Non-concentrating Solar Collector Market size was over USD 14.58 billion in 2024 and is anticipated to cross USD 68.99 billion by 2037, growing at more than 12.7% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of home improvement is estimated at USD 16.06 billion. The massive consumption of oil & gas has brought the reserves to the verge of depletion. When compared to other energy sources, solar energy has the biggest advantage because it is pure and can be produced without harming the environment. Achieving sustainable energy development has been made possible by solar electricity. Thus, the market is expanding due to the increasing utilization of solar energy to provide clean energy sources. As per a report, in contrast to a 15% increase in fossil fuel investment over the same period, annual clean energy investment is predicted to expand by 24% between 2021 and 2023, led by renewable energy sources and electric vehicles.
Furthermore, the growing concerns about massive carbon emissions, rising sea levels, and the earth's temperature are raising the demand for non-concentrating solar collector market. Because of the depletion of precious energy reserves, clean energy sources are now more accessible to offset the growing demand for energy, which is anticipated to support the expansion of non-concentrating solar collector.
Growth Drivers
Challenges
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
12.7% |
|
Base Year Market Size (2024) |
USD 14.58 billion |
|
Forecast Year Market Size (2037) |
USD 68.99 billion |
|
Regional Scope |
|
Absorber Plates (Copper, Aluminium, Steel Plates)
Non-concentrating solar collector market from the copper segment is anticipated to hold a share of 42% during the foreseen period. The most popular kind of non-concentrating solar collector is the flat-plate solar collector, which has several uses. Due to its superior heat conductivity, durability, and corrosion resistance, copper is frequently used for absorber plates. Some other benefits such as low heat loss and great efficiency in mild climes and low-temperature applications, as well as simplicity, durability, and ease of installation and maintenance, are driving the growth of the copper segment. Sunlight heat is effectively transferred to the working fluid or heat transfer medium. Copper is capable of tolerating heat cycling and is suitable for high-temperature applications. Therefore, these factors are contributing to the expansion of the copper segment.
Application (Residential, Commercial, Industrial)
The residential segment is expected to hold around 46% share of the global non-concentrating solar collector market by 2036. Residential utilization of solar thermal systems is mostly in the production of hot water through domestic hot water systems. The expansion of solar district heating projects worldwide is the primary factor propelling the residential solar thermal industry. They are essential to the decarbonization of the heating industry and to addressing the growing need for environmentally friendly solutions for space and household water heating, among other heating needs. The presence of new policies in regard to the launch of green building codes, such as energy conservation building codes in India, China, the US, and others will further augment the growth of the market. For instance, China's green building action plan committed to raising the percentage of environmentally friendly building materials in the construction sector to 20%. Also, a rise in investment in the construction sector in the re-establishment and refurbishment of buildings will drive market growth.
Our in-depth analysis of the global market includes the following segments:
|
Absorber Plates |
|
|
Application |
|
APAC Market Forecast
Asia Pacific industry is likely to hold largest revenue share of 36% by 2037. The market is growing in the region due to the increased demand from planned and current solar power projects. In China, the first quarter saw a 33.7% increase in solar power and a 1.8% increase in coal power. With 430 GW of solar energy generated so far, China has nearly half of its 1,130 GW of coal power plants online. Also, the market is anticipated to benefit from alluring government programs and financing for clean renewable energy. For instance, the Chinese government launched the "Top Runner Program" to promote the use of highly efficient solar photovoltaic (PV) panels. As part of this strategy, China sets efficiency standards for PV modules, which forces manufacturers to develop and sell more efficient solar panels. The effort aims to improve the non-concentrating solar collectors' overall performance and effectiveness throughout the country.
North American Market Statistics
North American non-concentrating Solar Collector market is anticipated to account for a share of 25% during the projected period. The non-concentrating solar collectors are gaining popularity in the region due to their use in commercial facilities, which include swimming pools and space heating in colder climates. Also, the growth can be attributed to growing concerns about the sustainability of the environment and the dwindling supply of natural resources. As per a report, with only 3.45 hectares of biocapacity per person, the United States has one of the greatest ecological footprints in the world, at 8.04 gha per person.
Author Credits: Dhruv Bhatia
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?