North America is one of the major regions of the solar thermal collectors market. This is attributed to the rise in dependence and awareness regarding renewable energy, presence of key players, and others.
Asia-Pacific is also one of the significant regions of the solar thermal collectors market, owing to presence of countries such as China. Majority of the countries are dependent on the import of low-cost solar energy products of China. In addition, India is expected to grow at a considerable growth rate in the renewable energy sector, owing to favorable government regulations and rise in awareness of sustainable development. This factor is expected to create lucrative opportunities for the key operating players in the market.
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The increment in price and decrement of non-sustainable sources are the main considerations expected to drive the demand for solar thermal collectors during the analysis period. These collectors are introduced in new residential places for applications, for example, water heating and space heating. Moreover, these sun-based thermal collectors are presently utilized in commercial areas, such as shopping centers, malls, and hotels, which is expected to fuel the development and demand for solar thermal collectors. Furthermore, solar thermal collectors are less expensive than other heating equipment available in the market.
There is lack of awareness in some developing nations with respect to the advantages of solar thermal collectors, thereby obstructing the acceptance of thermal collectors. In addition, rise in environmental concerns along with reduced dependence on costly & quickly exhausting petroleum product reserves is expected to offer lucrative growth opportunities to the solar energy sector. As solar thermals depend on sun-based power, the interest for the equivalent has expanded. In residential, industrial, and business applications, water heating and air heating regularly highly effects the energy utilization. The developing interest and requirement for energy proficiency propel the solar thermal collectors market. Energy proficiency has become crucial due to quick and continuous industrialization and urbanization, subsequently driving the interest for solar thermal collectors, especially in modern applications to decrease overhead expenses.
Companies covered in the market report are General Electric Company, Mitsubishi Electric Corporation, ABB, Siemens, Miedensha Corporation, Emerson Electric Co., Hitachi Ltd., Toshiba Corporation, Nidec Corporation, Synchrony, Fuji Electric, SKF Magnetic Mechatronics, Turbo Power Systems, and Regal Beloit Corporation.
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COVID-19 scenario analysis:
- The COVID-19 pandemic is spreading across the globe and destabilizing economies.
- The renewable energy sector has been negatively impacted due to the lockdown in COVID-19-infected countries. It has resulted in delays in projects due to disruptions in supply chain, problems in project financing, and unavailability of manpower.
- The disturbance of supply chains and halt on export of solar-powered equipment from China resulted in the demand from India.
- Before the outbreak of COVID-19, the market of solar projects execution was at its top in the last quarter of the financial year.
- The demand and manufacturing markets have been affected because due to COVID-19 outbreak, which is hindering the market growth.
- At the initial phase of COVID-19 outbreak, the manufacturing sector or supply chain region, which is China, was first hampered.
- Construction of new energy projects or infrastructure has been stopped or delayed.
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