Solar thermal collectors are heat exchangers which convert solar radiation into thermal energy. Inclination towards renewable energy and sustainable initiatives can induce demand for solar thermal collectors. The global solar thermal collectors market report by Market Research Future (MRFR) estimates the revenue and growth of the industry for the period of 2018 to 2023 (forecast period). The impact of the COVID-19 pandemic is also taken under consideration.
Market Scope
According to MRFR, the global solar thermal collectors market will surpass a valuation of USD 41,900 million by 2023. Rise in renewable energy schemes and incentives for its adoption by industries for lowering the reliance on utilities for power can drive the market demand. Introduction of more affordable collectors and increasing awareness has boosted the sales of solar thermal collectors.
Development of new technologies which can increase its storage capacity and efficiency can drive its demand across residential buildings, commercial complexes, and special economic zones. The measures for curbing emission levels and demand for non-renewable energy are likely to bode well for the market. This is exemplified the goals of the European Union for reaching its energy conservation goal by 2050.
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Segmentation
The global solar thermal collectors market is segmented by product type and application.
By product type, it is segmented into concentrating and non-concentrating. By concentrating, it is segmented into parabolic dish, parabolic trough, compound parabolic concentrator, and solar tower. By non-concentrating, it is divided into evacuated tube and flat plate. The non-concentrating solar thermal collector segment is expected to drive the market demand during the forecast period owing to its applications in water and space heating in buildings. On the other hand, the concentrating segment can possess a significant market share owing to the higher capacity compared to its counterpart. Its use by solar thermal power plants for producing huge temperatures for generating electricity can drive the segment growth.
By application, it is segmented into industrial, commercial, and residential. The residential segment is poised to capture a large share of the global solar thermal collectors market owing to high tariffs on power and large consumption of electricity. The expansion of the construction sector and the rapid pace of urbanization are likely to spur the segment growth in the right direction.
Regional Analysis
MRFR's analysis of the global solar thermal collectors market includes North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
Among these regions, the Asia Pacific has been observed to be the biggest contributor to growth for the global market. The APAC solar thermal collector regional market is expected to retain its leadership position as it grows at the highest CAGR over the review period. This is due to the rapid ongoing industrialization and urbanization in the region. Countries such as India, China, and several others in the region are emerging markets which have established themselves as manufacturing hubs. Moreover, the large population and high energy demands due to the use of internet and other usage of electricity can drive the market demand.
North America can account for a large market share due to concerns of depletion of fossil fuels and heating of swimming pools. Development of energy-efficient buildings for capturing the largest solar irradiance levels can trigger demand in the market. The use of solar thermal collectors for collecting energy during business hours can result in its adoption across industries.
Competitive Outlook
Ouraset, SunEarth, Sunerg Solar s.r.l., GREENONETEC SOLARINDUSTRIE GMBH, Heliodyne, Inc., Alternate Energy Technologies, LLC, HTP Comfort Solutions LLC, TVP Solar, Absolicon Solar Collector AB, and Solimpeks are key players of the global solar thermal collectors market.
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