MRFR's expert analysis of the market has calculated growth at a healthy CAGR of 7.8% during the assessment period from 2018 to 2023. This projection is expected to lead the market toward revenue of USD 41,960 Mn by the end of 2023.

Solar thermal collectors have a high initial cost of investment which deters rapid adoption and hampers market growth. However, increasing focus and government support for the development of renewable energy technology is expected to lead to advancements in solar thermal technology which in turn, will provide the market with opportunities in the foreseeable future.

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Research Methodology

MRFR employs a critical research method, which is also interpretive. The statistical formulations involved in data sampling or data collection are comprehensive in nature. The accuracy of market assessment is based on representativeness of primary and secondary resource inputs. Attention is paid on a systematic categorization of resources. Reference from white papers, annual report, SEC filings etc. fall under secondary resource input while interactions and surveys are treated as primary data. Evaluation of the gathered information involves application of a highly dynamic data analysis technique. Further, utilization of top-down and bottom-up approaches ensure an error-free market projection.

Key Players

Noted market players of importance in MRFR’s global solar thermal collectors market report include Absolicon Solar Collector AB, Solimpeks, TVP Solar, Sunerg Solar s.r.l., Alternate Energy Technologies, LLC., Ouraset, GREENONETEC SOLARINDUSTRIE GMBH, SunEarth, HTP Comfort Solutions LLC., and Heliodyne, Inc.

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Market Segmentation

MRFR has analyzed the market in its various parts to provide a complete picture. As such, the global solar thermal collectors market is segmented on the basis of product type, application, and region. Product types available in the solar thermal collector market are broadly segmented into concentrating, and non-concentrating. The concentrating segment is divided further to include compound parabolic concentrator, parabolic dish, parabolic trough, and solar tower. Meanwhile, the non-concentrating segment is segmented further into flat plate and evacuated tube. The non-concentrating segment accounts for both a dominant market share and fastest growth between the two main segments.

Applications of solar thermal collectors are segmented to include residential, industrial, and commercial. The industrial application segment which is growing at the most rapid pace, also has the highest share of the market, thus acquiring a leadership role in the global market.

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