Press release
Future of the Solar District Heating Market: Trends, Innovations, and Key Forecasts Through 2034
Solar District Heating
Solar District Heating Market Size Growth Forecast: What to Expect by 2025?
The market size of solar district heating has seen a rapid expansion in recent times. The market, currently valued at $3.67 billion in 2024, is expected to escalate to $4.15 billion in 2025 with a compound annual growth rate (CAGR) of 12.9%. Reasons for this growth during the historical period include environmental apprehensions, governmental incentives, energy security, and community-driven initiatives.
How Will the Solar District Heating Market Size Evolve and Grow by 2029?
It is projected that the market size for solar district heating will experience a swift expansion in the forthcoming years, with forecasts indicating growth to $6.36 billion by 2029 and a compound annual growth rate (CAGR) of 11.3%. Factors contributing to this growth across the forecast period include policy advancements, economic influences, efforts to alleviate climate change, enhanced public consciousness, urban planning, and assimilation. The forecast period also outlines major trends such as advancements in innovation and research, technological progress, the amalgamation with smart technologies, hybrid systems, and the development of modular and scalable designs, along with worldwide collaboration.
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What Drivers Are Propelling the Growth of Solar District Heating Market Forward?
The expansion of the solar district heating market is being propelled by increased adoption of renewable energy. The transition to renewable energy sources such as solar, wind, hydropower, and bioenergy is being made by various stakeholders globally, including governments, citizens, and industries, in an attempt to lower the reliance on traditional energy consumption. As sustainable energy becomes more prevalent, it's anticipated that the use of solar district heating systems will also rise. This is due to their affordability compared to other heating solutions, making them the favorable choice for commercial, residential, and industrial customers. In April 2023, for example, a study by the National Renewable Energy Laboratory (NREL), a US-based research institution focused on promoting renewable energy and energy efficiency technologies, reported that global photovoltaic (PV) installations had reached 231 gigawatts of direct current (GWdc), amounting to a cumulative total of 1.2 terawatts of direct current (TWdc) in 2022. The study also predicts that annual installations will surpass 300 GW by 2023 and further exceed 400 GW by 2025. Therefore, the uptake of sustainable energy is set to stimulate the usage of solar district heating in the forecast stage.
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Which Emerging Trends Are Transforming the Solar District Heating Market in 2025?
Trend 1:
Forming strategic alliances and affiliations is a predominant trend in the solar district heating industry. The principal participants in the market are establishing strategic liaisons with tech-centered firms to create technologically advanced systems and enhance their global business operations. For instance, in May 2022, ENGIE Africa, a company focusing on natural gas and energy based in South Africa, signed a partnership agreement with the Ministry of Energy in Gabon. The initiative aimed towards providing off-grid households throughout the country with electricity by marketing and distributing top-tier solar home system kits.
What Are the Key Segments in the Solar District Heating Market?
The solar district heatingmarket covered in this report is segmented -
1) By System: Small System, Large System
2) By Application: Residential, Commercial, Industrial
Subsegments:
1) By Small System: Residential Solar District Heating, Community Solar Heating Systems
2) By Large System: Industrial Solar District Heating, District Heating Networks, Combined Heat and Power (CHP) Systems
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Who Are the Key Players Shaping the Solar District Heating Market's Competitive Landscape?
Major companies operating in the solar district heating market include DESMI A/S, Göteborg Energi AB, Keppel District Heating and Cooling Services Pte. Ltd., Korea District Heating Corporation, LOGSTOR A/S, Arcon-Sunmark A/S, Savosolar Oyj, Solvis GmbH, S. O. L. I. D. GmbH, Sunamp Ltd., WOLF GmbH, Aalborg CSP A/S, Absolicon Solar Collector AB, Institut für Nachhaltige Technologien, BrightSource Energy Inc., CitrinSolar GmbH, Energie Solaire SA, Frenell GmbH, Heliodyne Inc., Industrial Solar GmbH, Sunlumo Technology GmbH, Sunoptimo SA, Suntrix Company Limited, TSK Flagsol Engineering GmbH, TVP Solar SA, Viessmann Werke GmbH & Co. KG, Wagner Solar GmbH, Institute for Sustainable Technologies, KBB Kollektorbau GmbH, Alfa Laval AB
What Geographic Markets Are Powering Growth in the Solar District Heating Market?
Western Europe was the largest region in the solar district heating market in 2024.Asia-Pacific is expected to be the fastest-growing region in the solar district heating market share during the forecast period. The regions covered in the solar district heating market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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