Solar Thermal Collectors Market To Reach $49.1 Billion By 2030

Solar Thermal Collectors Market Growth & Trends

The global solar thermal collectors market size is expected to reach USD 49.1 billion by 2030, registering a CAGR of 8.1% from 2024 to 2030, according to a new report by Grand View Research, Inc. The solar thermal collector market is growing worldwide on account of the increasing need for renewable energy.

Limited fossil fuel resources coupled with environmental problems associated with them have facilitated the use of new sustainable energy supply options that use renewable energy. The low price of installation as well as reduced electricity cost has led to high demand for non-concentrating collectors across the Asia Pacific, thereby providing new avenues for growth of the market.

Utilization of the product in the residential application including water heating and space heating results in energy and cost-saving for the consumers. Initiatives taken by the government to protect the depleting natural resources coupled with the increasing preference of consumers towards low-cost energy options are anticipated to provide positive scope for product demand over the forecast period.

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Solar Thermal Collectors Market Report Highlights

• The non-concentrating segment dominated the market and accounted for a share of 76.2% in 2023, owing to the superior heat retention and efficiency of evacuated tube collectors.

• The concentrating segment is expected to register the fastest CAGR of 8.6% during the forecast period. Concentrated solar collectors harness sunlight through mirrors or lenses to focus energy on a smaller surface, elevating the working fluid’s temperature.

• Commercial segment accounted for the largest market revenue share of 44.8% in 2023. Solar thermal systems are widely employed in the commercial sector, particularly in hotels, hospitals, and large facilities that require high volumes of hot water.

• Industrial segment is projected to grow at the fastest CAGR of 8.5% over the forecast period. Governments are incentivizing the adoption of renewable energy sources, such as solar thermal, in industrial settings through financial assistance.

• Asia Pacific solar thermal collectors market dominated the global solar thermal collectors market in 2023, accounting for a revenue share of 44.4%.

Solar Thermal Collectors Market Segmentation

Grand View Research has segmented global solar thermal collectors market report based on type, application, and region:

Solar Thermal Collectors Type Outlook (Volume, Megawatts; Revenue, USD Million, 2018 - 2030)

• Concentrating

• Non-Concentrating

Solar Thermal Collectors Application Outlook (Volume, Megawatts; Revenue, USD Million, 2018 - 2030)

• Commercial

• Residential

• Industrial

Solar Thermal Collectors Regional Outlook (Volume, Megawatts; Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • UK

  • Germany

  • France

  • Italy

  • Spain

  • Russia

• Asia Pacific

  • China

  • India

  • Japan

  • Australia

• Latin America

  • Brazil

  • Argentina

• Middle East and Africa (MEA)

  • South Africa

  • Saudi Arabia

  • UAE

List of Key Players of Solar Thermal Collectors Market

• TVP Solar

• Alternate Energy Technologies

• SunEarth

• GREENoneTEC Solarindustrie GmbH

• Sunmaxx PVT GmbH

• Absolicon Solar Collector AB

• SUNERG SOLAR ENERGY S.R.L.

• Solimpeks

• Heliodyneg