Global Solar Thermal Collector Market Segmentation, By Product (Concentrating and Non-Concentrating), Application (Commercial, Residential and Industrial), Collector Type (Evacuated Tube Collector, Flat Plate Collector, Unglazed Water Collector and Air Collector), Types of System (Thermosiphon Solar Heating System and Pumped Solar Heating System) - Industry Trends and Forecast to 2031.
Solar Thermal Collector Market Analysis
The solar thermal collector market is advancing with innovations such as high-efficiency flat-plate collectors and evacuated tube collectors, which enhance energy absorption and conversion. Usage growth is driven by rising demand for renewable energy and government incentives. Technological advancements, such as advanced heat transfer fluids and improved thermal storage solutions, are accelerating market expansion and increasing system efficiency.
Solar Thermal Collector Market Size
The global solar thermal collector market size was valued at USD 29.30 billion in 2023 and is projected to reach USD 80.01 billion by 2031, with a CAGR of 13.38% during the forecast period of 2024 to 2031. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include import export analysis, production capacity overview, production consumption analysis, price trend analysis, climate change scenario, supply chain analysis, value chain analysis, raw material/consumables overview, vendor selection criteria, PESTLE Analysis, Porter Analysis, and regulatory framework.
Solar Thermal Collector Market Trends
“Increasing Adoption of Solar Thermal Systems in Residential and Commercial Sectors”
One significant trend driving the growth of the solar thermal collector market is the increasing adoption of solar thermal systems in both residential and commercial sectors. As countries implement stricter energy efficiency regulations and offer incentives for renewable energy adoption, more homeowners and businesses are investing in solar thermal collectors for heating water and space. For instance, the European Union's Renewable Energy Directive promotes solar thermal technology, leading to substantial market expansion in countries such as Germany and Spain. Additionally, the growing focus on reducing energy bills and carbon footprints is fueling solar thermal collector market expansion.
Report Scope and Solar Thermal Collector Market Segmentation
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Attributes
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Solar Thermal Collector Key Market Insights
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Segments Covered
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By Product: Concentrating and Non-Concentrating
By Application: Commercial, Residential and Industrial
By Collector Type: Evacuated Tube Collector, Flat Plate Collector, Unglazed Water Collector and Air Collector
By Types of System: Thermosiphon Solar Heating System and Pumped Solar Heating System
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
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Key Market Players
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TVP Solar (Switzerland), Sunmaster (U.K.), Solar Solutions LLC (U.S.), Thermomax Marketing Group (Austria), Suncor Energy Inc. (Canada), Solarus (Sweden), Absolicon Solar Collector AB (Sweden), Solarkilns Pty Ltd (Australia), Sunplate Corporation (U.S.), Artic Solar (Sweden), Boen Solar Energy (China), Trevi Systems (U.S.), SUNRAIN (China), Greenonetec Solarindustrie GmbH (Austria), Linuo Ritter International Co., Ltd (China), and Photon Energy Systems Limited (India)
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Market Opportunities
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Value Added Data Infosets
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include import export analysis, production capacity overview, production consumption analysis, price trend analysis, climate change scenario, supply chain analysis, value chain analysis, raw material/consumables overview, vendor selection criteria, PESTLE Analysis, Porter Analysis, and regulatory framework.
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Solar Thermal Collector Market Definition
A solar thermal collector is a device that captures and converts sunlight into thermal energy for heating purposes. It typically consists of a flat plate or evacuated tubes that absorb solar radiation. This energy can be used to heat water or air in residential, commercial, or industrial applications, such as hot water systems or space heating.
Solar Thermal Collector Market Dynamics
Drivers
- Rising Demand for Hot Water
The rising demand for hot water across residential, commercial, and industrial sectors drives the solar thermal collector market. For instance, growing residential interest in energy-efficient water heating solutions, coupled with commercial establishments needing consistent hot water for operations, boosts demand. In industries such as food processing, where hot water is crucial for sanitation, solar thermal systems offer a cost-effective and sustainable solution, further propelling market growth.
- Increased Building Codes
Increased building codes drive the solar thermal collector market by mandating or encouraging renewable energy integration in new constructions. For instance, the 2020 California Energy Code requires residential buildings to include solar systems, boosting demand for solar thermal collectors. Such regulations ensure that energy-efficient solutions are part of new building designs, promoting the adoption of solar thermal technology and contributing to solar thermal collector market growth.
Opportunities
- Advancement in Technology
Technological advancements in solar thermal collectors, such as enhanced collector efficiency and reduced production costs, open significant market opportunities. For instance, innovations such as vacuum tube technology and selective coatings have improved energy capture and durability. These advancements make solar thermal systems more cost-effective and appealing for residential and commercial use. Consequently, the market sees increased adoption as these technologies drive down costs and boost performance.
- Integration with Other Technologies
The integration of solar thermal collectors with existing systems such as heat pumps and photovoltaic panels creates significant market opportunities. For instance, combining solar thermal collectors with heat pumps can enhance overall heating efficiency by utilizing solar energy to pre-heat fluids, thus reducing the load on the heat pump. This synergy optimizes energy use and lowers operational costs, appealing to both residential and commercial users.
Restraints/Challenges
- High Initial Costs
The high initial costs for solar thermal collectors, including equipment, installation, and maintenance, can be a significant barrier to market growth. The substantial upfront investment required may deter potential buyers, limiting adoption. This financial burden affects both residential and commercial sectors, hindering widespread implementation and slowing down solar thermal collector market expansion.
- Space Requirements
Space requirements for solar thermal systems can hinder market growth as these systems need substantial installation space. In densely populated or urban areas, where available space is limited, installing these systems can be impractical. This constraint limits their adoption in such regions, reducing their overall market potential and affecting the growth of the solar thermal collector market.
This market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays
Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions. Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.
Expected Impact of Economic Slowdown on the Pricing and Availability of Products
When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.
Solar Thermal Collector Market Scope
The market is segmented on the basis of product, application, collector type and types of system. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Product
- Concentrating
- Non-Concentrating
- Flat Plate
- Evacuated Tube
- Unglazed Water Collectors
- Air Collectors
Application
- Commercial
- Residential
- Industrial
Collector Type
- Evacuated Tube Collector
- Flat Plate Collector
- Unglazed Water Collector
- Air Collector
Types of System
- Thermosiphon Solar Heating System
- Pumped Solar Heating System
Solar Thermal Collector Market Regional Analysis
The market is analysed and market size insights and trends are provided by product, application, collector type and types of system as referenced above.
The countries covered in the market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America is expected to dominate the solar thermal collector market due to increasing demand for solar thermal collectors in heating swimming pools and commercial applications. The region's growing awareness of renewable energy benefits and advanced technology adoption contribute to market expansion, driving revenue growth as conventional energy sources decline.
Asia-Pacific is expected to grow at the highest growth rate in the solar thermal collector market due to increased government initiatives promoting solar energy adoption. These efforts include subsidies, tax incentives, and regulatory support aimed at expanding the use of renewable energy sources, thereby driving market growth in the region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Solar Thermal Collector Market Share
The market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to market.
Solar Thermal Collector Market Leaders Operating in the Market Are:
- TVP Solar (Switzerland)
- Sunmaster (U.K.)
- Solar Solutions LLC (U.S.)
- Thermomax Marketing Group (Austria)
- Suncor Energy Inc. (Canada)
- Solarus (Sweden)
- Absolicon Solar Collector AB (Sweden)
- Solarkilns Pty Ltd (Australia)
- Sunplate Corporation (U.S.)
- Artic Solar (Sweden)
- Boen Solar Energy (China)
- Trevi Systems (U.S.)
- SUNRAIN (China)
- Greenonetec Solarindustrie GmbH (Austria)
- Linuo Ritter International Co., Ltd (China)
- Photon Energy Systems Limited (India)
Latest Developments in Solar Thermal Collector Market
- In May 2023, The Bulgarian government introduced a EUR 123 million subsidy scheme aimed at boosting solar technology adoption in households. The Ministry of Energy is responsible for managing the grant process, which will support the installation of solar systems over the coming years
- In May 2022, Inaventa Solar partnered with Solvay to develop the BI70 solar collector, enhancing solar thermal technology. This innovative product replaces metal with Solvay's Ryton PPS1, offering benefits such as greater design flexibility, automated production, easier handling, improved integration, and a reduced carbon footprint
- In July 2021, A Concentrated Solar Thermal (CST) testing facility was established in Hyderabad to advance India’s solar sector. This facility enables the evaluation of solar thermal components, including receiver tubes, heat transfer fluids, and concentrating mirrors, aiming to enhance performance and capabilities in solar energy applications
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