Solar Thermal Collectors Market Size was valued at USD 23.9 billion in 2021. The Solar Thermal Collectors market industry is projected to grow from USD 25.84 Billion in 2022 to USD 44.73 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 8.15% during the forecast period (2022 - 2030). Solar thermal collector demand is rising due to a variety of commercial, residential, and industrial applications are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The market is anticipated to grow more in the upcoming years due to rising demand for heating systems based on renewable energy in the residential and commercial sectors and the decrease in energy costs brought on by self-energy generation. However, it is anticipated that natural gas's competitiveness will soon constrain the district heating market. Due to the increase in the number of solar district heating plant installations worldwide, the residential segment is anticipated to dominate the market over the forecast period.
Solar heating solutions for industrial processes present a wealth of market expansion potential. Numerous businesses have successfully tested the commercial and industrial viability of solar heating systems in the commercial and industrial sectors. Introducing new technologies to improve the product's efficiency would open up promising opportunities for market expansion. Research and development investments are being made by several businesses and academic institutions to lower product costs and boost output.
Due to the extensive usage of resources like coal and crude oil for electricity production, fossil fuels are depleting. Increased environmental pollution follows from this. A higher standard of living contributes to an increase in electricity demand. Therefore, the necessity to identify fossil fuel alternatives for power generation has been prompted by the rising demand for electricity and the depletion of fossil resources, which is expected to increase product demand. Therefore, such condition has enhanced the Solar Thermal Collectors market CAGR across the globe in the recent years.
However, increasing awareness about renewable energy is another factor driving the growth of the Solar Thermal Collectors market revenue.
The Solar Thermal Collectors Market segmentation, based on product, includes concentrating and non-concentrating. The Non- Concentrating Solar Collector segment held the majority share in 2021, contributing to around ~65-67% of Solar Thermal Collectors Market revenue. The market is anticipated to expand at the fastest rate due to the product's expanding range of industrial applications. Flat plates, evacuated tube, unglazed water, and air collectors are in the non concentrating sector. The evacuated tube is composed of a smaller glass tube. This vacuum layer is essential to solar thermal systems because it can reduce heat loss from the solar collector. Some applications for evacuated tube collectors include solar water heating, drying, air heating, and desalination. Additionally, the world's oil and gas supplies are in danger of exhaustion due to the harm done to the ecosystem by the vast consumption of oil and gas. The global expansion of solar thermal power plants and ongoing investments in this sector have raised the demand for evacuated tube collectors, which are necessary for converting solar radiation into heat and transporting heat to a medium. These elements offer several opportunities for the market's expansion.
The Solar Thermal Collectors Market segmentation, based on Application, includes residential, industrial, and commercial. The Residential segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. The expansion of solar district heating projects around the world is the most prominent development factor for the residential solar thermal market. They are essential to decarbonizing the heating industry and addressing the rising demand for environmentally benign methods of providing heating services like residential water heating and space heating. As of 2020, there were 6,479 MW of installed solar thermal capacity worldwide, a 36% increase from 2015. China, Germany, and Denmark are the main players in the market. With a total installed capacity of 75 MW and a collector surface area of 107,000 square meters, Germany reported 44 solar district heating plants in 2020. Hence, rising applications in Residential for Solar Thermal Collectors positively impacts the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The Asia-Pacific Solar Thermal Collectors market accounted for USD 9.87 billion in 2021 and is expected to exhibit a significant CAGR growth during the study period. The APAC's recent urbanization and population increase are attributed to the region's rising energy demand, which is fueling the region's development. Additionally, the rate of solar power installations in the region has quickened as governments pay greater attention to green energy targets. It is projected that China would continue to dominate the global and local solar thermal energy markets as solar power investment rises. The regional solar thermal energy market will thrive with the participation of leading enterprises in the sector. Moreover, the China Solar Thermal Collectors market held the largest market share, and the India Solar Thermal Collectors market was the fastest-growing market in the Asia-Pacific region.
Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe's Solar Thermal Collectors market accounts for the second-largest market share. In European countries, the demand for solar district heating systems has accounted for the majority of the market's growth in the solar thermal sector. The market is expanding quickly due to the government's aspirations for renewable energy and the falling cost of technologies. The European Union could reach its 2020 objective by increasing its use of renewable energy from 19.7% of gross final energy consumption in 2019 to 21.3% in 2020. The EU Commission establishes increasingly difficult goals, such as increasing the ratio to 100% by 2050. Further, the Germany Solar Thermal Collectors market held the largest market share, and the UK Solar Thermal Collectors market was the fastest-growing market in the European region.
The North America Solar Thermal Collectors Market is expected to grow at the fastest CAGR from 2022 to 2030. The heating of swimming pools and commercial use make up a sizable portion of the American market. The demand for solar thermal collectors in the United States is projected to increase as worry about the depletion of natural resources grows. In the upcoming years, further technological advancement in the area is projected to encourage the use of evacuated tube collectors in industrial applications. The demand is projected to increase due to major market participants in the U.S. Moreover, the US Solar Thermal Collectors market held the largest market share, and the Canada Solar Thermal Collectors market was the fastest-growing market in the North America region.
Major market players are investing a lot of money in R&D to expand their product portfolios, which will fuel further growth of the solar thermal collectors market. In addition, market participants are launching key developments, entering into contracts, acquiring companies, increasing investments, and working with other organizations, among other significant market changes, in an effort to expand their global footprint. In order to grow and thrive in a more cutthroat and competitive market climate, competitors in the solar thermal collectors industry must provide affordable products.
Manufacturing locally to save money on operational expenses is one of the main business strategies used by suppliers in the global solar thermal collectors industry to benefit customers and grow the market sector.In recent years, solar thermal collectors industry has provided with some of the most significant benefits. The solar thermal collectors market major player such Savosolar, and others are working to expand the market demand by investing in research and development activities.
Large solar thermal systems are designed and provided by Savosolar Plc, a Finnish public limited liability corporation, for use by industry and district heat generators. The systems are built on Savosolar's extremely effective solar heat collectors, with unique optically coated direct flow absorbers at their core. In March 2019, To sell and supply solar thermal systems in China using Savosolar's technology, the company inked an agreement with Jingsu Holly Corporation. The deal will broaden both businesses' reach and increase their revenue-leveraging potential.
May 2022: Inaventa Solar, a pioneer in solar thermal collector technology, collaborated with Solvay to create the new BI70 solar collector. The product replaces metal with Solvay's Ryton PPS1, which offers several advantages, including increased design flexibility, automated manufacturing, streamlined handling, improved aesthetic facility integration, and a less carbon footprint.
July 2019: Southwest of Stuttgart, in Germany, Ettenheim has chosen Savosolar as its preferred provider for a 1,700 m2 solar collector field and a 200 m3 heat storage facility. Over 800,000 euros are anticipated to be spent on the delivery. The final performance test and system handover are scheduled for Q1 2020, with the delivery anticipated to take place primarily in 2019.The ground-mounted solar thermal system with Savosolar's top-of-the-line flat-plate collectors will supplement the current wood chip burner with fuel-free heat generation and storage. The final building permission and funding and subsidy approval are awaited by the district heating operator, Fernwärme Ettenheim GmbH, and are anticipated to be completed in a few weeks. The turn-key delivery contract will, after that, be closed.
| Report Attribute/Metric | Details |
| Market Size 2021 | USD 23.9 billion |
| Market Size 2022 | USD 25.84 billion |
| Market Size 2030 | USD 44.73 billion |
| Compound Annual Growth Rate (CAGR) | 8.15% (2022-2030) |
| Base Year | 2021 |
| Market Forecast Period | 2022-2030 |
| Historical Data | 2018 & 2020 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Alternate Energy Technologies, LLC. (US), TVP Solar (Switzerland), Ouraset(Turkey), SunEarth (California), GREENONETEC SOLARINDUSTRIE GMBH (Austria), Absolicon Solar Collector AB (Sweden), Sunerg Solar s.r.l. (Italy), Solimpeks (Turkey), Heliodyne, Inc.(California), and HTP Comfort Solutions LLC. (US) |
| Key Market Opportunities | New product launches and R&D for Solar Thermal Collectors |
| Key Market Dynamics | Increasing awareness about renewable energy is driving Solar Thermal Collectors |
Solar Thermal Collectors Market Highlights:
Frequently Asked Questions (FAQ) :
The Solar Thermal Collectors Market size was valued at USD 23.9 Billion in 2021.
The global market is projected to grow at a CAGR of 8.15% during the forecast period, 2022-2030.
Asia-Pacific had the largest share in the global market
The key players in the market are Alternate Energy Technologies, LLC. (US), TVP Solar (Switzerland), Ouraset(Turkey), SunEarth (California), GREENONETEC SOLARINDUSTRIE GMBH (Austria).
The Non- Concentrating category dominated the market in 2021.
The residential had the largest share in the global market.
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Senior Research Analyst With an experience of over five years in market research industry (chemicals & materials domain), i gather and analyze market data from diverse sources to produce results, which are then presented back to a client. also, provide recommendations based on the findings. as a senior research analyst, i perform quality checks (qc) for market estimations, qc for reports, and handle queries and work extensively on client customizations. also, handle the responsibilities of client proposals, report planning, report finalization, and execution
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