Non-concentrating Solar Collector Market Trends

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