Global Solar Thermal Collectors Market Overview:
The Solar Thermal Collectors Market is driven by the increasing demand for renewable and sustainable energy sources with a healthy CAGR of 8.15% during the forecast period of 2022 to 2030.
Market Research Future Insights:
According to MRFR analysis, the global Solar Thermal Collectors Market is expected to register a CAGR of 8.15% from 2022 to 2030 and hold a value of over USD 44.73 billion by 2030.
The solar thermal collectors market refers to the industry that manufactures and sells devices or systems that harness solar energy to heat water or other fluids. These collectors typically consist of a series of tubes or panels that absorb sunlight and transfer the heat to a fluid, which can be used for various purposes such as domestic hot water heating, space heating, or industrial processes. The COVID-19 pandemic has had both positive and negative impacts on the solar thermal collectors market. On the positive side, the increased focus on renewable energy and sustainability during the pandemic has driven interest and investment in solar thermal technologies. Governments and organizations have recognized the importance of clean energy sources and have implemented supportive policies and incentives to promote the adoption of solar thermal collectors.
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Covid-19 Impact on Solar Thermal Collectors Market:
The Covid-19 pandemic has had a significant impact on various industries worldwide, including the solar thermal collectors market. The solar thermal collectors market heavily relies on global supply chains for raw materials and components. With the pandemic causing lockdowns, travel restrictions, and temporary closures of manufacturing facilities, the supply chain has been severely disrupted. This has resulted in delays in production, shortage of components, and increased costs.
The economic downturn caused by the pandemic has affected the demand for solar thermal collectors. Many construction projects were put on hold or delayed, reducing the demand for solar thermal systems in residential, commercial, and industrial sectors. Uncertainty about the future and financial constraints have led to a decrease in investments in renewable energy projects.
Market Segmentation:
The Global solar thermal collectors market has been segmented into application.
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Regional Analysis:
Europe has been a leading market for solar thermal collectors, driven by supportive policies, incentives, and high energy prices. Countries like Germany, Spain, and Austria have witnessed significant adoption of solar thermal systems for domestic heating and hot water applications.
The solar thermal collectors market in North America is primarily driven by the United States. Government incentives, renewable energy targets, and the increasing focus on sustainable buildings have contributed to market growth.
The Asia-Pacific region, particularly China and India, has experienced substantial growth in the solar thermal collectors market. Both countries have implemented ambitious renewable energy targets and have supportive policies to promote solar thermal technologies.
The Middle East region, with its abundant sunlight and high demand for water heating, offers significant opportunities for solar thermal collectors. Countries like UAE, Saudi Arabia, and South Africa have witnessed increasing adoption of these systems.
Countries like Brazil, Mexico, and Chile are emerging markets for solar thermal collectors in Latin America. Growing environmental awareness, government initiatives, and the need for energy diversification are driving market growth in the region.
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Key Players:
Some of the market key players are Alternate Energy Technologies, LLC. (US), TVP Solar (Switzerland), Ouraset(Turkey), SunEarth (California), GREENONETEC SOLARINDUSTRIE GMBH (Austria), Absolicon Solar Collector AB (Sweden), Sunerg Solar s.r.l. (Italy), Solimpeks (Turkey), Heliodyne, Inc.(California), and HTP Comfort Solutions LLC. (US).
Industry News:
Inaventa Solar, a pioneer in solar thermal collector technology, collaborated with Solvay to create the new BI70 solar collector. The product replaces metal with Solvay’s Ryton PPS1, which offers several advantages, including increased design flexibility, automated manufacturing, streamlined handling, improved aesthetic facility integration, and a less carbon footprint.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. MRFR’s approach combines the proprietary information with various data sources to give an extensive understanding to the client about the latest key developments, expected events and about what action to take based on these aspects.