Research Nester’s recent market research analysis on “Non-Concentrating Solar Collector Market: Global Demand Analysis & Opportunity Outlook 2036” delivers a detailed competitors analysis and a detailed overview of the global Non-Concentrating Solar Collector market in terms of market segmentation by type, device type, indication, distribution channel, and by region.
Growing Construction of Smart Cities to Promote Global Market Share of Non-Concentrating Solar Collector
Smart cities depend on information and communication technology (ICT) to increase operational efficiency and raise living standards for their citizens. Their primary objective is to maximize city services and encourage economic growth via the use of smart technologies and data analysis. Smart cities improve public health in addition to public safety. As a result, governments everywhere are initiating efforts to create smart cities, increasing the need for sustainable energy sources. Solar thermal collectors are being placed in various smart city regions, and households are being pushed to convert from traditional energy sources to solar energy in order to reduce pollution and foster a sustainable lifestyle. The number of smart cities is increasing across the globe. As per the Smart City pitchbook published by the government of United Kingdom, in 2020, the global smart cities sector was estimated to value £900 billion. This growing construction of smart cities is estimated to result in the growth of non-concentrating solar collector market. Some of the major growth factors and challenges that are associated with the growth of the global Non-Concentrating Solar Collector market are:
Growth Drivers:
• Growing Concern Regarding the Effects of Fossil Fuels
• Increasing Government Initiatives
Challenges:
The erratic availability of solar radiation and inadequate sunshine in some parts of the world. Additionally, solar energy can still be captured on cloudy days, although the efficiency of the system declines. Sunlight is necessary for solar panels to efficiently gather solar energy. That's why a couple of cloudy, rainy days may really affect the energy system. Thus, this is one of the main issues that could prevent the market for non-concentrating solar collectors from expanding.
Furthermore, high initial and maintenance costs, and shortage of space for setting up the systems are other factors that may hamper the growth of the non-concentrating solar collector market.
By application, the global Non-Concentrating Solar Collector market is segmented into residential, commercial, and industrial. The residential segment is anticipated to hold a share of 46% by the end of 2036. The primary use of solar thermal systems in residential settings is for domestic hot water systems, which produce hot water. The main driver of the home solar thermal business is the global expansion of solar district heating projects. In addition to meeting the increasing need for ecologically friendly solutions for space and domestic water heating, among other heating demands, they are crucial to the decarbonization of the heating sector. The market will develop even more as a result of new regulations pertaining to the implementation of green building codes, such as energy-saving building codes in the US, China, India, and other countries. Growth in the market will also be fueled by increased investment in the construction industry for the re-establishment and renovation of structures.
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By region, the Asia Pacific Non-Concentrating Solar Collector market is to hold the largest share of 36% during the foreseen period. Because of the growing demand for both ongoing and future solar power projects, the industry is expanding in the region. In China, solar power increased by 33.7% while coal power increased by 1.8% in the first quarter. China already has nearly half of its 1,130 GW of coal power plants online due to the 430 GW of solar energy generated thus far. Additionally, it is projected that the industry would gain from enticing government initiatives and funding for clean, renewable energy. For example, the "Top Runner Program" was introduced by the Chinese government to encourage the adoption of solar photovoltaic (PV) panels that are incredibly efficient. China uses efficiency criteria for PV modules as part of this plan, which drives manufacturers to create and market more efficient solar panels.
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