Solar Thermal Collectors Market Is Projected To Grow Robustly By 2030 Solar Thermal Collectors Industry The

Rahul Nikade

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Solar Thermal Collectors Market Is Projected To Grow Robustly By 2030

Solar Thermal Collectors Industry

The global solar thermal collectors market is projected to reach USD 49.1 billion by 2030, growing at a CAGR of 8.1% from 2024 to 2030, according to a recent report by Grand View Research, Inc. The market's upward trajectory is driven by the growing emphasis on renewable energy solutions amid depleting fossil fuel reserves and mounting environmental concerns.

As governments and industries increasingly prioritize sustainable energy alternatives, solar thermal technology is gaining significant traction. Non-concentrating collectors, in particular, are seeing strong demand in the Asia Pacific region due to their relatively low installation costs and ability to reduce long-term electricity expenses. These factors make them especially attractive in developing economies seeking cost-effective renewable energy options.

Residential applications such as water heating and space heating have emerged as major drivers for the market. These applications offer substantial energy and cost savings for households, while also aligning with global efforts to minimize carbon footprints. Furthermore, supportive government initiatives—ranging from subsidies and tax incentives to renewable energy targets—are encouraging greater adoption of solar thermal technologies.

Overall, the market is expected to continue its robust expansion as both public and private sectors invest in clean energy infrastructure, and consumer preference shifts toward affordable, environmentally friendly energy sources.

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Solar Thermal Collectors Market Segments Highlights:

The non-concentrating segment dominated the market and accounted for a share of 76.2% in 2023, owing to the superior heat retention and efficiency of evacuated tube collectors.
The concentrating segment is expected to register the fastest CAGR of 8.6% during the forecast period. Concentrated solar collectors harness sunlight through mirrors or lenses to focus energy on a smaller surface, elevating the working fluid’s temperature.
Commercial segment accounted for the largest market revenue share of 44.8% in 2023. Solar thermal systems are widely employed in the commercial sector, particularly in hotels, hospitals, and large facilities that require high volumes of hot water.
Industrial segment is projected to grow at the fastest CAGR of 8.5% over the forecast period. Governments are incentivizing the adoption of renewable energy sources, such as solar thermal, in industrial settings through financial assistance.
Asia Pacific solar thermal collectors market dominated the global solar thermal collectors market in 2023, accounting for a revenue share of 44.4%.

Solar Thermal Collectors Market Report Segmentation

Grand View Research has segmented global solar thermal collectors market report based on type, application, and region:

Solar Thermal Collectors Type Outlook (Volume, Megawatts; Revenue, USD Million, 2018 - 2030)