Solar Thermal Panels Market Revenue was valued at USD 12.34 Billion in 2024 and is estimated to reach USD 20.45 Billion by 2033, growing at a CAGR of 6.1% from 2026 to 2033.
The Malaysia Solar Thermal Panels Market has experienced rapid growth due to the rising demand for clean and sustainable energy solutions. As industries around the globe look for alternatives to traditional energy sources, Malaysia’s solar thermal sector is positioning itself as a key player in the renewable energy landscape. Solar thermal technology, which harnesses the power of the sun to produce heat for various applications, is increasingly popular for residential, commercial, and industrial uses in Malaysia. The need for energy efficiency and the government’s commitment to reducing carbon emissions are driving the growth of the Solar Thermal Panels Market in the region.
Solar thermal panels in Malaysia are primarily utilized for water heating applications, significantly reducing the reliance on electricity or fossil fuels for heating. Industries such as hospitality, healthcare, and manufacturing are key adopters of this technology. The hospitality sector, with its high demand for hot water in hotels and resorts, has been one of the leading drivers. In the manufacturing sector, industries that require large quantities of hot water for production processes also see the value in solar thermal solutions. This demand aligns with the government’s initiatives to reduce the carbon footprint and encourage renewable energy adoption across various sectors.
Furthermore, industrial requirements for solar thermal systems are diverse, ranging from space heating to drying processes in manufacturing. As more industries embrace eco-friendly solutions to minimize operational costs and improve sustainability, the integration of solar thermal panels is becoming more commonplace. The growing energy costs and fluctuating fuel prices are another factor fueling the demand for solar thermal solutions, with businesses looking for long-term savings and energy independence.
The Solar Thermal Panels Market in Malaysia is also being supported by several incentives, including tax rebates and government funding for renewable energy projects. These policies aim to make the transition to renewable energy sources like solar thermal more affordable for businesses and consumers alike. As a result, industries are increasingly adopting solar thermal technologies not only for environmental benefits but also for the economic advantages they offer in reducing energy consumption.
With Malaysia's commitment to becoming a leader in renewable energy and reducing its carbon footprint, the Solar Thermal Panels Market is expected to grow even further in the coming years. As industries continue to seek sustainable solutions to meet their energy needs, solar thermal technology will remain at the forefront of the nation’s renewable energy strategy.
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Immergas
MHG Heating
Ratiotherm
APRICUS
TISUN
UNICAL
VIESSMANN
BDR Thermea
ELCO
FERROLI
Fondital
Beretta
Buderus
CORDIVARI
CTC Enertech Group
CUPA PIZARRAS
DE DIETRICH
HEWALEX Solar Collectors
Hoval Italia
Ideal Group
Acciona
Alubond Europe
SOLARFOCUS
Solfex
SOLIMPEKS Energy
Sun Rain
SUNERG SOLAR
Thermic Energy
Ariston
Baltur
THERMOROSSI
Vokera
Windhager Zentralheizung
By 2030, Malaysia is expected to witness significant momentum in the market research industry, aligning with the global projection of surpassing $120 billion, driven by a compound annual growth rate (CAGR) of over 5.8% from 2023 to 2030. The industry in Malaysia is being reshaped by technological disruptions, particularly through the adoption of machine learning, artificial intelligence, and advanced data analytics. These technologies provide businesses with predictive analysis and real-time consumer insights, enabling smarter and more precise decision-making. As part of the broader Asia-Pacific region, Malaysia is positioned to contribute substantially to the over 35% revenue growth expected from this region. Additionally, the adoption of innovative techniques such as mobile surveys, social listening, and online panels is rapidly gaining ground in Malaysia, emphasizing speed, precision, and customization, and driving a new era of data-driven strategies across industries.
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Growing demand for below applications around the world has had a direct impact on the growth of the Malaysia Solar Thermal Panels Market
Flat-Plate Collectors
Evacuated Tube Collectors
Concentrated Solar Thermal (CST)
Solar Water Heating Systems
Residential
Commercial
Industrial
Agricultural
Small Scale (
Medium Scale (10-50 m²)
Large Scale (>50 m²)
Water
Anti-freeze Solutions
Thermal Oil
Residential Sector
Commercial Sector
Government Sector
Military Sector
1. Singapore
Relationship: Strong economic ties; major trading partner.
Highlights: Advanced financial and logistics hub; shares deep cross-border business and travel links with Malaysia.
2. Indonesia
Relationship: Largest ASEAN economy; close cultural and linguistic ties.
Highlights: Major market for Malaysian exports; shared initiatives in palm oil, labor, and regional security.
3. Thailand
Relationship: Land-border neighbor with active cross-border trade.
Highlights: Strong tourism, agricultural, and automotive collaboration.
4. Brunei
Relationship: Close diplomatic and energy-sector ties.
Highlights: Joint ventures in oil & gas; similar Malay cultural heritage.
5. Philippines
Relationship: Regional partner in ASEAN; maritime neighbor.
Highlights: Collaborations in education, labor migration, and disaster relief.
6. Vietnam
Relationship: Growing trade and investment partner.
Highlights: Rising manufacturing hub; strong demand for Malaysian technology and services.
7. Cambodia, Laos, and Myanmar
Relationship: Developing ASEAN members with growing economic ties to Malaysia.
Highlights: Opportunities in construction, retail, and financial services.
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1. Introduction of the Malaysia Solar Thermal Panels Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Malaysia Solar Thermal Panels Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Malaysia Solar Thermal Panels Market, By Type
6. Malaysia Solar Thermal Panels Market, By Application
7. Malaysia Solar Thermal Panels Market, By Geography
Asia-Pacific
China
Japan
Korea
India
Australia
Indonesia
Thailand
Philippines
Malaysia
Vietnam
8. Malaysia Solar Thermal Panels Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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