Global Market Size, Forecast, and Trend Highlights Over 2025-2037
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 non-concentrating solar collector 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.
Non-concentrating Solar Collector Sector: Growth Drivers and Challenges
Growth Drivers
- Surge in the Construction of Smart Cities - Information and communication technology (ICT) is essential to smart cities in order to improve operational effectiveness and provide residents with a higher standard of living. Their main goal is to use data analysis and smart technologies to promote economic growth and optimize city services. Along with maintaining public safety, smart cities also focus on enhancing public health. Consequently, governments around the world are starting to develop smart cities through projects, which is driving up demand for sustainable energy sources. To reduce pollution and promote a sustainable lifestyle, solar thermal collectors are being installed in various smart city areas, and individual houses are being encouraged to switch from traditional energy sources to solar energy.
- Growing Awareness Regarding Negative Consequences of Fossil Fuels - The growing awareness about the harmful effects of fossil fuels on the environment is driving the market growth. Environmental problems associated with the increased use of new sustainable energy supply options that make use of renewable energy are linked to the finite availability of fossil fuel resources. As per a report, together, China and the US were accountable for 45% of the emissions from fuel combustion worldwide. The European Union, India, the Russian Federation, and Japan were next in line. Therefore, the demand for decentralized collectors will rise dramatically across countries, due to low installation costs and the growing demand for green energy.
- Increase in Government Initiatives - Since non-concentrating solar collectors are a great option for early adopters of solar technology, their popularity is on the rise. People are also drawn to solar technology since so many governments provide financial support in the form of subsidies. For instance, the Solar for All initiative by the US government seeks to guarantee that underprivileged communities that are neglected, impoverished, and overloaded by pollution receive 40% of the total benefits of specific Federal investments. The program will also assist in accomplishing the government's objective of having a net zero emissions economy by 2050 and a power sector free of carbon pollution by 2035.
Challenges
- Unavailability of Solar Rays Due to Weather Conditions - The irregular availability of solar radiation and insufficient sunshine in certain global locations. Also, rainy days still allow solar energy to be harvested, but the solar system's efficiency decreases. For solar panels to efficiently collect solar energy, sunlight is a requirement. For this reason, a few overcast, wet days can have a significant impact on the energy system. Therefore, this is one of the major concerns that may hamper the growth of the non-concentrating solar collector market.
- High Initial and Maintenance Costs of Non-concentrating Solar Collector May Hamper the Market Growth.
- Lack of Space for Set-up May Hinder the Market Growth
Non-concentrating Solar Collector Market: Key Insights
| Report Attribute | Details |
|---|---|
|
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 |
|
Non-concentrating Solar Collector Segmentation
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:
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Absorber Plates |
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Application |
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Vishnu Nair
Head - Global Business DevelopmentCustomize this report to your requirements — connect with our consultant for personalized insights and options.
Non-concentrating Solar Collector Industry - Regional Synopsis
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.
Companies Dominating the Non-concentrating Solar Collector Landscape
- Solvay S.A.
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Phoenix Solar Thermal Inc
- SunMaxx Solar
- ABB Ltd
- Absolicon Solar Collector AB
- Trina Solar Co., Ltd.
Recent Developments
- October 2020 - SunMaxx announced that NSF-61 certification had been granted for FlowMaxx flexible solar line set. For hundreds of solar hot water systems of all sizes in the US and around the world, SunMaxx's FlowMaxx solar line set has set the bar for performance, price, and ease of installation for years.
- May 2021 - Production of solar collector panels needs to be accurate, extremely efficient, and reasonably priced in order to support the shift to a sustainable society and protect resources. In order to do this, Absolicon and ABB worked together to develop the only comprehensive solution in the world for producing concentrated solar collectors in large quantities at Absolicon's factory in Härnösand, Sweden.
- Report ID: 5425
- Published Date: Dec 06, 2024
- Report Format: PDF, PPT
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