The solar thermal collectors market is in trends towards sustainability by reducing carbon emissions. Solar thermal collectors capture solar radiation to produce heat for applications such as water heating, space heating, pool heating, and industrial process heating. These collectors utilize flat plate or evacuated tube designs to absorb sunlight and transfer heat to a heat transfer fluid like water, glycol, or oil. Solar thermal systems offer homeowners and businesses a clean, renewable alternative to conventional heating methods.
The Global Solar Thermal Collectors Market is estimated to be valued at US$ 30.19 Bn in 2024 and is expected to exhibit a CAGR of 8.1% over the forecast period from 2024 to 2031.
Key Takeaways
Key players operating in the solar thermal collectors 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 increasing awareness about renewable energy sources and Solar Thermal Collectors Market Demand Government incentives and policies promoting solar installations are also fueling market growth. With rising energy costs and global efforts to reduce carbon emissions, solar thermal collectors present an attractive economical and environmentally-friendly heating alternative.
The global solar thermal collectors market is expanding rapidly as players focus on emerging economies with strong growth potential in Asia Pacific and Latin America. China, India, Brazil, and Mexico in particular offer lucrative opportunities for market penetration given supportive government initiatives, increasing investment in renewable infrastructure, and fast growing energy requirements from industrialization and urbanization.
Market Key Trends
A major trend in the Solar Thermal Collectors Market Size And Trends is the increasing adoption of evacuated tube collectors. Evacuated tube designs have begun outcompeting flat plat collectors due to their higher efficiency, ability to generate more heat even in cloudy weather or winter months, and longer lifespan. Technological advancements are also spurring new product introductions with improved insulating materials and coatings helping boost collector performance.
Porter's Analysis
Threat of new entrants: The solar thermal collectors market requires large investments and established distribution channels. Thus threat of new entrants is moderate.
Bargaining power of buyers: Buyers have moderate bargaining power given the presence of several manufacturers in the market offering differentiated products.
Bargaining power of suppliers: The availability of alternate suppliers for raw materials like aluminum, glass and pump keep the suppliers' bargaining power in check in this market.
Threat of new substitutes: Renewable energy sources like solar PV are major substitutes. However the technology, application areas and installation process are different.
Competitive rivalry: The market consists of global and regional players offering a variety of designs and applications.
Geographical Regions
Europe accounts for the largest share of the global solar thermal collectors market in terms of value. Countries like Germany, Austria, Greece and Spain have policies supporting solar thermal installations.
Asia Pacific region is expected to grow at the fastest pace during the forecast period. This can be attributed to the increasing demand from China, India and other Southeast Asian countries on account of favorable government initiatives and growing awareness.
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Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
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