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

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.