The size of the Solar Thermal Panel Collectors market was estimated at USD 23.9 billion in 2021. The industry is expected to grow at a compound annual growth rate (CAGR) of 8.15% between 2022 and 2030, from USD 25.84 billion in 2022 to USD 44.73 billion.
The Solar Thermal Panel Collectors market refers to the industry that manufactures and sells devices or systems that harness solar energy to heat water or other fluids. These collectors typically consist of a series of tubes or panels that absorb sunlight and transfer the heat to a fluid, which can be used for various purposes such as domestic hot water heating, space heating, or industrial processes.
With the increased usage of new and sustainable energy supply choices that utilize renewable energy, the environmental issues associated with the limited availability of fossil fuel resources are being linked. A huge increase in demand for non-concentrating collectors has also been seen in regions like the APAC region as a result of the low cost of installation and subsequent lower electricity costs. This will create excellent growth opportunities for the market during the forecast period, which will end in 2030.
The COVID-19 pandemic has had both positive and negative impacts on the Solar Thermal Panel Collectors market. On the positive side, the increased focus on renewable energy and sustainability during the pandemic has driven interest and investment in solar thermal technologies. Governments and organizations have recognized the importance of clean energy sources and have implemented supportive policies and incentives to promote the adoption of Solar Thermal Panel Collectors.
Key Players
- Alternate Energy Technologies LLC. (US)
- TVP Solar (Switzerland)
- Ouraset (Turkey)
- SunEarth (California)
- GREENONETEC SOLARINDUSTRIE GMBH (Austria)
- Absolicon Solar Collector AB (Sweden)
- Sunerg Solar s.r.l. (Italy)
- Solimpeks (Turkey)
- Heliodyne Inc.(California)
- HTP Comfort Solutions LLC (US), among Commercial
Regional Analysis
Europe has been a leading market for Solar Thermal Panel Collectors, driven by supportive policies, incentives, and high energy prices. Countries like Germany, Spain, and Austria have witnessed significant adoption of solar thermal systems for domestic heating and hot water applications. The Solar Thermal Panel Collectors market in North America is primarily driven by the United States. Government incentives, renewable energy targets, and the increasing focus on sustainable buildings have contributed to market growth.
The Asia-Pacific region, particularly China and India, has experienced substantial growth in the Solar Thermal Panel Collectors market. Both countries have implemented ambitious renewable energy targets and have supportive policies to promote solar thermal technologies. The Middle East region, with its abundant sunlight and high demand for water heating, offers significant opportunities for Solar Thermal Panel Collectors. Countries like UAE, Saudi Arabia, and South Africa have witnessed increasing adoption of these systems. Countries like Brazil, Mexico, and Chile are emerging markets for Solar Thermal Panel Collectors in Latin America. Growing environmental awareness, government initiatives, and the need for energy diversification are driving market growth in the region.
Market Segmentation
Based on the product type, application, the global market for Solar Thermal Panel Collectors has been segmented.
Based on the product type, the market has been split into concentrating and non-concentrating product types all over the world. The solar tower, parabolic trough, parabolic dish, and parabolic concentrator are other categories within the concentrating product category. Flat plates and evacuated tubes are further separated under the non-concentrating product category. The product type that does not concentrate holds the biggest market share.
Depending on the use, the market has been segmented globally into commercial, residential, industrial, and a variety of other sectors. The industrial sector, which is expanding extremely quickly, now holds the highest market share.
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