According to the report, global demand for Solar Chimney market was valued at approximately USD 113.6 million in 2019, and is expected to generate revenue of around USD 126.1 million by end of 2026, growing at a CAGR of around 1.5 % between 2020 and 2026.
Solar chimney also known thermal chimney, is the technique used for providing ventilation using solar energy. The solar chimney operates using three essential parts such as glass roof collector, chimney, and wind turbines. Air that is passed through the glazed glass roof heats up the water present in the tubes. The water gets heated at the day times and eliminates heat at the night.
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Depletion of fossil non renewable sources had led the inventors to focus on the exploitation of renewable sources. Solar energy is the most abundant form of energy and is considered to be cost efficient compared to the other renewable resources. Solar chimney is recently developed technique and is expected to gain superior market in the near future. Solar chimney performs the function of offering ventilation in buildings. The growing infrastructure sector in the emerging countries and high demand for advance and automated systems drives the market for solar chimney. However, poor efficiency level may impact on the growth of solar chimney market. The solar chimney consists of several properties such as low maintenance cost, robust construction and cost effective. These factors are likely to offer better growth opportunities for solar chimney during the forecast period.
Covid-19 Impact
Following the COVID-19 outbreak, the global economy has been subjected to a number of unstable shocks, leading to the bankruptcy of numerous businesses and a substantial drop in turnover. The global economy started to recover from the pandemic more than two years ago, but by the beginning of 2022, the Russian Federation’s invasion of Ukraine and its repercussions on commodities markets, supply chains, inflation, and financial conditions had slowed down the recovery even more. Energy market instability and price increases are specifically being caused by the conflict in Ukraine, which is more than offsetting growth in energy exporters’ economies.
Solar Chimney Market: Growth Dynamics
Solar chimney is mostly used in buildings for providing natural stack ventilation. The solar chimney posses the heat storage system, that delivers the heat at the night. The solar chimney can operate for 20hrs along with no extra cost is associated for building up the solar chimney. The solar chimney can generate around 150 to 200MW energy continuously for 24 hrs if the height of chimney is increased and large glazed roof if present.
The report provides a comprehensive view on the solar chimney market we have included a detailed value chain analysis. To understand the competitive landscape in the market, an analysis of Porter’s Five Forces model for the solar chimney market has also been included. The study encompasses a market attractiveness analysis, wherein regions are benchmarked based on their market size, growth rate and general attractiveness. The report also analyzes several driving and restraining factors and their impact on the market during the forecast period.
The Global Solar Chimney Market is segmented as follows:
BY PRODUCT TYPE
● Small Size Solar Chimney
● Medium Size Solar Chimney
● Large Size Solar Chimney
BY APPLICATION
● Commercial
● Residential
● Industrial
Global Solar Chimney Market Key Players are :
• Solar Innovations, Inc
• Helioakmi S.A.
• EnviroMission Limited
• Specflue Ltd
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Global Solar Chimney Market Regional Landscape
North America followed by Europe significantly contributed to the rising demand of solar chimney owing to use of this technique for the green buildings. Asia Pacific is expected to witness bolster growth in the coming years. This is mainly as a result of rapid urbanization and accomplishment from the government to increase use of renewable energy to overcome the conventional sources. Latin America, Middle East and Africa are however anticipated to witness stagnant growth due to lack of knowledge and awareness of solar chimney.
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