Non-concentrating Solar Collector Market Size

Non-concentrating Solar Collector Market size is expected to reach USD 63 Billion by the end of 2036, expanding around 13% CAGR during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of non-concentrating solar collector was over USD 13 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.