Market Overview

The global solar thermal collectors market size was valued at USD 38.3 Billion in 2024 and is projected to reach USD 80.8 Billion by 2033. The market is expected to grow at a CAGR of 8.21% during the forecast period of 2025–2033. Growth is driven by the increasing utilization of sustainable energy sources to meet burgeoning energy demands, rising environmental awareness, and escalating investments in public, commercial, industrial, and infrastructure projects. 

Study Assumption Years

• Base Year: 2024
• Historical Years: 2019-2024
• Forecast Period: 2025-2033

Solar Thermal Collectors Market Key Takeaways

• The market size was USD 38.3 Billion in 2024.
• The compound annual growth rate (CAGR) for the market is 8.21% during 2025-2033.
• The market is forecasted to reach USD 80.8 Billion by 2033.
• Increasing adoption of sustainable energy sources is a major growth driver.
• Rising investment in public, commercial, industrial, and infrastructure sectors supports market expansion.
• Growing awareness about climate change and global warming bolsters market growth.
• Expansion of heating, ventilation, and air conditioning (HVAC) installations in commercial and residential sectors fuels demand.

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Market Growth Factors

The rising demand for clean energy sources is substantially stimulating the growth of the solar thermal collectors market. Increasing environmental awareness globally has led to the adoptions of solar energy as a renewable source. The market benefits from the urgent need to reduce harmful emissions caused by fossil fuels and industrial activities. Solar thermal collectors utilize abundant solar radiation and convert it into heat or electricity efficiently. This transition to sustainable energy sources is propelled by the environmental imperative to curtail climate change effects and reduce pollution levels.

The construction of smart cities globally is catalyzing demand for solar thermal collectors. Smart cities rely heavily on information and communication technology (ICT) to optimize city functions and enhance public health and safety. Governing bodies are increasingly promoting solar thermal collectors installations in these urban setups to encourage reliance on solar energy, reducing pollution and improving sustainability. The adoption of sustainable energy within smart cities is seen as a critical element in enhancing operational efficiency and economic growth.

Rapid depletion of non-renewable natural resources such as coal, petroleum, and natural gas is further augmenting market growth for solar thermal collectors. As these resources are consumed faster than they can be replenished, shifting to cleaner, abundant renewable options like solar energy becomes essential. Solar thermal collectors facilitate the efficient harnessing of solar energy to generate power without damaging the environment. This shift is crucial to conserve finite natural reserves and promote a sustainable energy landscape.

Market Segmentation

Breakup by Product:

• Concentrating: These collectors use mirrors to reflect and concentrate sunlight on a receiver, transforming solar radiation into energy and storing it using thermal technologies for power availability even without sunlight.
• Non-Concentrating: This largest segment includes flat plate, evacuated tube, unglazed water collectors, and air collectors. Non-concentrating solar thermal collectors have an interceptor and absorber of similar size and are used for heating water in residential buildings, swimming pools, and industrial applications. They harness direct and diffuse solar radiation effectively.

Breakup by Application:

• Commercial: The largest market share segment, commercial applications include malls, restaurants, schools, hospitals, hotels, and offices with high electricity demand for lighting, ventilation, and hot water. The shift to sustainable energy sources is encouraged to reduce costly electricity consumption.
• Residential: Rising construction of deluxe apartments and smart buildings, coupled with increased environmental awareness among homeowners, drives demand in residential sectors.
• Industrial: Industries use substantial electricity for machinery, lighting, and cold storage, driving the transition to renewable energy sources including solar thermal.

Regional Insights

Asia Pacific dominates the solar thermal collectors market due to rapid industrialization, elevated solar radiation levels, and rising energy demands. The region benefits from strong governmental initiatives promoting renewable energy and substantial infrastructure investments. Additionally, Asia Pacific's widespread availability of advanced heating and cooling technologies and increasing use of smart electronic appliances further enhance the market's growth prospects. North America also expects expansion driven by rising installations in commercial, residential, and industrial sectors 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
• Sunearth
• Sunerg Solar S.R.L
• Sun Maxx Solar L.L.C.
• Sunrain
• TVP Solar

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