Solar Thermal Collectors

Solar Thermal Collectors

Global Solar Thermal Collectors Market to Reach US$66.0 Billion by 2030

The global market for Solar Thermal Collectors estimated at US$40.4 Billion in the year 2023, is expected to reach US$66.0 Billion by 2030, growing at a CAGR of 7.3% over the analysis period 2023-2030. Non-Concentrating Solar Thermal Collectors, one of the segments analyzed in the report, is expected to record a 7.5% CAGR and reach US$60.7 Billion by the end of the analysis period. Growth in the Concentrating Solar Thermal Collectors segment is estimated at 5.2% CAGR over the analysis period.

The U.S. Market is Estimated at US$10.6 Billion While China is Forecast to Grow at 10.8% CAGR

The Solar Thermal Collectors market in the U.S. is estimated at US$10.6 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$16.0 Billion by the year 2030 trailing a CAGR of 10.8% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 3.6% and 6.7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.3% CAGR.

Global Solar Thermal Collectors Market - Key Trends and Drivers Summarized

How Are Solar Thermal Collectors Improving Energy Efficiency?

Solar thermal collectors capture sunlight and convert it into thermal energy, providing an efficient way to heat water, air, and other fluids for residential, commercial, and industrial use. These collectors are integral to solar heating systems and are widely used in applications such as space heating, water heating, and industrial process heating. Solar thermal collectors come in various designs, including flat-plate, evacuated tube, and parabolic trough collectors, each offering different levels of efficiency and capacity. As energy costs rise and the demand for sustainable solutions increases, solar thermal collectors are becoming essential components of modern energy systems.

What Are the Key Segments in the Solar Thermal Collectors Market?

Key types include flat-plate collectors, evacuated tube collectors, and concentrating collectors, with flat-plate collectors holding the largest market share due to their cost-effectiveness and widespread use in residential water heating. Applications span residential water heating, commercial space heating, and industrial process heating, with residential water heating representing a significant segment driven by the need for cost-effective and eco-friendly heating solutions. End-users include households, commercial buildings, and industrial facilities, with households leading the market as they adopt solar heating systems to reduce energy costs and carbon emissions.

How Are Solar Thermal Collectors Integrated Across Different Sectors?

In residential settings, solar thermal collectors are used to heat water for domestic purposes, such as showers, dishwashing, and space heating, reducing reliance on conventional energy sources. In commercial buildings, these collectors support space heating and hot water supply, contributing to energy efficiency and reduced operational costs in hotels, offices, and educational institutions. Industrial facilities use solar thermal collectors to generate heat for processes like drying, pasteurization, and desalination, supporting sustainable production practices and reducing fossil fuel consumption. Additionally, advancements in collector design, such as improved insulation and selective coatings, have enhanced the efficiency and durability of solar thermal collectors, enabling broader applications across various climates and industries.

What Factors Are Driving the Growth in the Solar Thermal Collectors Market?

The growth in the Solar Thermal Collectors market is driven by several factors, including increasing demand for renewable energy solutions to reduce greenhouse gas emissions and energy costs. Advancements in collector technology, such as evacuated tube designs and concentrating collectors, have improved efficiency, supporting wider adoption across residential, commercial, and industrial sectors. The focus on energy efficiency, particularly in building heating systems, has further fueled demand as stakeholders seek to minimize energy consumption and enhance sustainability. Government incentives, subsidies, and regulations promoting solar energy adoption have also contributed to market expansion, encouraging investment in solar heating systems. Additionally, the growing awareness of the long-term cost savings associated with solar thermal collectors has driven adoption among households and businesses.

Select Competitors (Total 34 Featured) -

• Alternate Energy Technologies, LLC
• GREENoneTEC Solarindustrie GmbH
• Heliodyne, Inc.
• HTP Comfort Solutions LLC.
• Ouraset
• Solimpeks Solar Energy Corp.
• SunEarth, Inc.
• SUNERG Solar s.r.l.
• SunMaxx Solar, Inc.
• TVP Solar SA

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