USD 30.1 billion
Solar Thermal Collectors Market Size, Share, Growth Analysis, By Product Type(Concentrating, and Non-Concentrating), By Application(Commercial, Residential, and Industrial), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45N2096 |
Region:
Global |
Published Date: March, 2024
Pages:
157
|Tables:
62
|Figures:
67
Solar Thermal Collectors Market Insights
Global solar thermal collectors market size was valued at USD 30.1 billion in 2022 and is poised to grow from USD 32.9 billion in 2023 to USD 67.01 billion by 2031, growing at a CAGR of 9.3% in the forecast period (2024-2031).
Solar thermal collectors are devices that capture heat from solar installations to utilize it for energy generation or other purposes such as water heating. The rapid adoption of solar energy around the world amidst soaring high prices of fossil fuels and a growing focus on sustainability is forecasted to augment the demand for solar thermal collectors in the future. Increasing consumer awareness regarding the benefits of solar thermal collectors and solar energy is also slated to contribute to rapid market growth across the forecast period and beyond. Increasing availability of supportive government initiatives and subsidies for the installation of solar thermal collectors and solar panels is also anticipated to bolster market development in the long run.
On the contrary, the high initial investments required to procure and set up solar thermal collectors coupled with its long payback time could slow down market growth across the forecast period and beyond. Growing demand for sustainable energy in the Asia Pacific region to satisfy the energy demands of the rapidly expanding population allow this regional market to hold sway over the global solar thermal collectors marketplace.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Non-concentrating
Fastest Growth
Concentrating
Growth Rate
9.3% CAGR
Global Solar Thermal Collectors Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Solar Thermal Collectors Market Segmental Analysis
The global solar thermal collectors' market is segmented based on product type, application, and region. In terms of product type, the market is segmented into concentrating and non-concentrating. Based on application, the market is divided into commercial, residential, and industrial. Based on region, the market is segmented into Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa.
Analysis by Type
Non-concentrating solar thermal collectors are estimated to account for a dominant share of the global solar thermal collector's marketplace across the study period. The growing scope of application of non-concentrating solar thermal collectors in industrial applications allows this segment to account for a huge market share. Flat plate collectors are the most common type of non-concentrating solar thermal collectors available in the marketplace. They are ideal for space and water heating applications in temperatures less than 200°F.
Concentrating solar thermal collectors are projected to increase in demand at a good pace over the coming years. These solar thermal collectors can achieve higher temperatures and can be extensively used in different industrial applications where large amounts of cooling are required. They can also be used for desalination and oil recovery processes as well.
Analysis by Application
The residential segment accounts for a high share of the global solar thermal collector's market. This can be attributed to the adoption of solar energy for regular use by increasingly eco-conscious consumers around the world. Moreover, the increasing availability of supportive government initiatives and incentives offered by governments to promote renewable energy adoption is also estimated to favor growth in the residential application segment across the forecast period.
Meanwhile, the demand for solar thermal collectors in industrial applications is slated to soar high over the coming years. Increasing efforts of industries to incorporate sustainability in their business practices and the growing affordability of sustainable energy solutions are estimated to contribute to the rapid growth of this segment.
Global Solar Thermal Collectors Market By Type
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Solar Thermal Collectors Market Regional Insights
The Asia Pacific region is estimated to account for a dominant share of the global solar thermal collector's marketplace going forward. Rapid urbanization and industrialization are pushing the demand for energy in this region and increasing focus on sustainability is slated to favor the adoption of solar thermal collectors over the coming years. High utilization of solar thermal collectors in the industrial sector will allow the Asia Pacific region to hold a dominant stance in terms of global solar thermal collector sales outlook through 2031. Incentivization and subsidization of solar installations in this region also contribute to its high market share. India, China, and Japan are slated to be the top markets for solar thermal collector companies in the long run.
Meanwhile, North America accounts for the second-largest share of the global solar thermal collectors marketplace owing to the growing adoption of clean energy across residential and industrial sectors alike. Increasing focus on emission reduction in the region is also forecasted to bolster the demand for solar thermal collectors in this region with the United States spearheading market growth. Canada is also slated to be a crucial market for solar thermal collector suppliers in the future. High consumer spending potential and growing awareness regarding benefits of solar technology are also estimated to bolster the demand for solar thermal collectors in this region over the coming years.
Global Solar Thermal Collectors Market By Region
- Largest
- Fastest
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Solar Thermal Collectors Market Dynamics
Drivers
Growing Demand for Alternatives to Traditional Energy Sources
- High focus on sustainability has led to a high demand for alternative renewable energy sources, which is slated to bolster solar thermal collectors market growth in the future. Moreover, the growing adoption of clean energy sources by eco-conscious consumers around the world will also create new opportunities for solar thermal collector companies in the future.
Advancements in Solar Technology
- Solar technology has been witnessing major advancements in recent years and this trend is true for solar thermal collectors as well. Companies are utilizing selective coatings to maximize the efficiency of solar panels and are also using different materials to increase heat absorption capacity. All of these advancements are estimated to favor market growth going forward.
Restraints
Lack of Adequate Sunlight
- Some countries do not have adequate sunlight required to make enough solar energy or heat and this could render solar thermal collectors useless in certain cases thereby slowing down the overall market growth as well.
High Initial Investment
- Procuring a solar thermal collector system and installing it can be quite heavy on the pockets of individuals as well as organizations. Although this investment provides good returns in the long term, people with budgetary constraints abstain from solar thermal collector adoption owing to these high costs.
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Solar Thermal Collectors Market Competitive Landscape
Solar thermal collector suppliers should focus on expanding their distribution network to maximize their sales potential going forward. Companies can also collaborate and partner with other market players to innovate and bring new types of products to the marketplace. Mergers and acquisitions are also forecasted to be highly attractive strategies adopted by established companies to improve their market presence and strengthen their lead in the global landscape. Market players can also work with governments to increase awareness regarding the benefits of solar thermal collectors to promote sales in the long run.
Top Player’s Company Profiles
- SunMaxx Solar
- Heliodyne Inc.
- GreenoneTec
- Solar Skies Mfg. LLC
- Sunerg Solar S.R.L
- TVP Solar
- Ouraset Solar
- Sunearth
- Airlight Energy
- Solar Millennium AG
- Solimpeks
- Sun Master Energiesysteme GmbH
Recent Developments
- In May 2023, Bulgarian government announced the launch of a new subsidy scheme worth EUR 123 million to help promote solar tech adoption in Bulgarian households over the coming years. The Ministry of Energy processes the grants for this subsidy.
- In August 2023, the French Environment and Energy Management Agency (Ademe), announced the launch of tenders for the installation of solar thermal systems. The tenders were open till October 2023.
- Creative Power Solutions and Absolicon partnered up to invest around 3.7 million Euros in a solar thermal collector production plant based in Egypt back in December 2022. This move allowed Absolicon to expand its global business reach.
Solar Thermal Collectors Key Market Trends
- Investments in R&D: Companies can focus on increasing their investments in research and development programs to reduce the overall costs of solar thermal collector manufacturing and improve the overall efficiency of thermal collectors in the future. Since high initial investment is a major barrier to market growth, companies can develop products that are affordable for most people in order to boost sales and revenue generation potential.
Solar Thermal Collectors Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per our analysis, the rapidly expanding global population and industrialization are bolstering the demand for energy around the world and this is forecasted to benefit solar thermal collector sales across the forecast period. Rising awareness regarding the benefits of solar energy adoption among consumers around the world is also estimated to bolster the sales of solar thermal collectors over the coming years. However, the lack of sunlight in some parts of the world is slated to limit the solar thermal collectors' market growth potential across the forecast period and beyond. The Asia Pacific region is slated to account for the highest sales of solar thermal collectors in the world and this can be directly linked to rapid industrialization and urbanization in this region. Solar thermal collectors market players can focus on investing heavily in R&D of novel products to foster innovation and improve the efficiency of their products.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 30.1 billion |
| Market size value in 2031 | USD 67.01 billion |
| Growth Rate | 9.3% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Solar Thermal Collectors Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Solar Thermal Collectors Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Solar Thermal Collectors Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Solar Thermal Collectors Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Solar Thermal Collectors Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Solar Thermal Collectors Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Solar Thermal Collectors Market Report Snapshots
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