The global Solar Thermal Collectors Market is expanding rapidly as governments, businesses, and consumers embrace sustainable energy solutions. Technological advancements, declining costs, and environmental concerns drive market growth, with increasing adoption across residential, commercial, and industrial sectors. The market size is expected to witness significant growth in the coming years as solar energy becomes an increasingly integral part of the global energy mix.
The solar thermal collectors market was estimated at USD 23.9 billion in 2021. The industry is expected to grow at a compound annual growth rate (CAGR) of 8.15% between 2024 and 2030, from USD 25.84 billion in 2022 to USD 44.73 billion.
The solar thermal collectors market refers to the industry that manufactures and sells devices or systems that harness solar energy to heat water or other fluids. These collectors typically consist of a series of tubes or panels that absorb sunlight and transfer the heat to a fluid, which can be used for various purposes such as domestic hot water heating, space heating, or industrial processes.
The COVID-19 pandemic has had both positive and negative impacts on the solar thermal collectors market. On the positive side, the increased focus on renewable energy and sustainability during the pandemic has driven interest and investment in solar thermal technologies. Governments and organizations have recognized the importance of clean energy sources and have implemented supportive policies and incentives to promote the adoption of solar thermal collectors.
Key Players
- Alternate Energy Technologies LLC. (US)
- TVP Solar (Switzerland)
- Ouraset (Turkey)
- SunEarth (California)
- GREENONETEC SOLARINDUSTRIE GMBH (Austria)
- Absolicon Solar Collector AB (Sweden)
- Sunerg Solar s.r.l. (Italy)
- Solimpeks (Turkey)
- Heliodyne Inc.(California)
- HTP Comfort Solutions LLC (US), among Commercial
Regional Analysis
Europe has been a leading market for solar thermal collectors, driven by supportive policies, incentives, and high energy prices. Countries like Germany, Spain, and Austria have witnessed significant adoption of solar thermal systems for domestic heating and hot water applications. The solar thermal collectors market in North America is primarily driven by the United States. Government incentives, renewable energy targets, and the increasing focus on sustainable buildings have contributed to market growth.
The Asia-Pacific region, particularly China and India, has experienced substantial growth in the solar thermal collectors market. Both countries have implemented ambitious renewable energy targets and have supportive policies to promote solar thermal technologies. The Middle East region, with its abundant sunlight and high demand for water heating, offers significant opportunities for solar thermal collectors. Countries like UAE, Saudi Arabia, and South Africa have witnessed increasing adoption of these systems. Countries like Brazil, Mexico, and Chile are emerging markets for solar thermal collectors in Latin America. Growing environmental awareness, government initiatives, and the need for energy diversification are driving market growth in the region.
Market Segmentation
The Global solar thermal collectors market has been segmented into application.
Based on Application: Concentrating and Non- Concentrating
Based on Application: Residential, Industrial and Commercial
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