New York, US, Feb. 14, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Non-concentrating Solar Collector Market Research Report: Information by Absorber Plates, Region, and Application - Forecast till 2030”, the global non-concentrating solar collector market is anticipated to show considerable development during the assessment era from 2022 to 2030 at a healthy growth rate of approximately 12%. The reports further anticipate the market to attain a substantially larger size by the end of 2030.
Non-concentrating Solar Collector Market Overview:
Non-concentrating Solar Collector refers to a flat plate developed for collecting solar energy. The system is utilized to capture solar energy. Residential complexes, industry, and commercial buildings are considered to be some of the most popular places to find them. The solar energy collection plate area operates similarly to solar radiation absorption. It is anticipated that the flat plate collector will have generated around 500GW.
Competitive Analysis
The catalogue for the leading participants across the global non-concentrating solar collector market includes players such as:
- Solahart (Australia)
- Greenonetec (Austria)
- Vaillant Group (Germany)
- Soletrol (Brazil)
- Xne Group (France)
- Prosunpro (Boston)
- Dimas (US)
- Bosch Thermotechnik (Germany)
- Solimpeks (Turkey)
- Viessmann (Germany)
- Among others.
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As a consequence, the market for non-concentrating solar collectors is growing rapidly. The global non-concentrating solar collector market has showcased massive development in recent years. The primary aspect supporting the development of the market is the increased environmental concerns. Concerns about growing conventional energy prices, renewable energy certificates, and potential supply challenges have been raised. This is causing a surge in demand for non-concentrating solar collectors across the globe. There have also been initiatives to build technology to enhance product efficiency. Consequently, major market players and educational institutions are investing heavily in R&D. Environmental contamination has risen because of the growing dependence on fossil fuels and other conventional resources. The flat plate collector refers to a one-time purchase with minimal ongoing maintenance costs.
Report Scope:
| Report Metrics | Details |
| Market Size by 2030 | 2030: Significant Value |
| CAGR during 2022-2030 | 12% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Opportunities | Increasing the environmental concern Government supportive initiatives |
| Key Market Drivers | Increased environmental concerns and rising awareness about the depleting non-renewable energy resources Negligible maintenance cost of these panels Growing investments in clean energy |
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Market USP Covered
Market Drivers
The global non-concentrating solar collector market has showcased massive development in recent years. The primary aspect supporting the development of the market is the increased environmental concerns. Concerns about growing conventional energy prices, renewable energy certificates, and potential supply challenges have been raised. This is causing a surge in demand for non-concentrating solar collectors across the globe. There have also been initiatives to build technology to enhance product efficiency.
Consequently, major market players and educational institutions are investing heavily in R&D. Environmental contamination has risen because of the growing dependence on fossil fuels and other conventional resources. Furthermore, the growing consumer awareness regarding global warming and climate change is also likely to catalyze the development of the market over the coming years. In addition, the factors such as fast industrialization, rapid urbanization, increasing investments in research and development, and raising concerns like future supply issues are also anticipated to enhance the market performance over the coming years.
Market Restraints
On the other hand, various aspects may impede the performance of the market. The initial cost of photovoltaic cells is likely to impede the market's development. Furthermore, the lack of workforce and experienced installers will likely restrict the market's growth over the coming years.
Segment Analysis
Among all the products, the solar thermal collector segment is predicted to ensure the top spot across the global non-concentrating solar collector market over the review era. The main aspect causing an upsurge in the segment's development is the initiatives taken by the government to preserve natural resources and the growing awareness among people. On the other hand, the evacuated tube collector segment is anticipated to showcase the maximum growth rate over the coming years.
Among all the application areas, the commercial segment is anticipated to secure the top spot across the global non-concentrating solar collector market over the review era. On the other hand, the residential application segment is predicted to showcase the maximum growth rate over the coming years.
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Regional Analysis
The global non-concentrating solar collector market is analyzed across five major geographies: the Middle East and Africa, Latin America, Europe, Asia-Pacific, and North America.
The MRFR analysis reports suggesting that the North American region secured the top spot across the global non-concentrating solar collector market in 2016, with the largest contribution of approximately 70% of the total volume share. The main aspect supporting the regional market development is the high usage of swimming pools and other commercial locations. Furthermore, the growing concern for rapidly depleting natural resources in the US is also likely to boost the regional market's development over the coming years.
The European regional market for non-concentrating solar collectors is anticipated to showcase significant growth over the review era. The regional market's growth is ascribed to the aspects such as developing technologies, increasing government spending, and demand for flat plate collectors.
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COVID-19 Impact
The global health hazard in the shape of COVID-19 has had a massive impact on most industry sectors. Considering the rapid spread of the infectious disease, several governments across the globe announced partial or complete lockdowns for quite a long time. Consequently, the industry operations were halted, and some businesses shut down. Given the sudden fall in demand for vehicles and travel restrictions imposed, the non-concentrating solar collector market faced several unexpected challenges during the pandemic. On the other hand, with the rapid vaccination rates and all the global industrial operations returning to normal, the market is anticipated to experience substantial development over the forecasted timeframe.
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