Solar Thermal Collectors Market: By Product By Application, and Geography
Solar Thermal Collectors Market: By Product By Application, and Geography
Solar Thermal Collectors Market size was valued at US$ 26.982.1 million in 2023 and is poised to grow at a CAGR of 8.4% during 2024-2030. The dominant region is Asia Pacific holds the largest market share. The growth of the driven the rising energy cost as the cost of traditional energy sources continues to rise, solar thermal becomes a more attractive option for businesses and homeowners looking to reduce their energy bills, and many governments around the world are offering incentives, such as tax credits and grants, to encourage the adoption of solar thermal energy, increasing environmental concerns as people become more aware of the environmental impact of traditional energy sources, they are increasingly turning to renewable energy sources such as solar thermal. Technological advancements in solar thermal collectors are becoming more efficient and affordable, making them a more viable option for a wider range of applications.
However, the constraints of solar thermal collectors hinder the growth of the market due to the high upfront cost, and limited storage capacity, and are only effective in areas with a lot of sunshine and are also being addressed by technological advancements. With a focus on efficiency, cost reduction, and aesthetics, solar thermal collectors are becoming a more viable option for a wider range of applications. There is a significant opportunity for growth in developing markets, where there is a large demand for clean and affordable energy with several new applications for solar thermal energy emerging, such as desalination and industrial process heat, and there is a growing demand for solar thermal systems for off-grid applications, such as remote homes and businesses.
Study Period
2024-2030Base Year
2023CAGR
8.4%Largest Market
North AmericaFastest Growing Market
Asia Pacific
Solar thermal energy systems capture heat from the sun and convert it into usable thermal energy. This thermal energy can be used for a variety of applications, including heating water, space heating, and pool heating. Solar thermal systems can be integrated with other renewable energy sources to create a more reliable and efficient energy supply, such as solar photovoltaic (PV) and biomass. Solar thermal systems can be used to preheat water for solar PV systems. This can improve the efficiency of the PV system by reducing the amount of energy required to heat the water. Solar thermal systems can be integrated with biomass boilers to provide heat when there is not enough sunshine. Biomass boilers burn organic matter, such as wood chips or pellets, to produce heat. Solar thermal systems can be integrated with geothermal heat pumps to provide heat and cooling. Geothermal heat pumps use the earth's constant temperature to heat and cool buildings. By integrating renewable energy sources, you can reduce your reliance on fossil fuels, such as natural gas and oil. This can help to reduce greenhouse gas emissions and improve air quality.
Based on regions, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa. Asia Pacific dominant regions hold the highest market share due to the growing environmental awareness among the masses. In addition, government support for renewable energy initiatives in countries like China and India, increasing urbanization and raising disposable incomes leading to a demand for sustainable solutions in residential and commercial sectors. Rising concerns about the exhaustion of various natural resources, along with the increasing incidence of pollution, are propelling the growth of the market. The availability of advanced heating and cooling technologies is further catalyzing the demand for solar thermal collectors in the region. North America region is expected to witness a strong growth rate due to growing awareness about environmental concerns a focus on reducing greenhouse gas emissions, and supportive government policies promoting solar energy adoption. Europe has traditionally been a strong market for solar thermal collectors, but growth is expected to be slower compared to Asia Pacific and North America. However, the European Commission's commitment to achieving renewable energy targets is likely to propel further market expansion. Latin America and Middle East & Africa these regions are expected to show emerging market potential due to increasing government initiatives and rising investments in renewable energy infrastructure.
Latin America
Europe
Asia Pacific
Middle East
North America
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Report Benchmarks |
Details |
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Report Study Period |
2024-2030 |
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Market CAGR |
8.4% |
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By Product |
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By Application |
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By Region |
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The global solar thermal collectors market size was valued at US$ 26.982.1 million in 2023 and is projected to grow at a CAGR of 8.4% from 2024 to 2030.
• Government regulations and incentives • Increase in energy prices • Technological advancements in solar thermal collectors • Solar thermal systems can be integrated with other renewable energy source
• Focus on efficiency • Cost reduction • Increased focus on aesthetics • Growth of the off-grid market
Solar Millennium AG, TVP Solar, Alternate Energy Technologies, Sun Master Energiesysteme GmbH, Solar Skies Mfg. LLC, SunMaxx Solar, Apricus Solar Co. Ltd, GreenoneTec, Heliodyne, Inc, HTP, Ouraset Solar, Solimpeks, Sunearth, Sunerg Solar S.R.L, TIGI, Apricus Solar Co. Ltd, Sunearth,, Airlight Energy, Efficax Energy, Trevi Systems, Boen Solar Energy, and Artic Solar.
Market research is segmented based on the product, application, and region.
Asia-Pacific is the dominant in the solar thermal collectors market
| 1. Executive Summary |
| 2. Global Solar Thermal Collectors Market Introduction |
| 2.1. Global Solar Thermal Collectors Market Taxonomy |
| 2.2. Global Solar Thermal Collectors Market Definitions |
| 2.2.1. Product |
| 2.2.2. Application |
| 3. Global Solar Thermal Collectors Market Dynamics |
| 3.1. Drivers |
| 3.2. Restraints |
| 3.3. Opportunities/Unmet Needs of the Market |
| 3.4. Trends |
| 3.5. Global Solar Thermal Collectors Market Dynamic Factors - Impact Analysis |
| 3.6. Global Solar Thermal Collectors Market Competition Landscape |
| 4. Global Solar Thermal Collectors Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 |
| 4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) |
| 4.3. Market Opportunity Analysis |
| 5. Global Solar Thermal Collectors Market Forecast, By Product, 2019 - 2023 and Forecast, 2024 - 2030 |
| 5.1. Concentrating |
| 5.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 5.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.1.3. Market Opportunity Analysis |
| 5.2. Non-Concentrating |
| 5.2.1. Flat Plate |
| 5.2.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 5.2.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.2.1.3. Market Opportunity Analysis |
| 5.2.2. Unglazed Water Collectors |
| 5.2.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 5.2.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.2.2.3. Market Opportunity Analysis |
| 5.2.3. Air Collectors |
| 5.2.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 5.2.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.2.3.3. Market Opportunity Analysis |
| 5.2.4. Evacuated Tube |
| 5.2.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 5.2.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.2.4.3. Market Opportunity Analysis |
| 5.3. Others |
| 5.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 5.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.3.3. Market Opportunity Analysis |
| 6. Global Solar Thermal Collectors Market Forecast, By Application, 2019 - 2023 and Forecast, 2024 - 2030 |
| 6.1. Commercial |
| 6.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 6.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.1.3. Market Opportunity Analysis |
| 6.2. Residential |
| 6.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 6.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.2.3. Market Opportunity Analysis |
| 7. Global Solar Thermal Collectors Market Forecast, By Region, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 7.1. North America |
| 7.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 7.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.1.3. Market Opportunity Analysis |
| 7.2. Europe |
| 7.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 7.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.2.3. Market Opportunity Analysis |
| 7.3. Asia-Pacific |
| 7.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 7.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.3.3. Market Opportunity Analysis |
| 7.4. Latin America |
| 7.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 7.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.4.3. Market Opportunity Analysis |
| 7.5. Middle East and Africa |
| 7.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 7.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.5.3. Market Opportunity Analysis |
| 7.6. Global Solar Thermal Collectors Market - Opportunity Analysis Index, By Product, By Application, and Region, 2024 - 2030 |
| 8. North America Solar Thermal Collectors Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 8.1. Product Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 8.1.1. Concentrating |
| 8.1.2. Non-Concentrating |
| 8.1.2.1. Flat Plate |
| 8.1.2.2. Unglazed Water Collectors |
| 8.1.2.3. Air Collectors |
| 8.1.2.4. Evacuated Tube |
| 8.1.2.5. Others |
| 8.2. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 8.2.1. Commercial |
| 8.2.2. Residential |
| 8.3. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 8.3.1. USA |
| 8.3.2. Canada |
| 8.4. North America Solar Thermal Collectors Market - Opportunity Analysis Index, By Product, By Application, and Country, 2024 - 2030 |
| 8.5. North America Solar Thermal Collectors Market Dynamics Trends |
| 9. Europe Solar Thermal Collectors Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 9.1. Product Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 9.1.1. Concentrating |
| 9.1.2. Non-Concentrating |
| 9.1.2.1. Flat Plate |
| 9.1.2.2. Unglazed Water Collectors |
| 9.1.2.3. Air Collectors |
| 9.1.2.4. Evacuated Tube |
| 9.1.2.5. Others |
| 9.2. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 9.2.1. Commercial |
| 9.2.2. Residential |
| 9.3. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 9.3.1. Germany |
| 9.3.2. UK |
| 9.3.3. France |
| 9.3.4. Spain |
| 9.3.5. Italy |
| 9.3.6. Russia |
| 9.3.7. Poland |
| 9.3.8. Rest of Europe |
| 9.4. Europe Solar Thermal Collectors Market - Opportunity Analysis Index, By Product, By Application and Country, 2024 - 2030 |
| 9.5. Europe Solar Thermal Collectors Market Dynamics Trends |
| 10. Asia-Pacific Solar Thermal Collectors Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 10.1. Product Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 10.1.1. Concentrating |
| 10.1.2. Non-Concentrating |
| 10.1.2.1. Flat Plate |
| 10.1.2.2. Unglazed Water Collectors |
| 10.1.2.3. Air Collectors |
| 10.1.2.4. Evacuated Tube |
| 10.1.2.5. Others |
| 10.2. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 10.2.1. Commercial |
| 10.2.2. Residential |
| 10.3. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 10.3.1. Japan |
| 10.3.2. China |
| 10.3.3. India |
| 10.3.4. ASEAN |
| 10.3.5. Australia & New Zealand |
| 10.3.6. Rest of Asia-Pacific |
| 10.4. Asia-Pacific Solar Thermal Collectors Market - Opportunity Analysis Index, By Product, By Application and Country, 2024 - 2030 |
| 10.5. Asia-Pacific Solar Thermal Collectors Market Dynamics Trends |
| 11. Latin America Solar Thermal Collectors Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 11.1. Product Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 11.1.1. Concentrating |
| 11.1.2. Non-Concentrating |
| 11.1.2.1. Flat Plate |
| 11.1.2.2. Unglazed Water Collectors |
| 11.1.2.3. Air Collectors |
| 11.1.2.4. Evacuated Tube |
| 11.1.2.5. Others |
| 11.2. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 11.2.1. Commercial |
| 11.2.2. Residential |
| 11.3. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 11.3.1. Brazil |
| 11.3.2. Mexico |
| 11.3.3. Argentina |
| 11.3.4. Rest of Latin America |
| 11.4. Latin America Solar Thermal Collectors Market - Opportunity Analysis Index, By Product, By Application and Country, 2024 - 2030 |
| 11.5. Latin America Solar Thermal Collectors Market Dynamics Trends |
| 12. Middle East and Africa Solar Thermal Collectors Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 12.1. Product Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 12.1.1. Concentrating |
| 12.1.2. Non-Concentrating |
| 12.1.2.1. Flat Plate |
| 12.1.2.2. Unglazed Water Collectors |
| 12.1.2.3. Air Collectors |
| 12.1.2.4. Evacuated Tube |
| 12.1.2.5. Others |
| 12.2. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 12.2.1. Commercial |
| 12.2.2. Residential |
| 12.3. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 12.3.1. Gulf Cooperation Council (GCC) Countries |
| 12.3.2. Israel |
| 12.3.3. South Africa |
| 12.3.4. Rest of MEA |
| 12.4. MEA Solar Thermal Collectors Market - Opportunity Analysis Index, By Product, By Application and Country, 2024 - 2030 |
| 12.5. MEA Solar Thermal Collectors Market Dynamics Trends |
| 13. Competition Landscape |
| 13.1. Strategic Dashboard of Top Market Players |
| 13.2. Company Profiles (Introduction, Financial Analysis, Feedstock Material & Service Offerings, Key Developments, Strategies, and SWOT Analysis) |
| 13.2.1. Solar Millennium AG |
| 13.2.2. TVP Sola |
| 13.2.3. Alternate Energy Technologies, LLC |
| 13.2.4. Sun Master Energiesysteme GmbH |
| 13.2.5. Solar Skies Mfg. LLC |
| 13.2.6. SunMaxx Solar |
| 13.2.7. Sunrise East Group |
| 13.2.8. Jinheng Solar |
| 13.2.9. Linuo Paradigma |
| 13.2.10. Bosch Thermotechnik |
| 13.2.11. Solimpeks |
| 13.2.12. Thermosolar |
| 13.2.13. Hewalex |
| 13.2.14. Arcon-Sunmark |
| 14. Research Methodology |
| 15. Key Assumptions and Acronyms |
Key Market Players
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