The Latest Solar Thermal Collectors Industry Statistics Explained
The concentrating solar power (CSP) segment is projected to grow at the highest CAGR of more than 21.0% during the forecast period.
Based on the provided statistic, it is projected that the segment of concentrating solar power (CSP) will experience the highest compound annual growth rate (CAGR) of over 21.0% during the forecast period. This indicates a rapid and substantial growth expected in the CSP industry compared to other segments within the solar power sector. The high growth rate suggests a strong demand for CSP technology, which utilizes mirrors or lenses to concentrate a large area of sunlight onto a small area to generate electricity. This growth projection may be driven by factors such as increasing emphasis on renewable energy sources, advancements in CSP technology, and government incentives promoting the adoption of solar power.
The market’s major players are focused on increasing their productivity through strategic mergers and acquisitions.
This statistic suggests that prominent companies in the market are actively pursuing strategies to boost their productivity by engaging in mergers and acquisitions. By combining forces with other businesses, these major players aim to streamline operations, reduce costs, and leverage each other’s strengths to achieve growth and efficiency. Mergers and acquisitions allow companies to access new markets, technologies, or talents that can help them stay competitive in the industry. This strategic approach reflects a proactive stance towards enhancing their overall performance and securing a stronger position in the marketplace.
The Asia-Pacific region is projected to be the fastest-growing market during the forecast period 2020-2025.
The statistic “The Asia-Pacific region is projected to be the fastest-growing market during the forecast period 2020-2025” indicates that the countries in the Asia-Pacific region are expected to experience the highest rate of economic growth compared to other regions from 2020 to 2025. This projection suggests that businesses and industries in this region are likely to see increased opportunities for expansion, investment, and market development during these years. Factors contributing to this rapid growth may include population growth, rising disposable incomes, ongoing industrialization, favorable government policies, and increasing foreign investments. Companies and investors may want to pay particular attention to the Asia-Pacific market for potential business growth and investment opportunities in the coming years.
Evacuated Tube Collectors hold the largest market share as of 2020.
The statistic “Evacuated Tube Collectors hold the largest market share as of 2020” indicates that among different types of solar thermal collectors available in the market, evacuated tube collectors are the most popular and widely used in 2020. This suggests that evacuated tube collectors have gained significant preference among consumers or businesses for harnessing solar energy for various applications such as hot water heating or space heating. The factors contributing to their leading market share could include higher efficiency, better performance in cold or cloudy conditions, reliability, ease of installation, and overall cost-effectiveness compared to other types of solar collectors. It implies that evacuated tube collectors are currently the most dominant and preferred choice in the solar thermal industry in 2020.
In terms of country, China dominated the global solar thermal collectors market in 2019.
The statistic “In terms of country, China dominated the global solar thermal collectors market in 2019” indicates that China had the largest market share in the solar thermal collectors industry compared to other countries during the year 2019. This dominance suggests that China had a significant impact on the production, consumption, and trade of solar thermal collectors globally. Factors that may have contributed to China’s dominance could include the country’s large-scale production capabilities, government policies supporting renewable energy, and growing demand for solar energy solutions. As a result, China likely played a key role in shaping the trajectory of the global solar thermal collectors market in 2019.
Commercial application segment is expected to grow at a faster rate of 6.2% during 2018-2025.
The statement indicates that the commercial application segment, within a particular industry or market, is projected to experience a growth rate of 6.2% annually between the years 2018 and 2025. This growth rate is higher compared to other segments within the same industry or market. The implication of this statistic is that businesses operating within the commercial application sector can expect a faster pace of expansion and increasing opportunities for growth and profit over the forecasted period. It suggests that investing in commercial applications may yield favorable returns due to the anticipated growth trajectory within this segment.
The residential sector accounted for the major shares of the solar thermal collector market.
This statistic indicates that the residential sector is the largest consumer and user of solar thermal collectors compared to other sectors, such as commercial or industrial. Solar thermal collectors are devices that use sunlight to heat water or air for residential heating purposes, and this data suggests that residential households are the primary market for these devices. The fact that the residential sector holds the major shares of the solar thermal collector market highlights the growing trend of homeowners adopting sustainable and renewable energy solutions to reduce their carbon footprint and lower energy costs. This underscores the importance of targeting residential consumers in promoting the use of solar thermal technology for environmental and economic benefits.
Residential solar thermal installations in US saw a decrease by 10% from 2016 to 2017.
The statistic indicates that there was a 10% decrease in the number of residential solar thermal installations in the United States from 2016 to 2017. This suggests that fewer households adopted solar thermal technology during this period. The decline could be attributed to various factors, such as changes in government policies, fluctuations in energy prices, or shifts in consumer preferences. Understanding the reasons behind this decrease is important for policymakers, industry stakeholders, and environmental advocates to address any barriers and promote the wider adoption of renewable energy sources in residential settings.
Parabolic trough is the largest technology segment in the solar collector market.
The statement ‘Parabolic trough is the largest technology segment in the solar collector market’ indicates that among the various types of solar collector technologies available in the market, parabolic trough technology has the highest market share or is most widely used. This suggests that parabolic trough technology is the preferred choice or most commonly implemented by industry players and consumers seeking solar energy solutions. Factors contributing to its prominence could include cost-effectiveness, efficiency, scalability, or other advantages over competing solar collector technologies. This statistic provides valuable insight into the current landscape of the solar collector market and highlights the significance of parabolic trough technology in the industry.
The average payback period of solar thermal systems varies between 6 to 10 years.
The statistic that the average payback period of solar thermal systems varies between 6 to 10 years indicates the typical timeframe it takes for the upfront investment in a solar thermal system to be recouped through energy savings or other financial benefits. This range suggests that the payback period can differ depending on various factors such as the initial cost of installation, local sunlight availability, energy prices, and system efficiency. A shorter payback period of 6 years implies a quicker return on investment, while a longer payback period of 10 years may indicate a slower recoup of the initial costs. Overall, understanding this variance in payback periods can help individuals or businesses make informed decisions about investing in solar thermal systems based on their financial goals and circumstances.
Evacuated Tube Collector technology could account for 33% of the market by 2025.
This statistic suggests that there is significant growth potential for Evacuated Tube Collector technology in the market, with a projected market share of 33% by the year 2025. This indicates a substantial increase in the adoption and utilization of this specific technology compared to other competitors. Factors contributing to this growth could include advancements in the technology itself, increased awareness and demand for renewable energy solutions, as well as supportive government policies and incentives. Overall, this statistic indicates a promising future for Evacuated Tube Collector technology as a major player in the market by 2025.
In 2020, Spain added the highest collector capacity in Europe, with around 86.1 MW thermal.
The statistic indicates that Spain had the highest increase in solar thermal collector capacity in Europe in 2020, with approximately 86.1 MW added. This suggests that Spain made significant progress in expanding its usage of solar thermal energy for various applications such as heating water, buildings, and industrial processes. The substantial increase in collector capacity reflects a growing emphasis on renewable energy sources and a commitment to reducing carbon emissions in line with climate goals. Additionally, it highlights Spain’s potential as a leader in the utilization of solar thermal technology within the European region, showcasing its dedication to sustainable energy solutions.
By 2027, the global solar thermal collector market could reach a size of USD 41.96 billion.
The statistic states that by the year 2027, the global solar thermal collector market is projected to grow to a value of USD 41.96 billion. This indicates the anticipated market size and financial value of solar thermal collectors worldwide by that future year. This growth projection suggests a significant increase in market demand and adoption of solar thermal technology, driven by factors such as increasing awareness of renewable energy sources, advancements in technology, and governmental policies supporting sustainable energy solutions. This statistic provides valuable insights for businesses, policymakers, and investors involved in the solar energy industry to anticipate and plan for future market trends and opportunities.
Flat-plate and evacuated-tube solar collectors are suitable for residential and commercial buildings, these type dominate the solar thermal collectors market.
The statement suggests that flat-plate and evacuated-tube solar collectors are widely preferred in both residential and commercial buildings for harnessing solar energy. These types of collectors are perceived to be the dominant choice in the solar thermal collectors market due to their effectiveness and efficiency in converting solar radiation into usable energy for heating purposes. This indicates that consumers and businesses are gravitating towards these specific types of solar collectors over other options available in the market, potentially due to factors such as cost-effectiveness, reliability, and energy efficiency.
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