Solar Thermal Collector Market Size, Share & Industry Analysis, By Type (Concentrating, Non-Concentrating (Flat Plate Collector, Evacuated Tube, Unglazed Water Collector, Air Collector) ), By Application (Residential, Commercial, Industrial) and Regional Forecast, 2024-2032

The world underwent through catapult of energy demand over a period of time. Exponential industrial and commercial growth has extensively increased the consumption of oil and gas. Eventually, the oil and gas reserves are on the verge of extinction. The enormous consumption of oil and gas has not only deteriorated environment but also put down the oil and gas reserves on the brink of extinction. Several countries and researchers working on discovering alternative to fossil fuel. The solar energy has the greatest advantage as compared with other forms of energy is that it is clean and can be supplied without any environmental pollution. Solar power has enabled in achieving sustainable energy development. A solar thermal collector is vital in transforming solar radiation into heat and transfer that heat to a medium (water or air). Then the solar heat can be used for water heating, solar heating, and cooling or heating swimming pools. In the forthcoming years, solar thermal collectors expected to gain substantial growth owing to extensive adoption of clean energy sources.

The solar thermal collector market can be divided into type and application. Type is further bifurcated into concentrating and non-concentrating. Flat plate collector is expected to dominate the solar thermal collector market due to broad-scale application in residential and commercial purpose for heating and cooling. The residential and industrial segments projected to account massive growth owing to an increase in the prices of conventional energy sources.

Key Market Driver -

Key Market Driver – Rising concern over GHG emission and alternative for depleting energy sources

Key Market Restraint -

Key Market Restraint – Intermittent availability of solar power and high payback period

The growing concern over enormous carbon emission, rising earth’s temperature, and sea level are enabling the growth of renewable energy sources, which expected to fuel the solar thermal collector market. The depletion of valuable energy reserves has opened the door for clean energy sources to mitigate the rising demand for energy, which expected to bolster the growth of the solar thermal collector.

The intermittent availability of solar rays and the lack of adequate sunlight in some countries across the world may hinder the growth of the solar thermal collector market. The payback period for the solar thermal collector is quite high which expected to restrain the growth of the solar thermal collector 

Key Players Covered:

Some of the major companies in the solar thermal collector market are Sunrain, GREENoneTEC Solarindustrie GmbH, Dezhou BTE Solar Co.,ltd, Viessmann, Chromagen LTD, Apricus Eco-Energy, Sunerg Solar srl, SunEarth, Alternate Energy Technologies, Solimpeks Solar Corp, TIGI, and Ouraset Solar.

Regional Analysis:

The global solar thermal collector market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America is likely to dominate the solar thermal collector market due to large scale adoption of clean energy sources to mitigate the rising GHG emission. The EIA is working several federal states for the installation of the solar thermal collection in residential and commercial premises to produce pollution-free energy. European Commission is committed to meet renewable energy targets to reduce GHG emissions. Germany, Turkey, Italy, Greece, Spain, Denmark, and Austria, among others are increasingly investing solar heating and cooling for industrial processes and solar district heating that may exhibit concrete growth for the solar thermal collector market. Asia Pacific is experiencing robust growth in terms of overall solar energy installation.

To gain extensive insights into the market, Request for Customization

China is the leading country in the world behind U.S. for installed solar capacity. In the forthcoming years India and China are committed to expanding solar power installation that may fuel the growth of the solar thermal collector in APAC. The African countries shifting their focus from traditional energy sources to clean energy sources. The World Bank Group will invest $200 billion globally to 2025 to help developing countries to move to a low carbon future. Large energy deficit and crumbling infrastructure make African countries fertile ground for solar. These would bring new opportunities for the growth of the solar thermal collector market in MEA.

Segmentation

Key Industry Developments

• In July 2019, Savosolar has secured a contract for solar district heating from  Fernwärme Ettenheim GmbH in Germany. The contract value is estimated to be around €8 lac and delivery is expected in 2019.


• In March 2019, Savosolar signed a pact with Jingsu Holly Corporation to sell and deliver solar thermal systems in China using Savosolar’s Technology. The agreement will expand the footprint of both the companies and will help to leverage their revenue.