Solar Thermal Collectors Market Size, Share, Opportunities, And Trends By Type (Flat Plate Solar Collectors, Evacuated Tube Solar Collectors, Concentrated Collectors, Others), By Application (Water Heating, Electricity Generation, Agricultural Drying, Others), By End-user (Residential, Industrial), And By Geography - Forecasts From 2023 To 2028

Solar thermal energy is a type of energy that is obtained from the sun and used to create heat using a variety of methods for industrial, domestic, and commercial applications. Solar thermal collectors use solar sunlight to heat up thermal systems rather than to generate electricity. In this example, the fluid within the collector warms up and then distributes heat while being cycled. The government's attempts to conserve natural resources, together with increased public awareness, are expected to fuel market growth. Solar thermal collectors are utilized in water heating and other home applications. The expanding population, along with other environmental concerns, is putting pressure on the limited energy supplies, which is likely to drive increased demand for solar thermal collectors for residential applications throughout the forecast period. Renewable energy sources will have the fastest increase in the electrical industry, increasing from 24% in 2017 to roughly 30% in 2023, according to the International Energy Association. THIS SHOWS THAT THE growth of solar thermal collectors’ market will grow year-on-year.

The increasing urbanization and industrialization are expected to boost the market growth.

The demand for energy is expected to rise due to a number of important causes, including a growing population, as a major driver with fast industrialization, urbanization, and increased infrastructure construction due to population increase. Additionally, according to the United Nations in mid-November 2022, there were 8.0 billion people on the planet, up from 2.5 billion in 1950, 1 billion since 2010, and 2 billion since 1998. The population of the world is projected to rise by about 2 billion people over the course of the next 30 years, from the present 8 billion to 9.7 billion in 2050, with a potential peak of roughly 10.4 billion in the middle of the 1980s. (source: https://www.un.org/). This shows that energy consumption is going to rise and demand for solar energy will increase at a rapid pace as natural resources are also declining as the population is increasing and this will boost the market growth for solar thermal collectors as well.

The replacement of old fossil fuels with solar energy will increase the solar thermal collector’s market

As the government is replacing fossil fuel like coal with solar power to generate electricity so that natural resources are being saved can also lead to an increase in the need for Solar Thermal Collectors and this increase the market growth. According to the Statistical Review of World Energy, 2022 saw an increase in the percentage of generation of solar capacity by 22.3% from the amount of 3146.6TWH in 2020 to 3657.2  TWH in 2021 of power produced by solar energy.

Solar energy had been used to generate more electricity for many years now. Additionally, there is a definite need for new generating capacity all over the world to satisfy the rising demand for energy in many nations as well as to replace outdated fossil fuel units, particularly coal-fired ones that release a lot of carbon dioxide. Nuclear energy, however, is essential to replacing aging fossil fuels and may help spur market expansion.

During the forecast period, North America tends to grow in the Solar Thermal Collectors Market

The market for Solar Thermal Collectors is predicted to be dominated by North America due to the region's rising environmental consciousness, government backing, and falling cost of solar panels. Due to the widespread use of sustainable energy sources to reduce the growing GHG emissions, North America is predicted to lead the solar thermal collector market. The EIA is collaborating with many federal states to install solar thermal collecting systems in homes and businesses in order to generate energy that is pollution-free.

The US Department of Energy claims that solar power is now more widely used, accessible, and inexpensive than ever before in the country. From just 0.34 GW in 2008, U.S. the current estimated solar power capacity is 97.2 gigawatts (GW). According to the Statistical Review of World Energy, 2022 saw an increase in the percentage of generation of solar capacity in North America by 25.5% which is the highest rise in all renewable energies. The generation of solar in total North America has increased from 633.2 TWH in 2020 to 714.1 TWH in 2021 the highest in comparison to other renewable energy.

This shows the growth of solar thermal technology is huge in the American market which tends to provide growth in solar thermal collectors. A sizeable share of the American market is devoted to commercial applications and pool heating. As concern about the depletion of natural resources develops, the demand for solar thermal collectors in the US is expected to rise. Further technical development in the field is anticipated to promote the usage of evacuated tube collectors in industrial applications in the future years. Due to significant market players in the U.S., the demand is anticipated to rise.

Market Key Developments.

• In May 2022, the new BI70 solar collector was developed in partnership with Solvay and Inaventa Solar. The product substitutes metal with Solvay's Ryton PPS1, which has a number of benefits, including higher design freedom, automated manufacture, simplified handling, improved aesthetic facility integration, and a lower carbon footprint.
• In July 2019, an agreement for solar district heating was given to Savosolar by the German firm Fernwärme Ettenheim GmbH. The contract is expected to be delivered in 2019, and its approximate value is €8 lac.

Segmentation

• By Type
  • Flat Plate Solar Collectors
  • Evacuated Tube Solar Collectors
  • Concentrated Collectors
  • Others
• By Applications
  • Water Heating
  • Electricity Generation
  • Agricultural Drying
  • Others
• By End-user
  • Residential
  • Industrial
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Others
  • Middle East and Africa
    • Suadi Arabia
    • UAE
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Australia
    • Others