San Francisco, CA -- (SBWire) -- 02/03/2020 --A new TMR Research report on the global solar thermal collectors market provide clear insights on the geographical segmentations. The regional segments of the market are North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. In the foreseeable future, the global market is expected to be dominated by the regional segment of Asia Pacific. The region accounted for the largest share in the market and is predicted to be on the forefront for the given period of forecast. China and India in particular are projected to offer considerable contribution for the development of the regional segment. With the current on going infrastructural developments occurring in both the nations, there has been a huge demand for solar thermal collectors.
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The North America region is projected to follow the Asia Pacific market in terms of value in the coming years of the forecast period. The market is mainly dominated by the US because of high value commercial applications such as heating of swimming pools. On the other hand, the European segment is expected to remain a bit stagnant in the coming years of the forecast period ranging from 2019 to 2029. The stagnancy or the low rate of growth in the market is because of lower gas and oil rates and higher electricity prices. However, the regional market is projected to present some good opportunities in the near future.
Depleting Natural Resources is Key Driving Factor for Market Growth
There are multiple factors that are shaping the development of the global solar thermal collectors market. One of the biggest influential factor for the market development has been the recent depletion of non-renewable energy sources. Another such prominent growth factor has been the growing prices of oil across the globe. In addition to this, these solar thermal collectors are being growingly installed in newly built or developed residential sectors for different applications such as space heating and water heating among others.
Furthermore, they are also being used in commercial spaces such as hotels and malls among others. Thus, such growing use and adoption of these solar thermal collectors is also helping to push the overall development of the global market. Another important factor that is working in favor of the market development has been the cost efficiency of these products. They are much cheaper and efficient than other heating options available on the market. These factors are also helping to increase the popularity of the global market.
However, there are certain factors that may impede the development of the global solar thermal collectors market and stop it from reaching its complete potential. There are some countries in the world that do not receive ample sunlight all over the year due to natural weather conditions. In addition to this, the output from solar thermal collectors is not as desired in lower sunlight. It is also one of the key restraining factors for the market growth.
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Growing Market Competition will Lead to Further Fragmentation
The vendor landscape of the global solar thermal collectors market is a fragmented one because of the presence of several key players. These companies are expected to offer innovative products with higher levels of efficiency. These companies are projected to invest heavily on product development so as to stay ahead of the competition. In addition to this, they are expected to resort to inorganic growth strategies such as mergers, acquisitions, and strategic alliances in order to stay ahead of the market curve.
Some of the key players in the market are Thermomax, Cogen Microsystems, Aventa AS, HelioCaminus, Suncore AB, and Solrus AES among others.
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Increasing Applications of Solar Thermal Collectors in Both Commercial and Residential Sector Will Be Massive Boosting Factor for Market Development
The stagnancy or the low rate of growth in the market is because of lower gas and oil rates and higher electricity prices.