SkyQuest Technology Group recently introduced Solar Thermal Market study with in-depth overview, describing about the Product/Industry Scope and elaborates market outlook and status (2025-2032). The market Study is segmented by key regions which is accelerating the marketization. The Solar Thermal Market has witnessed Excellent growth over the past decade and is expected to maintain its upward trajectory. 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).
The 2025 global Solar Thermal Market report provides a comprehensive analysis of key industry players, market trends, pricing structures, and competitive dynamics, offering insights into the market landscape from 2025 to 2032. As a rapidly evolving sector, the Solar Thermal Market drives economic growth, innovation, and technological advancements through the development, production, and distribution of products and services. This report highlights the market’s growth potential and its impact on global industries, providing valuable insights for stakeholders, investors, and policymakers.
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.
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Detailed Segmentation and Classification of the report (Market Size and Forecast – 2032, Y-o-Y growth rate, and CAGR):
The Solar Thermal Market can be segmented based on several factors, including product type, application, end-user, and distribution channel.
Application
Hot Water Systems (Domestic, Large), Solar Combi Systems, Swimming Pool Heating, Others
End Use
Residential, Commercial, Industrial
Collector Type
Evacuated Tube Collector, Flat Plate Collector, Unglazed Water Collector, Air Collector
System
Thermosiphon Solar Heating System, Pumped Solar Heating System
Solar Thermal Market – Regional Analysis:
– Solar Thermal North America Market includes (Canada, Mexico, USA)
– Solar Thermal Europe Market includes (Germany, France, Great Britain, Italy, Spain, Russia)
– Solar Thermal Asia-Pacific Market includes (China, Japan, India, South Korea, Australia)
– Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa)
– Solar Thermal South America Market includes (Brazil, Argentina)
– Solar Thermal Oceania Market (Australia & New Zealand)
Top Market Players in Solar Thermal Market are:
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)
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FAQ
– What challenges and constraints are affecting the market?
– What geographical variables are influencing the Solar Thermal market?
– How does the Value Chain concept offer insights into market dynamics?
– Which country dominates the market?
– Which is the leading formulation type for Solar Thermal Market?
Forward-Looking Insights
The Solar Thermal Market is set to experience sustained growth, fueled by technological advancements, broader global market access, and rising industry demand. With the industry addressing emerging challenges and capitalizing on new opportunities, it is expected to drive innovation and play a pivotal role in advancing global health and economic progress.
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