Global Solar Thermal Collectors Market Overview
Global industry is expected to grow faster than ever before due to new technologies and various key industry players choosing multiple business tactics to expand globally by 2030.
Government policies and various regulations are playing vital role in this industry. Regional market growth is outstanding post pandemic. Some drivers and trends are helping the industry to grow at a high CAGR during forecast period 2023-2030.
The Solar Thermal Collectors Market size is expected to grow from USD 25.84 Billion in 2022 to USD 44.73 billion by 2030, at a global CAGR of 8.15% during the ongoing forecast period of 2022-2030.
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A Boost for Renewable Investment Drives the Market Growth
The solar thermal collectors market outlook appears promising due to rising clean technology investments. The rise in renewable energy generation shares and solar electricity capacity boost the market size, driving the solar energy market. Governments in countries across the globe approve new renewable power projects as part of initiatives to recover from economic shocks resulting from the global pandemic.
Such projects could help advance the solar thermal industry, attracting leading clean energy players. The continually growing energy demand worldwide is a major factor boosting the solar thermal collectors market size. Furthermore, growing government initiatives and investments in large thermal energy plants benefit the solar thermal collectors market revenues.
High Costs Associated with Installation and Maintenance Restrict Market Growth.
Solar thermal collector installations require high initial investments. Besides, high costs associated with the maintenance of solar thermal collectors hamper the market growth. Nevertheless, increasing focus and government support for the development of renewable energy technology would support the market growth throughout the assessment period, leading to advancements in solar thermal technology.
Segmentation
The solar thermal collectors market report is segmented into product types, applications, and regions. The product type segment is sub-segmented into concentrating and non-concentrating. The sub-segment concentrating is bifurcated into a compound parabolic concentrator, parabolic dish, parabolic trough, solar tower, and others.
The sub-segment non-concentrating is bifurcated into a flat plate, evacuated tube, and others. The application segment is sub-segmented into residential, industrial, and commercial. The region segment is sub-segmented into Americas, Europe, Asia Pacific, and rest-of-the-world.
Regional Analysis
The Asia Pacific region dominates the global solar thermal collectors market. The APAC accounts for one of the largest producers and consumers of power globally. Also, the region largely relies on renewable power generation, making vast investments. Besides, the rising focus on developing renewable energy sources in India, China, and a few South Asian countries, boosts the solar thermal collectors market size.
The rapid ongoing industrialization and urbanization, alongside manufacturing hubs in this region, substantiate the solar thermal collectors market growth. Moreover, the ample renewable/ natural resources and raw materials advantages increase the region's solar thermal collectors market share.
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Competitive Analysis
Key players involved in the solar thermal collectors market are TVP Solar (Switzerland), Alternate Energy Technologies, LLC. (US), Ouraset(Turkey), Greenonetec Solarindustrie GMBH (Austria), SunEarth (California), Sunerg Solar s.r.l. (Italy), Absolicon Solar Collector AB (Sweden), Solimpeks (Turkey), HTP Comfort Solutions LLC. (US), and Heliodyne, Inc.(California), among others.
