Non-concentrating Solar Collectors Market is likely to hit US$ 44,212.14 Million, rising at 13% CAGR by forecast 2033 end | Analysis by Future Market Insights, Inc.
Future Market Insights Global and Consulting Pvt. Ltd.
8 min read
Future Market Insights Global and Consulting Pvt. Ltd.
The non-concentrating solar collectors market in North America is expected to witness a robust expansion of over 8% by 2033. This growth trajectory between 2023 and 2033 is anticipated to generate a significant additional potential of US$ 31,187.76 million, reflecting a remarkable growth rate of 3.39 times during that period.
NEWARK, Del, June 22, 2023 (GLOBE NEWSWIRE) -- The non-concentrating solar collectors market is predicted to be worth US$ 13,024.38 million in 2023 and rise to US$ 44,212.14 million by 2033. Demand was initially expanding at a market CAGR of 8.3% between 2018 and 2022.
Substitutes don't provide a concern, as there are presently no direct alternatives in the non-concentrating solar collector industry. In emerging markets, new solar power projects are being introduced and developed quickly.
The non-concentrating solar collector's cost has decreased due to increased technical breakthroughs, making it more affordable for home consumers. The efficiency of solar power plants has also been considerably enhanced owing to technical developments, like the creation of sophisticated tracking systems.
Pharmaceuticals, textiles and chemicals, automotive parts, and dairy food processing and beverages are a few of the industries that are increasingly using the industrial heat produced by smart city projects. The potential for solar-heating catalysis to achieve zero artificial energy usage is expected to be beneficial for the global economy.
Key Takeaways:
The European region was the second-most prominent market, accounting for more than 20% of the market.
The United States is expected to dominate the non-concentrating solar collector's sector. The market in the United States is anticipated to grow by more than 8% by 2033.
The non-concentrating solar collectors market was significantly expanding, with a size of US$ 11,526 million in 2022.
Asia Pacific is expected to be one of the promising developing areas in 2023, with a market share of 37.2%.
Demand for non-concentrating solar collectors in India and China is expected to remain high due to emerging solar projects.
During the forecast period, the copper plates are likely to hold a top spot in the market in terms of absorbent plates.
Based on the application, the residential segment is expected to dominate the market by 2033.
To deliver up to 5.4 GW of its thin-film solar PV modules to United Kingdom's Lightsource Bp and its 50% co-owner Bp plc for their projects in the United States, First Solar has inked framework agreements of multi-year orders.
The Series 6 solar PV module from First Solar, Inc. is the first PV product in the world to be featured in the debut of the EPEAT Photovoltaic and Inverters product category, according to a 2020 announcement from the Green Electronics Council.
Adapting the Changing Competitive Landscape:
Non-concentrating solar collectors manufacturers who grab the chance to fund research, and welcome experimentation, are up for high-profit margins. Key players who focus on social and environmental effect priority stand out as real pioneers in this period of the dramatic energy transition.
These producers are advancing the industry and securing their roles as change agents by encouraging cooperation, information exchange, and technical advancements.
Solar module producer Waaree Energies announced in May 2022 that it has received clearance to purchase solar cell manufacturer Indosolar. This acquisition aided Waaree Energies in increasing its capacity to produce solar cells from the currently anticipated 4 GW to 5.4 GW, and further supported the company's expansion objectives of producing solar modules.
Canadian Solar invested in German off-grid solar pioneer Solarworx in 2021 as part of a strategic partnership. Recently, Bank Santander and Canadian Solar signed a 50 million euro bilateral business credit. As it implements and expands a project, including the building of a pipeline throughout Europe, the Middle East, and Africa, the facility aided Canadian Solar's Global Energy business.
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About Future Market Insights (FMI):
Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.
