Global Solar Thermal Collector Market Estimated To Reach USD 61.12 Billion By The End Of 2032

As per Zion Market Research, the global solar thermal collector market was capitalized at USD 26.89 billion in 2023 and is estimated to attain USD 61.12 billion by 2032, growing at a CAGR of over 2.7% during the forecasted period 2024-2032. A solar thermal collector is particularly designed for tapping the thermal energy from the Sun. These collectors are extensively being used in laboratories, research & development facilities, commercial buildings, industries, and households. The rising awareness concerning the advantages of solar thermal collectors is one of the major aspects expected to boost the growth of the global market. As per the analysis, the market is projected to witness a strong growth rate in the forecasted period.

Some of the key players in the market are TVP Solar, Solar Millennium AG, Sun Master Energiesysteme GmbH, Alternate Energy Technologies, LLC, SunMaxx Solar, and Solar Skies Mfg., LLC. These companies are making outstanding efforts to make use of alternate materials that will aid in making their products economical. Additionally, the augmenting focus on research & development activities and modernization, the market is likely to register substantial growth in the future.

Increasing Awareness For Depleting Non-Renewable Energy To Boost The Global Solar Thermal Collector Market

The rising consciousness of the expending non-renewable energy reserves and the enormously increasing oil prices are some of the main factors that are estimated to fuel the expansion of the global solar thermal collectors market. Besides, the augmenting preference of consumers toward cost-effective alternatives for energy is another aspect anticipated to provide potential opportunities for the major players in the worldwide market. As solar energy is obtainable free of cost, the only required price is of the equipment that is needed for transforming heat or solar energy into the usable energy. This is expected to boost the global solar thermal collectors market in the future. On the contrary, the lack of sunlight in sufficient quantity in many countries due to climatic conditions is one major factor that is likely to limit the growth of the overall market in the forecasted period.

The global solar thermal collector market is bifurcated on the basis of product, application, and regional analysis. Based on the product, the market is divided into flat plate, concentrating, non-concentrating, unglazed water collectors, evacuated tube, and air collectors. Based on the application, the market is divided into residential, commercial, and industrial.

The North America Region Expected To Dominate The Global Solar Thermal Collector Market

Based on geographical analysis, the global solar thermal collector market is divided into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. The U.S. contributed the North American market with a volume share of over 70.5% during 2016. The commercial application and heating of swimming pools accounted for a major market across the U.S. The increasing concerns about the depletion of natural resources are expected to boost the demand for the solar thermal collector in the U.S.

Browse the full “Solar Thermal Collectors Market - By Product (Flat Plate, Concentrating, Non-Concentrating, Unglazed Water Collectors, Evacuated Tube, And Air Collectors), By Application (Residential, Commercial, And Industrial), And By Region - Global Industry Perspective, Comprehensive Analysis, And Forecast, 2019 – 2025.” Report at https://www.zionmarketresearch.com/report/solar-thermal-collector-market

The global solar thermal collector market is segmented as follows:

By product:

• Flat Plate
• Concentrating
• Non-Concentrating
• Unglazed Water Collectors
• Evacuated Tube
• Air Collectors

By application:

• Residential
• Commercial
• Industrial

By region:

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

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