Over 80% of energy consumption worldwide meets through fossil fuels. The industrial sector is the prime energy consumer; it utilizes approximately 30% of the total energy consumption as per data published by the IEA (2021). Fossil fuels are the primary sources of global CO2 emission. Renewable energy sources such as solar, wind, hydro, and biomass are clean and widely available in nature. Solar energy being abundant on the Earth has potential in terms of applicability in reducing fossil fuel consumption for direct thermal energy use in residential and industrial sectors, and indirect thermal use in electricity production. Therefore, this chapter thoroughly analyzes solar thermal energy systems, exploring their viability as a renewable energy source and applicability in the heat-demanding sectors. Economic perspectives such as cost analysis, economic benefits, and economic evaluation indicators are thoroughly analyzed. Integration of solar thermal energy technologies with thermal energy storage to meet the non-sunshine hours thermal energy demands is also discussed. Additionally, the chapter emphasizes policy frameworks and market trends across the world.