Global Solar Thermal Collectors Market

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 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.
$5,300
BUY NOW GET FREE SAMPLE
Want to customize this report?

Our industry expert will work with you to provide you with customized data in a short amount of time.

REQUEST FREE CUSTOMIZATION

FAQs

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 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 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. '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'

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.

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.

The Asia Pacific region is estimated to account for a dominant share of the 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 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.

Request Free Customization

Want to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.

logo-images

Feedback From Our Clients

Global Solar Thermal Collectors Market

Report ID: SQMIG45N2096

$5,300
BUY NOW GET FREE SAMPLE