MARKET OVERVIEW

The global Solar Thermal Collectors Market reached a size of USD 38.3 Billion in 2024 and is projected to grow to USD 80.8 Billion by 2033. The market is expected to expand at a CAGR of 8.21% during the forecast period 2025–2033. Market growth is driven by increased use of sustainable energy, rising environmental awareness, and investments in public, commercial, industrial, and infrastructure projects.

STUDY ASSUMPTION YEARS

• Base Year: 2024
• Historical Years: 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 collect and transform solar radiation into heat or electricity and are widely used for residential water heating and large-scale electricity production.
• Non-concentrating collectors (flat plate, evacuated tube, unglazed water collectors, air collectors) represent the largest product segment.
• Commercial application holds the largest market share due to high energy needs of establishments like shopping malls, hospitals, and offices.
• Asia Pacific commands the largest regional market share, driven by environmental awareness and investments in infrastructure.
• Key market players focus on product innovation, cost-effective materials, partnerships, and acquisitions to expand.

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MARKET GROWTH FACTORS

One of the main factors pushing the solar thermal collectors market is the increasing need for clean energy sources. The worldwide increase of the environmental concern has led to the switching to the renewable energy sources as a measure to cut down the emission from fossil fuels. Solar energy, which is abundant and eco-friendly, can easily be transformed into heat or electricity with the help of solar thermal collectors thus making it a favored sustainable option.

The emergence of smart cities is another factor contributing positively to the solar thermal collectors market. The smart cities are all about using technology to enhance the living conditions and at the same time increasing the energy efficiency, which all leads to the use of renewable energy. The governments are putting solar thermal collectors into the smart city infrastructure and motivating the residences to go for solar power; thus, all these factors are leading to the market expansion.

The exhaustion of non-renewable resources such as oil, coal, and gas is also a major contributing factor to the market growth. The limited availability of non-renewable resources and their fast consumption create a situation where it is very critical to move towards the solar energy path. Solar thermal collectors facilitate the environmentally friendly transformation of solar radiation to energy, thus helping conserve the finite resources.

MARKET SEGMENTATION

By Product:

• Concentrating
• Non-Concentrating: Flat Plate, Evacuated Tube, Unglazed Water Collectors, Air CollectorsNon-concentrating solar thermal collectors, which include flat plate, evacuated tube, unglazed water collectors, and air collectors, are the most popular types. These systems intercept and absorb solar energy for applications like residential water heating, swimming pool heating, and industrial uses. They operate efficiently using direct and diffuse solar radiation.Concentrating solar thermal collectors use mirrors to reflect and focus sunlight on a receiver that converts solar radiation into another energy form. They incorporate thermal energy storage to supply power when sunlight is insufficient, serving as flexible renewable energy solutions.

By Application:

• Commercial
• Residential
• IndustrialThe commercial application segment holds the largest market share. Commercial establishments such as malls, restaurants, schools, hospitals, hotels, and offices require substantial electricity for lighting, ventilation, and hot water, driving demand for solar thermal collectors. Residential demand grows due to smart buildings and environmental awareness. Industrial usage involves powering machinery, maintaining illumination, and cold storage, all demanding significant energy.

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 AfricaAsia Pacific leads the global solar thermal collectors market, credited to increasing environmental awareness, concerns about natural resource depletion, and growing adoption of advanced heating, cooling, and smart electronic technologies.

REGIONAL INSIGHTS

Asia Pacific exhibits clear dominance, holding the largest market share globally. This leadership is attributed to heightened environmental consciousness, rising infrastructure investments, and the prevalence of advanced heating and cooling technologies. Other regions like North America are also expanding due to increasing installations in multiple sectors and smart city initiatives.

RECENT DEVELOPMENTS & NEWS

Not provided in source.

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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