Solar Thermal Collectors Market

Market Overview:

The global solar thermal collectors market size reached US$ 35.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 74.4 Billion by 2032, exhibiting a growth rate (CAGR) of 8.64% during 2024-2032. The growing utilization of sustainable energy sources to fulfill the energy demands, increasing environmental awareness, and rising investment in public, commercial, industrial, and infrastructure projects are some of the major factors propelling the market growth.

Solar thermal collectors are devices that collect solar radiation coming from the sun. They comprise various parts, including the cover, air channel, absorbent plate, tubes or ducts, an insulating layer, and an accumulator, which is essential for avoiding and minimizing losses from the system. They are commercially available in numerous types, such as flat plate collectors, evacuated tube collectors, line focus collectors, and point focus or parabolic-dish collectors, which function by absorbing solar radiation and transforming it into heat or electricity. They are widely installed in residential buildings for heating water used for bathing, cooking, and cleaning purposes. They are also utilized for producing electricity on a large scale in thermal power plants.

At present, rising concerns about the over-expenditure of natural resources are propelling the growth of the market. Besides this, governing agencies of various countries are encouraging commercial and industrial sectors to shift to renewable energy sources to prevent the excessive consumption of electricity. In addition, the growing utilization of sustainable energy sources to fulfill rising energy demands across the globe is offering a favorable market outlook. Apart from this, the increasing investment in public, commercial, industrial, and infrastructure projects is supporting the growth of the market. Additionally, the rising awareness about climate change and global warming is strengthening the growth of the market. Moreover, the increasing installation of heating, ventilation, and air conditioning (HVAC) setups in commercial and residential establishments to control temperature, humidity, and air quality is bolstering the growth of the market.

Solar Thermal Collectors Market Trends/Drivers

Rising demand for clean energy sources stimulating market growth

At present, there is an increase in the demand for clean and renewable energy sources around the world due to the rising environmental awareness among the masses. In addition, rising levels of pollution caused by burning fossil fuels and emissions of harmful exhausts from industries and automobiles are increasing the adoption of sustainable energy sources. Furthermore, as non-renewable energy sources are causing unrepairable damage to the environment and are responsible for inducing climate change and global warming, the demand for various eco-friendly energy sources, such as solar energy, is growing. Solar energy is profusely available and can be easily converted into other forms of energy with the help of solar thermal collectors.

Increasing construction of smart cities catalyzing demand for solar thermal collectors

Smart cities depend on information and communication technology (ICT) to enhance operational efficiency and offer a better quality of life to people. Their primary agenda is to optimize city functions and facilitate economic growth while utilizing smart technology and data analysis. Smart cities also improve public health and maintain public safety. As a result, governing agencies of various countries are undertaking initiatives to build smart cities, which is catalyzing the demand for sustainable energy sources. They are installing solar thermal collectors at various locations within smart cities and encouraging individual households to rely on solar energy rather than conventional energy sources to minimize the levels of pollution and lead life sustainably.

Rising depletion of non-renewable natural resources augmenting market growth

Non-renewable natural resources are various raw materials or substances which are formed within nature in limited quantities without the help of mankind. They comprise a wide variety of materials that are used for generating power or energy, such as petroleum, coal, and natural gas. These materials are not replenished with the speed at which they are consumed for generating power. Hence shifting to sustainable and cleaner energy sources is necessary to stop the over-expenditure and depletion of various non-renewable natural resources. Sustainable energy sources, such as solar energy, which are abundantly available in the environment, are gaining popularity as a cleaner alternative to non-renewable energy sources. Furthermore, solar energy can be collected with the help of solar thermal collectors and converted into electrical power without causing harm to the environment.

Solar Thermal Collectors Industry Segmentation

IMARC Group provides an analysis of the key trends in each segment of the global solar thermal collectors market report, along with forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on product and application.

Breakup by Product:

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

Non-concentrating (flat plate, evacuated tube, unglazed water collectors, and air collectors) represents the most popular solar thermal collectors

The report has provided a detailed breakup and analysis of the solar thermal collectors market based on the product. This includes concentrating and non-concentrating (flat plate, evacuated tube, unglazed water collectors, and air collectors). According to the report, non-concentrating (flat plate, evacuated tube, unglazed water collectors, and air collectors) represented the largest segment.

Non-concentrating solar thermal collectors are solar energy systems consisting of an interceptor and absorber of similar size. They comprise a flat plate, evacuated tube, unglazed, water collectors and air collectors, which are used for various purposes, including heating water in residential buildings, heating swimming pool water, and heating water for industrial applications. Furthermore, they can use direct beams of solar radiation under numerous angles and diffuse radiation scattered by atmospheric influences.

Concentrating solar thermal collectors comprise a bigger interceptor than the absorber and utilize mirrors to reflect and concentrate sunlight onto a receiver. Besides this, they absorb solar radiation and transform it into some other form of energy via the receiver. They store energy via thermal energy technologies, making power available even when there is not enough sunlight. They are flexible or dispatchable options for providing clean and renewable energy.

Breakup by Application:

• Commercial
• Residential
• Industrial
   

Commercial holds the largest share of the market

A detailed breakup and analysis of the solar thermal collectors market based on the application have also been provided in the report. This includes commercial, residential, and industrial. According to the report, commercial accounted for the largest market share.

Commercial establishments, including shopping malls, restaurants, schools, hospitals, hotels, and offices, require an excessive electricity throughout the day to maintain proper illumination of spaces, air ventilation, and availability of hot water for cleaning and washing purposes. These applications also generate expensive electricity bills throughout the year. Furthermore, governing agencies of various countries are encouraging commercial setups to shift to sustainable energy sources rather than depending on non-renewable energy, which is responsible for increasing the demand for solar thermal collectors in this segment.

At present, there is a rise in the construction of deluxe apartments and smart buildings around the world to provide luxurious living spaces to individuals. This, coupled with the increasing environmental awareness among homeowners, represents one of the crucial factors catalyzing the demand for solar thermal collectors in the residential sector.

Industries are shifting towards renewable energy sources, as they require excessive electricity to operate heavy machinery and other devices to improve their productivity. They also need electricity to maintain proper illumination inside warehouses to prevent the occurrence of accidents and maintain employee safety. Furthermore, industries are often equipped with cold storage to store various raw materials and perishable items, which consume excessive amounts of electricity.

Breakup by Region:

• North America
  • United States
  • Canada
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Others
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

Asia Pacific exhibits a clear dominance, accounting for the largest solar thermal collectors market share

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific accounted for the largest market share.   

Asia Pacific held the biggest market share due to the growing environmental awareness among the masses. In addition, rising concerns about the depletion of various natural resources, along with the increasing incidence of pollution, are propelling the growth of the market. Apart from this, the wide availability of advanced heating and cooling technologies, along with the growing utilization of various smart electronic appliances, is further catalyzing the demand for solar thermal collectors in the region.

North America is estimated to expand further in this domain on account of the rising installation of water heating systems in commercial, residential, and industrial sectors. Additionally, increasing initiatives to construct smart cities to lower carbon emissions are further propelling the growth of the market.

Competitive Landscape:

Key players are experiencing a rise in the demand for solar thermal collectors due to increasing environmental awareness and the growing consumption of electricity around the world. They are also focusing on making notable efforts to utilize cost-effective substitute materials to manufacture their products and make them affordable for everyone. Top companies are heavily investing in research activities to develop innovative and efficient solar thermal collectors that utilize highly reflective materials to collect and concentrate heat energy from solar radiation. They are also collaborating with other brands to expand their production facilities and increase their sales. Furthermore, leading companies are focusing on partnerships and acquisitions to connect with greater numbers of customers and maintain a steady position in the market.

The report has provided a comprehensive analysis of the competitive landscape in the global solar thermal collectors market. Detailed profiles of all major companies have also been provided. Some of the key players in the global solar thermal collectors market include:

• Absolicon Solar Collector AB
• Alternate Energy Technologies
• Apricus Solar Co. Ltd.
• GREENoneTEC Solarindustrie GmbH
• Heliodyne Inc.
• HTP Comfort Solutions LLC (Ariston Thermo USA LLC)
• Solimpeks
• Sun earth
• Sunerg Solar S.R.L
• Sun Maxx Solar L.L.C.
• Sunrain
• TVP Solar

Solar Thermal Collectors Market Report Scope:

Key Questions Answered in This Report:

• How has the global solar thermal collectors market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global solar thermal collectors market?
• What is the impact of each driver, restraint, and opportunity on the global solar thermal collectors market?
• What are the key regional markets?
• Which countries represent the most attractive solar thermal collectors market?
• What is the breakup of the market based on the product?
• Which is the most attractive product in the solar thermal collectors market?
• What is the breakup of the market based on the application?
• Which is the most attractive application in the solar thermal collectors market?
• What is the competitive structure of the global solar thermal collectors market?
• Who are the key players/companies in the global solar thermal collectors market?

Key Benefits for Stakeholders

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the solar thermal collectors market from 2018-2032.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global solar thermal collectors market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the solar thermal collectors industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.