Albany, NY -- (SBWIRE) -- 01/17/2017 -- A solar thermal collector is specially designed in order to tap the thermal energy, which is provided for free by the sun. These collectors are being used extensively in laboratories, commercial buildings, research and development facilities, households, and industries. The growing awareness regarding the benefits of solar thermal collectors is one of the key factors anticipated to encourage the growth of the global market throughout the forecast period. As per the study, the market is estimated to register a healthy growth rate in the next few years.

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The research study provides a detailed analysis of the global solar thermal collectors market and throws light on the key factors that are likely to impact the growth of the market throughout the forecast period. The key segmentation of the market has been provided in the study, along with the growth rate and shares in order to provide a strong understanding of the overall market. In addition, the growth drivers, recent trends, technological developments, and challenges in the global solar thermal collectors market have been discussed at length in the scope of the study. A detailed view of the competitive landscape has also been presented in the report.

Global Solar Thermal Collectors Market: Drivers and Restraints

The rising awareness of the depleting non-renewable energy resources and the tremendously increasing oil prices are some of the key factors that are projected to fuel the growth of the global solar thermal collectors market in the next few years. In addition, the rising preference of consumers towards cheaper options for energy is another factor estimated to offer promising opportunities for the leading players in the global market. As solar energy is available free of cost, the only required cost is of the equipment which is required for converting heat/solar energy into usable energy. This is projected to augment global solar thermal collectors market in the coming years.

On the other hand, the lack of sunlight in adequate quantity in several nations, owing to climatic conditions is one of the important factors that is anticipated to restrict the growth of the overall market in the next few years. As solar thermal collectors do not offer required output with less or no sunlight, the market is expected to witness a sluggish growth in the forecast period. In addition, the less awareness among consumers regarding the benefits of making use of solar energy in underdeveloped and developing economies is expected to hamper the growth of the market in the near future.

Global Solar Thermal Collectors Market: Region-wise Outlook

The global market for solar thermal collectors can be divided in terms of geography into Europe, Asia Pacific, North America, and the Rest of the World. Among these segments, Asia Pacific is projected to lead the global solar thermal collectors market and account for a key share throughout the forecast period. India and China are estimated to contribute extensively towards the growth of the market in the next few years. In addition, the rising number of initiatives taken by governments to encourage the use of solar energy is another factor driving the solar thermal collectors market in Asia Pacific.

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Key Players Mentioned in the Research Report are:

Some of the prominent players operating in the solar thermal collectors market across the globe are Solar Millennium AG, TVP Solar, Alternate Energy Technologies, LLC, Sun Master Energiesysteme GmbH, Solar Skies Mfg. LLC, and SunMaxx Solar. These players are making notable efforts to make use of substitute materials that will help in making their products cost-effective. In addition, the rising focus on innovations and research and development activities, the market is expected to witness substantial growth throughout the forecast period.

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