Solar Thermal Collectors Market: By Product (Concentrating, Non-Concentrating (Flat Plate, Unglazed Water Collectors, Air Collectors, Evacuated Tube, and Others) By Application (Commercial, Residential, and Industrial), and Geography                   

Solar Thermal Collectors Market size was valued at USD 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.

Solar Thermal Collectors Market Recent Key Developments:

• May 2022: Solvay partners with Inaventa Solar for more efficient solar collector designs. The product exchanges metal with Solvay's Ryton PPS1, which offers numerous advantages, including improved design flexibility, automated manufacturing, streamlined handling, improved aesthetic facility integration, and a less carbon footprint.
• AUG 2022: Savosolar Oyj has signed a conditional share exchange agreement with VG-Shipping Oy to acquire marine logistics company Meriaura Oy to merge with a share exchange