Solar Chimney Market to Receive Overwhelming Hike in Revenues by 2020
Global Solar Chimney Market: Overview
Currently, the global market for solar chimneys is in a budding phase and is exhibit high prospects of future growth. The infrastructural advancements in emerging countries and the upswing in the demand for technologically advanced and automated systems is likely to drive this market significantly in the near future.
Solar chimneys, commonly known as thermal chimneys, are the systems that provide ventilation using the solar energy. These chimneys function on the basis of three essential parts, namely, glass roof collector, wind turbines, and chimney. The air is passed through the glass roof, which then heats up the water existing in the tubes. This water, which gets heated up in the day time, eliminates heat at night, completing the function of solar chimneys.
The increasing depletion of fossil non-renewable sources has shifted the focus of investors towards exploring renewable sources for energy generation. With the sun being the most prominent resource of renewable energy in the world, solar energy offers lucrative cost benefits in comparison to other renewable energy. As a result, consumers are highly attracted towards the products that function on solar energy, among which, solar chimneys are prominent ones. Although these chimneys run on a recently developed technique, their future is teeming with productive opportunities.
This research study attempts to present a complete and an unbiased overview of the global market for solar chimneys on the basis of its past and existing performance. The key driving factors, restraints, significant trends, opportunities, challenges, and future prospects of this market have also been studied thoroughly in this research report.
Global Solar Chimney Market: Trends and Opportunities
The increasing implementation of strict regulations and norms by several governments for environmental protection is influencing the demand for solar chimneys greatly and is expected to continue doing so over the next few years.
On the other hand, the poor efficiency level of these chimneys may limit their adoption to some extent in the near future. However, the swift industrialization in emerging economies and the rising awareness level of consumers about the advantages of solar chimneys, such as robust construction, cost efficiency, and the nominal need for maintenance are likely to create lucrative growth opportunities for this market in the coming years.
Global Solar Chimney Market: Geographical Analysis
The global market for solar chimneys stretches across North America, Europe, Latin America, the Middle East and Africa, and Asia Pacific. North America has emerged as the key contributor to this market and is closely followed by Europe. Supported by the rising trend of green energy, North America is likely to retain its position as the global leader over the forthcoming years. However, Asia Pacific is projected to present most attractive opportunities for market’s growth in the near future on account of the rising urbanization and the increasing initiatives by the governments to encourage the usage of renewable energy.
Companies mentioned in the research report
With the global market for solar chimney still being in its nascent stage, its competitive landscape demonstrates a concentrated structure with a limited number of players. Solar Innovations Inc., EnviroMission Ltd., Helioakmi S.A., and Specflue Ltd. are some of the leading manufacturers of solar chimneys across the world.