Solar Thermal Collectors Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2019 - 2029

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Solar Thermal Collectors Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2019 - 2029

Status : January, 2023 | Energy & Mining

Report Digest

Global Solar Thermal Collectors Market: Overview

The demand within the global solar thermal collectors market is expected to trace an ascending trajectory in the years to follow. Solar energy has emerged as a viable source of energy production, and the energy sector is fast moving towards embracing solar technologies. The unprecedented need for energy optimization has prompted energy scientists to trigger discussions around solar power. Besides, the scantiness of non-renewable sources of power and energy has also shifted the focus towards renewable energy technologies. Therefore, the total volume of revenues within the global solar thermal collectors market is set to increase by a dramatic margin. Improvements in the energy sector are at the forefront of market growth and maturity.

A syndicate review on the global solar thermal collectors market elucidates several trends, opportunities, and challenges pertaining to the growth of the global solar thermal collectors market. The global solar thermal collectors market can be segmented on the basis of application and region. Use of solar thermal collectors in large and small water heaters has gained traction in recent times. Furthermore, the presence of a seamless industry for research and development related to solar technologies shall in turn drive sales.

Global Solar Thermal Collector Market: Notable Developments

The global solar thermal collectors market has undergone several key developments in recent times, mainly due to advancements in the energy sector.

  • The recently held Abu Dhabi Sustainability Week opened new opportunities for growth across the global solar thermal collectors market. The event saw contracting of Shams Power Company’s maintenance, repair, and overhaul operations to Sanad Powertech. Sanad is an offshoot of Mubadala Investment Company, and has been at the forefront of technological advancements. The new project will fall under the indigenous portfolio of Abu Dhabi Future Energy Company. Use of solar thermal collectors in the form of parabolic mirrors shall serve as an important contributor to market growth.
  • Use of mirrors for producing concentrated solar power (CSP) has helped market vendors in tracing an ascending trajectory of growth. The efficiency of CSP largely relies on the performance and effectiveness of solar collector mirrors. Therefore, this practice is expected to drive sales across the global solar thermal collectors market.

Global Solar Thermal Collectors Market: Growth Drivers

  • Growing Demand for Renewable Sources of Power

Use of solar thermal collectors in a multitude of solar technologies has transcended as an important driver of demand. Depletion of fossil fuels, and the inability to sustain their growth, have led energy scientists to invest in solar and wind power systems. Furthermore, the viability of harnessing solar energy towards electricity production has further helping in driving sales across the global solar thermal collectors market. The residential, industrial, and commercial sectors have become prominent consumers of solar thermal collectors. Presence of multiple streams for attracting revenues has played a defining role in driving demand within the global solar thermal collectors market.

  • Relevance of Solar Troughs and Towers

Solar towers and troughs are installed across several systems and landscapes, majorly due to the effectiveness of the former in collection of solar energy. The viability of using these troughs for optimising solar power has generated fresh revenues within the global market. Besides, development of solar farms across a range of regional territories has garnered the attention of the masses. Heating devices have attracted immense popularity across multiple sectors and industries. This trend has also contributed towards propelling sales across the solar thermal collectors market.

The global solar thermal collectors market is segmented as:

By Product

  • Concentrating
  • Non-Concentrating
    • Flat Plate
    • Evacuated Tube
    • Unglazed Water Collector
    • Air Collector

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  • How has COVID-19 affected the market?
  • What will be the post-pandemic scenario of the market?
  • What are the major threats that will dent the growth prospects of the market?