Concentrating Solar Collectors Market 2017-2022 / Share, Growth, Trends And Forecast

(MENAFN- America News Hour) The global concentrating solar collector market size, in terms of value, was USD XX billion in 2016 and is projected to grow up to USD XX billion by the year 2020, at a healthy CAGR of 19.4%. Concentrating solar collectors use reflective surface which concentrates the solar radiation onto a smaller area. The renewable energy sources is the best solution to the growing need for power. Other sources of energy such as hydropower, fossil fuels, nuclear power have environmental concerns which make the renewable sources need of an hour.
Solar energy is available in abundance; the Earth 174 petawatts of solar energy every year, making it the largest source of energy. In the last few years, global solar power production has increased from 7 GW to 40 GW. Also, lots of research has been going on in this area to make the solar panel more user friendly, and smaller in size. Various techniques such as thin film processing, nanocrystalline solar cells, polymer processing, metamorphic multijunction solar cells will help in the progress of this industry.
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Market Dynamics
The escalation of concentrating solar collectors is estimated to increase as more people are now aware about the harmful effects of global warming and greenhouse gas emissions. The factors such as rising prices of conventional energy, concerns over supply of energy in future, renewable energy certificates and support of government are fuelling the demand for the concentrated solar collectors. Concentrating solar collector can deliver low emission power even after the sunset with its ability to store energy as heat. This helps to mitigate demand and supply mismatch.
However, the huge cost of electricity generation hinders the growth of the concentrating solar collector market. Due to lack of advanced technology, the power generation is at nascent stage.
Market Segmentation
The global concentrating solar collectors' market is segmented on the basis of product type, application and technology. By product type, market can be segmented into dish Stirling, parabolic trough, solar tower and linear Fresnel. The demand for the parabolic trough is projected to remain dominant throughout the forecast period as it has matured the most, followed by the linear Fresnel and solar tower. By application, market can be segmented into commercial, institutional, residential and industrial.
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Geographical Analysis
The market is segmented into North America, Western Europe, Eastern Europe, China, Southeast Asia, Japan and India. The United States' concentrating solar collector market is anticipated to see growth over 8% by the year 2025, reason being federal government initiatives like financial assistance, tax rebate and net metering. Also, Chile is ready to witness growth above 25 % in the forecast period with its favorable climatic conditions. The government of China announced initiatives such as tax benefits and feed in tariff to boost the business.
Key Players
Some of the key players in the market include First Solar Inc., Wuxi Suntech Power Co. Ltd., Activ Solar GmbH, Trina Solar Limited, Sharp Solar Energy Solutions Group, Yingli Solar, Canadian Solar Inc., SolarCity Corporation, Jinko Solar Holding Co. Ltd. And Juwi Solar Inc.
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