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The concentrating solar collectors market share is expected to increase by USD 3.88 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 12.1%.
This concentrating solar collectors market research report extensively covers market segmentation by end-user (industrial, commercial, and residential) and geography (APAC, North America, Europe, South America, and Middle East and Africa). The concentrating solar collectors market report also offers information on several market vendors, including Ariston Holding NV, Canadian Solar Inc., CENTROTEC SE, Conserval Engineering Inc., DIMAS SA, First Solar Inc., Grammer Solar, GREENoneTEC Solarindustrie GmbH, Himin Solar Co. Ltd., JinkoSolar Holding Co. Ltd., juwi AG, Kingspan Group Plc, Linuo Paradigma Co. Ltd., Nobel International EAD, Ritter Energiem, Solar Module SA de CV Av, SUNRAIN, Sunshore Solar Energy Co.Ltd., Trina Solar Co. Ltd., Viessmann Werke GmbH and Co. KG, Wuxi Suntech Power Co. Ltd., Yingli Green Energy Holding Co. Ltd., and Sharp Corp. among others. Furthermore, this report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches.
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The advanced route optimization strengthens shippers, LSPs, and carriers that is notably driving the concentrating solar collectors market growth, although factors such as security concerns may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the concentrating solar collectors industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Concentrating Solar Collectors Market Driver
One of the key factors driving the global concentrating solar collectors market growth is the advanced route optimization that strengthens shippers, LSPs, and carriers. According to the IEA, in the first quarter of 2020, the share of renewables in global electricity generation increased to around 28% from 26% in the first quarter of 2019. It is expected to reach 30% by 2023. The competitive cost of generating electricity and low carbon emissions from renewable sources has increased investments in renewable energy across the world. For instance, during April-December 2019, around USD 5.26 billion was invested in the renewable energy sector in India by private companies. China invested around USD 360 billion between 2017 and 2020 to develop renewable power projects to end the dependence of the country on coal for electricity generation. Global investments in renewable energy exceeded USD 2.5 trillion in 2019. Such factors will propel the growth of the market during the forecast period.
Key Concentrating Solar Collectors Market Trend
Another key factor driving the global concentrating solar collectors market growth is the development of smart cities. The European Commission has launched the European Innovation Partnership on Smart Cities and Communities (EIPSCC), which has been the key driving factor for the increase in the number of projects. Horizon 2020 was the largest European Union Research and Innovation program with nearly USD 89.12 billion of funding available for over seven years (2014- 2020) in addition to private investments. Horizon 2020 also funded several concentrated solar power projects such as competitive solar power towers (CAPTure) that produce heat by concentrating solar radiation, which can be used to generate electricity by using a steam turbine or even stored by using molten salts to generate electricity after sunset. Thus, the emergence of smart cities is expected to positively impact the growth of in focus during the forecast period.
Key Concentrating Solar Collectors Market Challenge
One of the key challenges to the global concentrating solar collectors market growth is the security concerns and lack of funding. According to the International Energy Agency (IEA), renewable energy only accounted for a 29% share in electricity generation in 2020. The 29% is formed by multiple renewable energy sources such as solar energy, including CSP plants, hydropower, and wind energy. The governments of countries having abundant non-renewable energy sources do not prefer investing in alternative energy sources, as these are expensive to be implemented. In addition, concerns about grid stability arise when the contribution from intermittent renewable power sources, such as wind and solar resources, is high. These factors can hinder the adoption of renewable energy, which can adversely affect the growth of the global concentrating solar collectors market during the forecast period.
This concentrating solar collectors market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global concentrating solar collectors market as a part of the global renewable electricity market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the concentrating solar collectors market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the concentrating solar collectors market encompasses successful business strategies deployed by the key vendors. The concentrating solar collectors market is fragmented and the vendors are deploying growth strategies such as technological innovation to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The concentrating solar collectors market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the concentrating solar collectors market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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53% of the market's growth will originate from APAC during the forecast period. China, Japan, and India are the key markets for concentrating solar collectors market in APAC. Market growth in this region will be faster than the growth of the market in other regions.
The significant increase in energy demand and increase in pollution from greenhouse gases (GHG) in developing nations such as China and India that is leading to a shift in focus toward renewables, such as wind and solar, for power generation will facilitate the concentrating solar collectors market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In 2020, the concentrating solar collectors market in APAC faced certain challenges, owing to the outbreak of COVID-19. The pandemic affected several countries in the region, including China, India, South Korea, and Japan. It negatively impacted the overall economy of the region and disrupted supply chains and operations in the manufacturing and power industries. However, the regional market is anticipated to grow during the forecast period, primarily due to large-scale vaccination drives, the gradual decline in COVID-19 cases, and the resumption of normal business operations across industries.
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The concentrating solar collectors market share growth by the industrial segment will be significant during the forecast period. The significant increase in the installation of large-scale concentrated solar power plants to generate clean energy and reduce carbon emissions will drive the segment growth. In addition, in countries such as China and India, PV auctions are expected to increase during the forecast period, owing to governments rising focus on clean energy initiatives.
This report provides an accurate prediction of the contribution of all the segments to the growth of the concentrating solar collectors market size and actionable market insights on post COVID-19 impact on each segment.
Solar Thermal market - The market share is expected to increase by 167187.58 megawatts from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 5.71%.
Concentrating Solar Collectors Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 12.1% |
Market growth 2022-2026 |
$ 3.88 billion |
Market structure |
Fragmented |
YoY growth (%) |
10.34 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 53% |
Key consumer countries |
US, China, Japan, India, and Germany |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
Ariston Holding NV, Canadian Solar Inc., CENTROTEC SE, Conserval Engineering Inc., DIMAS SA, First Solar Inc., Grammer Solar, GREENoneTEC Solarindustrie GmbH, Himin Solar Co. Ltd., JinkoSolar Holding Co. Ltd., juwi AG, Kingspan Group Plc, Linuo Paradigma Co. Ltd., Nobel International EAD, Ritter Energiem, Solar Module SA de CV Av, SUNRAIN, Sunshore Solar Energy Co.Ltd., Trina Solar Co. Ltd., Viessmann Werke GmbH and Co. KG, Wuxi Suntech Power Co. Ltd., Yingli Green Energy Holding Co. Ltd., and Sharp Corp. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by End-user
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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