Rising Demand for Solar Thermal Collectors Market Trends and Growth Prospects

Market Research Future Insights

The global Solar Thermal Collectors Market is estimated to be worth USD 44.73 Billion by 2030, registering an 8.15% CAGR during the forecast period (2022- 2030).

Solar thermal collectors are applied in water heating applications and other residential activities. The culturing population along with other environmental challenges is overstraining the limited energy resources coupled with increasing human needs and is anticipated to boost the demand for a solar thermal collector for residential applications over the forecast period.

The limited availability of fossil fuel resources is being combined with the environmental problems that possess association with the facilitated exercise of new and sustainable energy supply options to make use of renewable energy. Also, the low-price companies with the installation process followed by the reduced electricity expenditures have resulted in a huge rise in the demand for non-concentrating collectors in regions.

Utilization of the market products in residential applications that are inclusive of water and space heating will support saving both energy and the associated expenditures for the customers. The government is boosting its investment in protecting the depleting natural resources along with the augmented preference of consumers towards products with low costs are anticipated to have positive attributes for the market.

In terms of industrial applications, solar thermal collectors aren't thoroughly used due to a shortage of skilled workers and installers. Though, due to a proliferation in the construction sector and high electricity rates, the demand for the product in the domestic application is anticipated to increase.

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

The global Solar Thermal Collectors Market is divided into five regions; North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.

The largest market share in the global market is gripped by the Asia- Pacific region owing to the presence of nations like South Korea, Japan, China, and India which are regarded as the manufacturing hub of many solar thermal collectors and hence drive the market demand in this region. Also, expanding urbanization and industrialization are other factors that invoke more market demand.

The second-largest market share in the global market is possessed by the North American region owing to the presence of nations like the US, Canada, and Mexico that runs the market demand in this region.

The third-largest market share in the global market is gripped by the European region owing to the presence of a well-established technologically improved infrastructure that requires additional power generation and hence creates more growth opportunities in this region.

The Latin American region and the Middle East and African region flaunt the least market share due to the presence of low infrastructure in both these regions. Low per capita earnings are another contributing factor that restricts the market growth in these regions.

Market Segmentation

The global Solar water heaters Market is segmented into the following types;

By Product

  • Concentrating
  • Non-Concentrating
    • Flat Plate
    • Evacuated Tube
    • Unglazed Water Collectors
    • Air Collectors

By Application

  • Commercial
  • Residential
  • Industrial
  • Others

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