Solar Mirror Market is Expected to Rise and Register a Significant CAGR During 2024-2028F
The
increasing demand for solar power and the rising awareness of renewable energy
sources are likely to propel the growth of the global solar mirror market
during the forecast period.
According to TechSci Research
report, “Solar Mirror Market–
Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F”,
the global solar mirror market is expected to rise in the coming years and
register a significant CAGR during the 2024-2028F owing to increasing emphasis
on solar mirror installations across the globe. Moreover, the growing demand
for electricity will aid the global solar mirror market, as solar mirrors are
used extensively for power generation. The use of solar mirrors for cooking, agriculture,
and enhanced oil recovery is the other application area, which will ensure the
growth of the global solar mirror market during the forecast period. Furthermore,
emerging technologies such as self-orienting solar mirrors and aluminum-based
reflecting materials in solar mirrors are expected to further boost the demand
for solar mirrors in the coming years.
The global solar mirror market
is expected to grow due to several important factors such as increasing public
awareness of the negative effects of fossil fuels and the ongoing efforts of
many countries to adopt energy-efficient technologies. Solar energy is being
used by several sectors to reduce their energy consumption. Industrial
applications are witnessing an increase in the demand for concentrated solar
collectors due to their minimal maintenance requirements and capacity to
provide heat without the use of electricity. This is likely to boost the growth
of the global solar mirror market during the forecast period.
Some of the major reasons
propelling the growth of the global solar mirror market include the rising
demand for solar electricity and the requirement for efficient energy
generation. Government initiatives to support renewable energy sources are also
anticipated to promote the expansion of the global solar mirror market during
the forecast period. Some of the major obstacles limiting the growth of this
industry are high initial investment prices and a lack of knowledge about solar
technology. However, the declining cost of photovoltaic (PV) cells is expected
to be an ample amount of opportunities for market players in the coming years.
Browse over XX market data
Figures spread through XX Pages and an in-depth TOC on the "Global Solar Mirror Market."
The global solar mirror market
is divided into technology and end user. Based on technology, the market is
segmented into parabolic trough, linear fresnel, power tower, and dish/engine
system. The parabolic trough technology is expected to grow in the coming
years. The parabolic trough technology of solar mirror is a long, parabolic
reflector that concentrates sunlight onto a linear receiver located above the
reflector. The receiver is mounted on a tracking device that follows the sun
along its daily path, maximizing the amount of sunlight that is captured and
converted into heat energy. Based on end user, the market is segmented into
utilities, industrial, and commercial. The commercial end user segment is
expected to boost in the coming years owing to solar mirrors being used in
commercial to provide heating, ventilation, and air conditioning (HVAC).
Solar-thermal systems are widely used in commercial buildings in the US for
cooling and heating. These systems focus sunlight using parabolic mirrors onto
a central receiver, which transmits the heat energy to a fluid. The
second-largest market share belongs to the utilities end user segment, which
will experience a considerable CAGR during the projection period. Solar mirrors
can be used in both thermal power plants and photovoltaic (PV). Solar mirrors
are used in PV power plants to concentrate sunlight onto the PV cells. The PV
cells produce electricity as a result of the focused sunlight.
The market analysis also studies the regional segmentation to devise regional market segmentation, divided among North America, Europe, Asia-Pacific, South America, and Middle East & Africa.
Key market players in the global solar mirror market
include:
- FLABEG
FE GmbH
- Rioglass
Solar Holding S.A.
- Compagnie
de Saint-Gobain S.A.
- SkyFuel
Inc
- AGC Inc
- Guardian
Industries Corporation
- Pilkington
Plc
- TG Yueda
Solar Mirror Co. Ltd
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“The global solar mirror market
is expected to boost in the coming years and maintain a high CAGR during
2024-2028F owing to the growing demand for electricity, the unstable grid
infrastructure, and the rising awareness about renewables energy among others
across the country. Increasing awareness about the adverse effect of fossil
fuel and continuous efforts of many countries in adopting energy efficient
technologies are factors driving solar technology. This, in turn, is likely to
boost the market for solar mirrors during the forecast period. Many industries
are using solar energy to reduce consumption. Additionally, governments are focusing
on renewable energy by spending billions of dollars invested in solar energy.
For instance, China spent USD 546 billion in 2022 on investments that included
solar and wind energy, electric vehicles, and batteries. That is nearly four
times the amount of US investments, which totaled USD 141 billion. The European
Union was second to China with USD 180 billion in clean energy investments. Therefore, the global solar mirror market
is expected to grow during the forecast period 2024-2028F,” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based global management
consulting firm.
“Solar Mirror Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F- By Technology (Parabolic Trough, Linear Fresnel, Power Tower, and Dish/Engine System), By End User (Utilities, Industrial, and Commercial), and By Region, Competition, 2028F”, has evaluated the future growth potential of the global solar mirror and provides statistics and information on market structure, size, share, and future growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global solar mirror market.
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