Solar Water Heater Market – Global Industry Analysis and Forecast (2023-2029)

The Solar Water Heater Market was valued at US$ 5.06 Bn.in 2022. The global Solar Water Heater Market size is estimated to grow at a CAGR of 6.4% over the forecast period.
Solar Water Heater Market Overview:
The solar water heater heats water using solar energy. Solar power collection panels plus a water storage tank make up a solar water heater. It provides hot water for a variety of household tasks such as laundry, bathing, and cleaning. Solar water heaters are frequently used in commercial settings such as hotels and governmental organizations, in addition to household use.

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The advancements in the field of hyb–rid water heaters have made it one of the most popular choices among manufacturers. It is typically put at the apex of the roof in order to receive adequate sun exposure.
Solar Water Heater Market Dynamics:
Due to the growing depletion of non-renewable resources, demand for efficient water heaters is expected to increase year after year, along with increased steps to manage energy usage. Over the forecast period, this is expected to boost the market growth. These systems are competitively priced to appeal to a larger range of customers regardless of their financial situation. Increased environmental awareness in both established and developing nations is predicted to boost industry growth.

Growing demand for environmentally friendly, trustworthy, and economical water heating technologies, particularly in the residential and industrial sectors, is expected to fuel market expansion. The system’s capability to function at lower costs, 30% to 40% lower in winters and up to 75% lower in summer, is expected to spur their adoption over other products currently available in the market.

Governments across the globe provide rebates and incentives for the installation of solar water heating systems. For example, refunds of up to $700 are available in all residential and business districts of Victoria, Australia, depending on the kind and size of the system installed. In addition, the market is predicted to increase due to strong investments by industry players in the solar water heater business over the forecast period. Solar water heating, on the other hand, necessitates a wide roof surface and direct sunshine exposure, as it may not work on gloomy or foggy days. Nonetheless, developments in backup energy systems that keep running even on overcast days are expected to open up lucrative business potential.

The Environmental Protection Agency (EPA) has established regulatory standards to evaluate the quality of solar water heaters produced. It also attempts to develop many technological and financial initiatives to protect customers against substandard items that can be potentially unsafe to use. These developments have boosted industrial growth in the United States during the last decade, and they are projected to continue in the future
Solar Water Heater Market Segment Analysis:
Based on the Technology, the Market is segmented into Evacuated Tube Collector, Flat Plate Collector, and Unglazed Water Collector. The Evacuated Tube Collector segment held the largest market share, accounting for 46% in 2022. The market for evacuated tube collectors is predicted to be driven by a small storage requirement, low maintenance requirements, and a high energy conversion potential (ETC). These systems are chosen for industrial and commercial applications in cold climates.

The flat plate collectors (FPC) segment is expected to witness significant growth at a CAGR of 6.1% during the forecast period. The simple design, combined with a low price and ease of installation and use, is one of the key features that will help these products gain traction. In the smaller commercial and residential sectors, FPC units are widely desired.

Based on the Application, the Market is segmented into Residential, Commercial, and Industrial. The Residential segment held the largest market share, accounting for 49% in 2022. The residential market is expected to grow as a result of increased investment in building re-establishment and refurbishment, as well as increased disposable income. Its ability to integrate with traditional units in both new and existing enterprises makes it a better choice than its competitors. In addition, greater awareness of energy savings, as well as increased demand for the replacement of traditional systems, will boost the product penetration.

The commercial segment is expected to witness significant growth at a CAGR of 6.3% during the forecast period. By 2029, commercial installation is expected to exceed 1.38 million units per year. Increased spending by public and commercial financial institutions on infrastructure development, such as government buildings, educational institutions, and shopping malls, will help to boost product uptake. Green construction norms and standards will be implemented to reduce carbon emissions and promote the use of clean technologies, which will further enhance the corporate landscape.
Regional Insights:
The Asia Pacific region held the largest market share accounting for 39% in 2022. The region is expected to move forward during the next decade thanks to high growth rates and strong economic performance, as well as huge investments in research and development. In order to reduce pollution and maintain ecological balance, the country is making significant changes to its energy policy, changing its reliance on fossil fuels to renewable fuels.

The European region is expected to grow at a significant growth at a CAGR of 6.4% during the forecast period. The region’s growth is spurred by demand for reliable and high-quality systems from a wide range of end-users, primarily in the industrial and commercial sectors.

The objective of the report is to present a comprehensive analysis of the global Solar Water Heater Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Solar Water Heater Market dynamic, structure by analyzing the market segments and projecting the Solar Water Heater Market size. Clear representation of competitive analysis of key players by Design, price, financial position, product portfolio, growth strategies, and regional presence in the Solar Water Heater Market make the report investor’s guide.
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Solar Water Heater Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US$ 5.06 Bn.


Forecast Period 2023 to 2029 CAGR:
6.4%
Market Size in 2029:
US$ 7.81 Bn.


 Segments Covered:
by Technology
Evacuated Tube Collector
Flat Plate Collector
Unglazed Water Collector


by System
Thermosyphon
Pumped


by Application
Residential
Commercial
Industrial



Solar Water Heater Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (razil, Argentina Rest of South America)
Key Players
1. Azure Power India
2. Central Electronics
3. Chemtrols Solar
4. Euro Multivision
5. Indosolar
6. Jupiter Solar Power
7. Lanco Solar Private
8. Mahindra Solar One
9. Moser Baer Photovoltaic
10. Photon Energy Systems
11. PLG Power
12. Surana Ventures
13. Tata Power Solar Systems
14. Vikram Solar
15. Websol Energy System
16. XL Energy
17. SunTank
18. A.O. Smith
19. Alternate Energy Technologies
20. Rheem manufacturing
21. Viessmann
22. Wagner Solar
23. Bradford White
24. EMMVEE

Frequently Asked Questions:

1] What segments are covered in the Solar Water Heater Market report?
Ans. The segments covered in the Solar Water Heater Market report are based on Technology, System, and Application.

2] Which region is expected to hold the highest share in the Solar Water Heater Market?
Ans. The Asia Pacific region is expected to hold the highest share in the Solar Water Heater Market.

3] What is the market size volume of the Solar Water Heater Market by 2029?
Ans. The market size of the Solar Water Heater Market by 2029 is expected to reach at US$ 7.81 Bn.

4] What is the forecast period for the Solar Water Heater Market?
Ans. The forecast period for the Solar Water Heater Market is 2023-2029.

5] What was the market size volume of the Solar Water Heater Market in 2022?
Ans. The market size of the Solar Water Heater Market in 2022 was valued at US$ 5.06 Bn.