Latest News- Solar Thermal Market in Europe: L and M temperature is expected to lead the Technology segment during 2025-2029

The Solar Thermal Market in Europe is being driven by Increasing demand for CSP

The Solar Thermal Market in Europe is expected to grow at a CAGR of 10.2% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 1.55 billion. In the contemporary business landscape, cities serve as the primary drivers of economic growth and resource consumption. The burgeoning Information and Communication Technology (ICT) sector has given rise to the concept of smart cities, enticing businesses to invest and expand the urban economy. The proliferation of smart city projects is on the rise, with an increasing number of municipalities pursuing advanced technology integration and a wider range of solutions. Notably, the European Climate, Infrastructure and Environment Executive Agency (CINEA) published a comprehensive report in 2024, detailing the current state of smart city development across Europe. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on segments_for_ai.nslist

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing demand for CSP
• Change in energy mix in European countries
• Development of zero-energy buildings

However, the market also witnesses some limitations, which are as follows:

• Intermittency of solar resource
• Dependency on fossil fuels
• Technical challenges associated with solar thermal technology

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Market Scope in Solar Thermal Market in Europe Research Report

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Research Analysis Overview

Solar thermal energy, derived from sunlight, is a significant part of Europe's renewable energy sector. Solar energy is harnessed to generate thermal energy for industrial uses such as direct heating, drying, water desalination, and district heating. Solar heating systems utilize glazed and unglazed collectors to absorb electromagnetic radiation from the sun, converting it into heat. This heat can be used for home heating, hot water supply, and even high-temperature industrial processes, providing an alternative to natural gas and reducing energy bills. Solar thermal technology is a vital component of the renewable energy landscape, offering sustainable solutions for residential and industrial sectors.

Market Research Overview

The European solar thermal market represents a significant segment of the global renewable energy landscape, focusing on the production and application of thermal energy from solar sources. This sector encompasses businesses involved in the manufacturing of solar heating systems, as well as their deployment for industrial processes such as direct heating, drying, and water desalination. Solar thermal energy is also utilized in power generation through the integration of solar devices, like solar thermal collectors and concentrating solar power plants, with photovoltaic generators. Key drivers for the expansion of this market include supportive policies and targets for renewable energy deployment, as well as the increasing demand for sustainable energy solutions from both public and private entities. The growth of the European solar thermal market is further propelled by the integration of solar power into the electricity sector, contributing to the generation of renewable electricity and the reduction of greenhouse gas emissions.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
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