Market Overview
The global Solar Thermal Collectors Market was valued at USD 38.3 Billion in 2024 and is forecasted to reach USD 80.8 Billion by 2033. It is expected to grow at a CAGR of 8.21% during the forecast period of 2025-2033. Growth is driven by increasing adoption of sustainable energy, rising environmental concerns, and investments in commercial, industrial, and infrastructure projects worldwide.
Study Assumption Years
- Base Year: 2024
- Historical Year/Period: 2019-2024
- Forecast Year/Period: 2025-2033
Solar Thermal Collectors Market Key Takeaways
- Current Market Size: USD 38.3 Billion in 2024
- CAGR: 8.21%
- Forecast Period: 2025-2033
- Solar thermal collectors absorb solar radiation for heating and power generation, widely used in residential water heating and thermal power plants.
- Commercial application holds the largest market share due to high electricity demands in establishments like malls, hospitals, and offices.
- Non-concentrating solar thermal collectors (including flat plate, evacuated tube, unglazed water, and air collectors) represent the largest product segment.
- Asia Pacific dominates the market owing to growing environmental awareness, natural resource depletion concerns, and installation of advanced heating and cooling technologies.
- Increasing installation of HVAC systems and government initiatives promoting renewable energy further boost market growth.
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Market Growth Factors
The expanding demand for clean and renewable energy sources globally is a significant market driver. Increasing environmental awareness and pollution from fossil fuels have accelerated the adoption of sustainable energy. Non-renewable energy sources cause irreversible environmental damage, stimulating demand for eco-friendly alternatives like solar energy. Solar thermal collectors effectively convert abundant solar radiation into usable heat or electricity, supporting this trend.
The growing construction of smart cities worldwide is catalyzing the need for solar thermal collectors. Smart cities focus on operational efficiency and quality of life by optimizing city functions using advanced technologies. Governments are installing solar thermal collectors and encouraging households to adopt solar energy to reduce pollution and promote sustainability, thereby increasing market demand.
Depletion of non-renewable natural resources like petroleum, coal, and natural gas is another critical driver. These resources regenerate slowly compared to their consumption rates, necessitating a shift to cleaner, sustainable alternatives. Solar energy, collected via solar thermal collectors, offers an environmentally friendly power generation method, helping conserve finite natural resources and meet rising global energy demands.
Market Segmentation
Breakup by Product:
- Concentrating
- Non-Concentrating
- Flat Plate
- Evacuated Tube
- Unglazed Water Collectors
- Air Collectors
Non-concentrating solar thermal collectors consist of interceptors and absorbers of similar size, including flat plate, evacuated tube, unglazed, water collectors, and air collectors. They heat water for residential bathing, swimming pools, and industrial applications. They utilize direct and diffuse solar radiation.
Concentrating solar thermal collectors have larger interceptors than absorbers and use mirrors to reflect sunlight onto receivers. They convert solar radiation into other energy forms and store thermal energy for power availability during low sunlight.
Breakup by Application:
- Commercial
- Residential
- Industrial
Commercial segment leads the market, driven by high electricity consumption in malls, hospitals, offices, and schools for illumination, ventilation, and hot water. Governments encourage commercial sectors to adopt renewable energy. Residential demand rises due to smarter buildings and environmental awareness. Industrial demand grows due to high electricity needs for machinery, lighting, and cold storage.
Breakup by Region:
- North America
- United States
- Canada
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Others
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Regional Insights
Asia Pacific dominates the solar thermal collectors market due to rising environmental awareness, concerns over natural resource depletion, and increasing pollution levels. The region benefits from advanced heating and cooling technologies and expanding smart electronic appliance use, accelerating demand. North America is also expanding owing to water heating system installations and smart city initiatives aimed at reducing carbon emissions.
Key Players
- Absolicon Solar Collector AB
- Alternate Energy Technologies
- Apricus Solar Co. Ltd.
- GREENoneTEC Solarindustrie GmbH
- Heliodyne Inc.
- HTP Comfort Solutions LLC (Ariston Thermo USA LLC)
- Solimpeks
- Sun earth
- Sunerg Solar S.R.L
- Sun Maxx Solar L.L.C.
- Sunrain
- TVP Solar
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