forecast period of 2020-2030.
Many countries are adopting solar energy generation initiatives to promote the use of clean energy. The rising awareness about the importance of environmental conservation will further have a profound impact on the growth of the fixed array solar collectors market. Therefore, these factors will have a good impact on the global market.
Research and development activities have a prominent role in increasing the growth rate of the fixed array solar collectors market. The players indulge in these activities for exploring new formulations and techniques that help expand the consumer base. These activities result in an increase in the revenues, eventually boosting the growth prospects.
Mergers, acquisitions, joint ventures, and partnerships have a crucial part in the overall growth of the fixed array solar collectors market. The players are involved in these activities for strengthening their foothold. Thus, these aspects help in churning exponential growth for the fixed array solar collectors market.
The COVID-19 pandemic has a major impact on the growth of the fixed array solar collectors market. The pandemic has ruined the growth prospects of the fixed array solar collectors market to a considerable extent. The imposition of strict lockdowns led to the shutting down of manufacturing facilities and production units. These factors damaged the growth structure of the fixed array solar collectors market. However, the relaxations in the lockdown norms will help stabilize the growth of the fixed array solar collectors market.
Fixed Array Solar Collectors Market: Introduction
Fixed array solar collectors is placed in just one position. It is tilted in a particular angle to suck up the solar radiation. The annual production in fixed array solar collectors market is foreseen to reach around 500GW by the end of 2020. The production was estimated around 40 GW back in 2013. This makes the market to grow rapidly in coming few years. It is a creative market with nations such as China dominating on global scale to produce photovoltaic cells.
The global fixed array type of solar collectors’ market is segregated based on application, technology, and product type, and region. On the basis of application the market is segmented into institutional, industrial commercial, and residential. In terms of product type, the fixed array solar collectors market is classified as medium temperature collectors, low temperature, and high temperature collectors.
Fixed Array Solar Collectors Market: Notable Development
Some of the most prominent competitors operating in the competitive landscape of global fixed array solar collectors market include –
Fixed Array Solar Collectors Market Dynamics
High Cost of Photovoltaic Cells to Hinder Fixed Array Solar Collectors Market
The major issue related to the solar power is the basic expenses of photovoltaic cells. This is likely to emerge as a key hindrance in the development of global fixed array solar collectors market. This price is a one-time investment.
Moreover, the solar panels have an extremely low maintenance cost. There are other factors such as solar power is a renewable source of energy. This is a key hindrance in the growth of global fixed array solar collectors market.
The issue is resolved by linking the solar panels to grid such that additional power can be stored and used later on. This unpredictability of solar power isn’t much in comparison to variation of oil and gas supply across the globe.
China to Emerge As Highest Grossing Nation in Global Fixed Array Solar Collectors Market
The global fixed array solar collectors market is categorized based on region into Asia Pacific, North America, Eastern Europe, Western Europe, and Japan. Among these, the fixed array solar collectors market is likely to be the highest grossing in China, owing to the biggest market of photovoltaic cells. Moreover, Germany is also running in the race for the deployment of these cell all over the nation. These are some of the leading countries contributing in the flooding demand in global fixed array solar collectors market.
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