Solar Thermal Market Size, Share & Forecast to 2032 | Clean Energy Sector Insights

The heat from the sun is collected into solar thermal energy for human use. It differs from photovoltaic (PV) energy, which transforms some of the electromagnetic radiation from the sun directly into electrons and electricity. Since the sun's heat can be captured and transmitted in a medium, solar thermal technology has a broad spectrum of applications than PV. This energy can be used to heat and cool a home, heat water, cook food, or generate electricity.

Solar Thermal Market size was valued at USD 20.94 Billion in 2023 and is poised to grow from USD 21.92 Billion in 2024 to USD 31.66 Billion by 2032, growing at a CAGR of 4.7% during the forecast period (2025-2032).

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In recent years, there has been increased adoption of solar thermal. For instance, the European market returned to growth post COVID-19 in 2019. Preliminary estimates point to an installation level of as much as 2,146,901 m sq, or 8.0% growth compared to 2020 (1,987,345 m. sq.). The year's newly installed surface equates to about 1,502.8 MWth of thermal capacity (up from 1,391.1 MWth in 2019)

The emergence of solar power as the most sustainable source of renewable energy will also boost the installation of solar thermal power plants worldwide. Solar thermal power or electric generation systems can collect and concentrate the sunlight to generate high-temperature heat that is required to produce electricity. The most rising trend in the solar thermal market is the solar district heating system coupled with seasonal storage. The most classic example is the solar district heating system recently established by Savosolar Oyj company in Cadaujac, France, in December 2021.

Market Segmentation:

Global Solar Thermal Market is segmented by Application, End Use, Collector Type, System and Region.

Based on Application, the market is segmented into Hot Water Systems (Domestic, Large), Solar Combi Systems, Swimming Pool Heating, Others.
Based on End Use, the market is segmented into Residential, Commercial, Industrial.
Based on Collector Type, the market is segmented into Evacuated Tube Collector, Flat Plate Collector, Unglazed Water Collector, Air Collector.
Based on System, the market is segmented into Thermosiphon Solar Heating System, Pumped Solar Heating System.
Based on Region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.

Solar Thermal Market Key Players:

Abengoa (Spain)
Acciona Energía (Spain)
BrightSource Energy (United States)
Cobra Energy (Spain)
Enel Green Power (Italy)
Fichtner Solar (Germany)
GE Energy (United States)
GDF SUEZ (France)
Heliostat SA (South Africa)
NextEra Energy Resources (United States)
Novatec Solar (Germany)
SCHOTT Solar (Germany)
Solar Millennium AG (Germany)
SolarReserve (United States)
Solargenix Energy (United States)
Sopogy (United States)
SunEdison (United States)
SunPower Corporation (United States)
Torresol Energy (Spain)
Trivelli Energia (Italy)

Solar Thermal Market Regional Insights:

In terms of market share, the Asia Pacific region dominated the Global Solar Thermal Market in the year 2021 with more than 50% market share, due to increasing electricity demand, Rising standards of living, and suitable solar irradiance. The European region held the second most dominating share in the market with more than 20% share. The solar thermal market has grown considerably in the European nations, with solar district heating systems accounting for the majority of demand. As an example, in January 2020, the European Parliament adopted the resolution on the European Green Deal, which focuses on the importance of decarbonizing the energy sector as the topmost priority for a net-zero greenhouse gas emissions economy by 2050.

Solar Thermal Market Recent Developments:

In June 2022, Kenya is using solar concentrators to heat industrial operations as fuel prices increase. After the successful commissioning of a 330 m2 solar installation made by Absolicon and Nairobi-based partner Ariya Finergy, which included Absolicon solar collectors T160, Iberafrica Power (E.A.) Limited in Nairobi, one of Kenya's leading Independent Power Producers (IPPs), has been taking advantage of solar heating since the beginning of May.

In May 2022, Waree Energies, a solar module manufacturer, announced the approval to acquire solar cell manufacturer Indosolar. This acquisition will help Waree Energies to enhance its Solar Cell manufacturing capacity from the currently planned 4 GW to 5.4 GW and will further cater to the company's expansion strategies of Solar module manufacturing.

What's more, it likewise covers the request and give of the promoting research concentrate in the assessed figure time frame. Explained investigation of the market players with their profile, deals examination and serious scene is given in the report. Besides, organization, joint effort and consolidations in the business are referenced for the accommodation of the investigation of the global Solar Thermal industry.

Related Reports:

https://insightdigits.exblog.jp/243635364/
https://vinitsawant.hatenablog.com/entry/2025/03/27/202957

Looking ahead, the Solar Thermal Market is poised for continued growth, driven by evolving consumer preferences and ongoing innovations. The trend towards sustainability is expected to strengthen, with more consumers seeking products that align with their values. Additionally, the integration of advanced technologies and digital platforms will likely further enhance market accessibility and consumer engagement. The global Solar Thermal Market is a dynamic and evolving landscape, shaped by a confluence of trends and factors.

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