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 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.
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)
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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.
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)
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.
Also Read –
https://www.globenewswire.com/news-release/2024/12/12/2995942/0/en/Dairy-Ingredients-Market-Size-to-Reach-Value-of-USD-126-81-Billion-By-2031-SkyQuest-Technology.html#:~:text=Westford%2C%20USA%2C%20Dec.%2012,period%20(2024%2D2031).
https://marketanalysisblogs.com/2025/04/08/silica-sand-market-future-scenarios-and-revenue-predictions-2025-2032/
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.
About Company:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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