Global Solar Thermal Collectors Market Overview
The Solar Thermal Collectors Market size is expected to attain a global CAGR of 8.15% during the ongoing forecast period of 2022-2030.
The solar thermal collectors market is growing rapidly. Solar thermal collectors offer several advantages over Photovoltaic (PV), such as financial and carbon emissions savings, which act as major driving forces. Also, solar thermal systems can have a short payback period, depending on the circumstance.
The textile industry, breweries, and dairy processors are ideal applications for solar thermal technology. Further, solar thermal collectors help fulfilling renewable energy goals. With the increasing demand for enhanced power generation capacity, the market is projected to garner significant traction over the years to come.
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A Boost for Renewable Investment Drives the Market Growth
The solar thermal collectors market outlook appears promising due to rising clean technology investments. The rise in renewable energy generation shares and solar electricity capacity boost the market size, driving the solar energy market. Governments in countries across the globe approve new renewable power projects as part of initiatives to recover from economic shocks resulting from the global pandemic.
Such projects could help advance the solar thermal industry, attracting leading clean energy players. The continually growing energy demand worldwide is a major factor boosting the solar thermal collectors market size. Furthermore, growing government initiatives and investments in large thermal energy plants benefit the solar thermal collectors market revenues.
High Costs Associated with Installation and Maintenance Restrict Market Growth.
Solar thermal collector installations require high initial investments. Besides, high costs associated with the maintenance of solar thermal collectors hamper the market growth. Nevertheless, increasing focus and government support for the development of renewable energy technology would support the market growth throughout the assessment period, leading to advancements in solar thermal technology.
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COVID-19 Impacts on the Solar Thermal Collectors Market
The recent COVID-19 pandemic did not affect the solar thermal collectors industry as the energy demand remained robust. Due to the increased energy demand from the rapidly growing industrial sectors, the renewable energy market kept growing steadily. Resultantly, the rise in the renewable energy market was considerably high throughout 2020 and ahead.
Also, the cost of various components used in renewables continued to fall in 2020, and the cost of electricity from utility-scale solar thermal collectors declining. The solar thermal collectors market is projected to pick up further in 2021 and beyond. Moreover, advances in technologies such as large-scale solar thermal systems, seawater heat pumps, electrical boilers, and heat storage are expected to push the solar thermal collectors market value.
The solar thermal collectors market report is segmented into product types, applications, and regions. The product type segment is sub-segmented into concentrating and non-concentrating. The sub-segment concentrating is bifurcated into a compound parabolic concentrator, parabolic dish, parabolic trough, solar tower, and others.
The sub-segment non-concentrating is bifurcated into a flat plate, evacuated tube, and others. The application segment is sub-segmented into residential, industrial, and commercial. The region segment is sub-segmented into Americas, Europe, Asia Pacific, and rest-of-the-world.
The Asia Pacific region dominates the global solar thermal collectors market. The APAC accounts for one of the largest producers and consumers of power globally. Also, the region largely relies on renewable power generation, making vast investments. Besides, the rising focus on developing renewable energy sources in India, China, and a few South Asian countries, boosts the solar thermal collectors market size.
The rapid ongoing industrialization and urbanization, alongside manufacturing hubs in this region, substantiate the solar thermal collectors market growth. Moreover, the ample renewable/ natural resources and raw materials advantages increase the region's solar thermal collectors market share.
The solar thermal collectors market appears highly competitive, with several notable players forming a competitive landscape. Thermal collector Manufacturers strive to increase production capacities with improved production techniques and new possibilities offered by digitalization. Also, many industry players are exploring the possibility of new development after mastering their existing product lines.
For instance, recently, on July 20, 2021, Carlsberg Group (Greece) announced that it is installing the most efficient solar thermal system on the market currently. The system would produce heat, reducing the use of fossil fuels in the process. This could be a big step toward Carlsberg's goal of zero carbon emissions in its breweries by 2030. The solar thermal collectors used in this project would be designed and manufactured by Absolicon, a Swedish company specializing in industrial heating processes.
Key players involved in the solar thermal collectors market are TVP Solar (Switzerland), Alternate Energy Technologies, LLC. (US), Ouraset(Turkey), Greenonetec Solarindustrie GMBH (Austria), SunEarth (California), Sunerg Solar s.r.l. (Italy), Absolicon Solar Collector AB (Sweden), Solimpeks (Turkey), HTP Comfort Solutions LLC. (US), and Heliodyne, Inc.(California), among others.
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