COVID-19 Impact on Solar Mirror Market
The COVID-19 pandemic affected the world economy in many ways. Lockdowns were enforced throughout the world to stop the spread of Covid-19 virus. Thus, all non-essential manufacturing activities halted abruptly. Solar mirror manufacturing was also affected due to COVID-19.
China is the major manufacturer of photovoltaic cells and solar systems. As China was the epicenter of the COVID-19 pandemic, manufacturing as well as supply chain were severely affected due to fear of Covid-19 infection from Chinese products. This created a big gap in supply chain of photovoltaic cells and solar systems. Manufacturing of solar systems was affected. This created a disruption in demand for solar mirrors, thus affecting the solar mirror market negatively.
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Key Drivers of Solar Mirror Market
Increasing awareness about the adverse effects of fossil fuels and continuous efforts of many countries in adopting energy efficient technologies are factors driving solar technology. This, in turn, is likely to boost the solar mirror market.
Many industries are using solar energy to reduce their energy consumption. They are using renewable energy sources such as solar energy. Demand for concentrated solar collectors is rising in industrial applications due to their ability to generate heat without energy and low maintenance cost. This is likely to boost the solar mirror market.
Increase in establishment of solar power stations throughout the world is expected to drive the demand for solar mirrors in the near future
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Restraints of Solar Mirror Market
High cost of concentrated solar collectors has been a concern for the growth of solar systems. Due to high cost, the growth has been very slow. Non-concentrated solar collectors are available at lower cost. Thus, the solar mirror market is anticipated to face challenges during the forecast period.
North America to Account for Leading Share of Solar Mirror Market
In terms of region, the global solar mirror market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
North America has dominated the global market of solar mirror market and is expected to contribute a major share during the forecast period. The U.S. has been a leader in adopting solar technologies. This is boosting the demand for concentrated solar collectors and other solar equipment. There is a high awareness about environment sustainability in the region and thus solar systems can see a rise in demand. This is likely to boost the solar mirror market.
Europe has also contributed significantly to the solar mirror market. Germany has been one of the leaders of world in utilization of solar power and has the largest solar power production capacity.
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Key Players in Solar Mirror Market
Key players in solar mirror market are:
FLABEG FE GmbH
Rioglass Solar Holdings
Campagnie de Saint Gobain
AGC Inc.
Airlight Energy Manufacturing
Skyfuel Inc.
Guardian Industries Corporation
Replex Mirror Company Inc.
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