Solar thermal collectors are used to harness solar energy and convert it into usable heat. These collectors use specially designed surfaces to absorb maximum sunlight and convert it into heat. With rising energy costs and concerns over climate change, demand for cost-effective solar thermal solutions for applications such as water heating is increasing.
The Global Solar Thermal Collectors Market is estimated to be valued at US$ 52.08 Bn in 2024 and is expected to exhibit a CAGR of 8.1% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Solar Thermal Collectors market are Alternate Energy Technologies LLC., TVP Solar , Ouraset, SunEarth, Greenonetec Solarindustrie GMBH, Absolicon Solar Collector AB, Sunerg Solar s.r.l. , Solimpeks, Heliodyne Inc., HTP Comfort Solutions LLC, Photon Energy Systems Limited, Solareast Holdings Co Ltd., Greenonetec Solarindustrie GmBH, BTE Solar Co Ltd., and Linuo Ritter International Co. Ltd.
The growing demand for renewable energy sources across the world is driving the growth of the Solar Thermal Collectors Market Trends offer a reliable and affordable option to meet the increasing demand for hot water and process heat in the industrial and residential sectors. Governments across countries are also offering incentives and policies to support the uptake of solar thermal collectors.
Globally, the European region accounted for the highest demand for solar thermal collectors in 2024 owing to favorable government incentives and policies supporting solar thermal adoption in the region. However, with falling costs, demand is also increasing significantly in the Asia Pacific region led by China, India, and Japan. Manufacturers are expanding their presence across emerging markets to tap the growth opportunities.
Market Key Trends
The falling cost of solar thermal systems has been a key trend boosting the adoption of solar thermal collectors. Driven by technology innovations and economies of scale in manufacturing, the cost of setting up a solar thermal system has declined considerably over the past decade. Innovations are also taking place in the field of solar thermal components, materials, and system design to further reduce the costs and improve performance. This has made solar thermal technology competitive compared to conventional energy sources. The declining cost is expected to continue to transform solar thermal collectors market in the coming years.
Porter’s Analysis
Threat of new entrants: Solar Thermal Collectors Market Size And Trends requires high initial investment and established distribution channels. New players will face challenges to gain market share.
Bargaining power of buyers: Buyers have low bargaining power as there are many established players providing variety of options at competitive prices.
Bargaining power of suppliers: Suppliers have moderate bargaining power as quality materials are required and switching costs are low for buyers.
Threat of new substitutes: Alternatives like solar panels, gas collectors pose threat but solar thermal is advantageous for large commercial projects.
Competitive rivalry: Intense competition exists among major players to gain market share and expand geographically.
Geographical Regions:
Europe accounts for the largest market share currently in terms of value, led by countries like Germany, Spain, Greece, etc. Favorable government incentives and regulations have boost solar thermal adoption in the region.
Asia Pacific region is expected to be the fastest growing market during the forecast period. Countries like China, India are increasingly focusing on renewable sources to meet growing energy needs. Government support through schemes, growing industrialization will drive the solar thermal collectors market in Asia Pacific.
*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it
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