World solar energy to grow 19.8%

Tom Stundza 12/30/2009 11:24:58 AM

The global market for residential and commercial solar-thermal technologies, estimated to be $8 billion in 2009 purchasing, will increase to $20 billion in 2014, according to a market forecast by BCC Research. The Wellesley, Mass. researcher forecasts a 5-year compound annual growth rate of almost 20%, with the largest segment, water heating, growing from $7.9 billion in 2009 to $19.6 billion in 2014.The smaller segment, air heating, is expected to reach nearly $92 million in 2014, up from $62.5 million in 2009. BCC Research says residential and commercial solar-thermal technologies are products that capture, concentrate, and/or absorb sunlight to provide thermal energy to a particular process or system. These include unglazed solar collectors, flat-plate solar collectors, evacuated-tube solar collectors, integral collector storage, concentrating solar collectors, glazed solar air collectors and transpired solar air collectors.