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

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.