Solar Water Heater Market Growth Analysis

Market Highlights

The Solar Water Heater Market is expected to grow from USD 1.75 billion in 2022 to USD 2.53 billion by 2028 at a CAGR of 6.23% during the forecast period.

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What are solar water heaters?

Solar water heaters use sunlight to heat water via a thermal collector. The thermal heater is installed in a location that receives direct sunlight. During the day, the insulated water storage tank warms up, warming the water. A solar water heater has numerous applications and benefits. The energy sources are rapidly depleting. Using solar energy for these processes reduces energy consumption. This technology also has a backup power source in case there isn't enough heat. The solar water heater is a low-cost, energy-efficient device. Solar water heaters are widely used in the residential, commercial, and industrial sectors.

Rising demand for eco-friendly, dependable, and affordable technology for water heating solutions in the residential and non-residential sectors is likely to drive the solar water heater market. When compared to traditional heating systems, solar water heaters have lower operating costs, ranging from 25% to 40% in the winter and 75% in the summer. Growing awareness of how to use sustainable technologies effectively, as well as rising infrastructure expenditure, are driving the demand for energy-efficient solutions. Incentives such as tax breaks, subsidies, and tax credits will also help to promote the use of sustainable technologies, which will improve the market’s outlook.

Segments Analysis

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The market is segmented into the following categories-

By Collector Type

• Evacuated Tube 
• Flat Plate 
• Unglazed Water 

By Type

• Thermosiphon 
• Pumped System 

By Application Type

• Residential 
• Commercial 
• Industrial 

By Region

• North America 
• Europe 
• Asia-Pacific 
• Rest of the World 

By Collector Type

The market for solar water heater is segmented into evacuated tube, flat plate, and unglazed water. Flat plate dominates the market. These collectors are suitable for installations in homes and small businesses. Cost-effectiveness, simplicity of design, and ease of installation are critical factors in product adoption. Furthermore, continuous technological advancements in collector design that aim to increase efficiency will encourage the growth of the segment.

By Type

The market is segmented as thermosiphon and pumped. The thermosiphon segment dominates the market. Thermosiphon solar water heaters are suitable for hot climates in countries such as Australia, Israel, Japan, and India due to their low space requirements. This will fuel the growth of the segment in the coming years. The ability to circulate flammable liquids and gases in heating and cooling applications without using mechanical pumps would improve the market environment even more.

By Application Type

The market is segmented as residential, commercial, and industrial. The commercial segment leads the market. Infrastructure development, such as governmental structures, educational institutions, and shopping malls, will receive more funding from both public and private financial organizations, encouraging product acceptance. Green building standards and rules to reduce carbon emissions and encourage the use of clean technologies would improve the corporate environment even more.

Regional Analysis

Asia-Pacific is expected to remain the largest market for solar water heaters during the forecast period. This region is experiencing a significant rise due to the increasing need for energy efficiency. Government support is also strong in the Asia-Pacific region. The government's promotion of the solar industry is likewise more aggressive. All of these factors continue to support the region’s solar water heater market.

Key Players

The following are some of the key players in the solar water heater market:

• A.O. Smith
• Alternate Energy
• Rheem Manufacturing
• Viessmann
• V-Guard
• Racold
• SunTank
• Chromagen
• HiminSolar
• Wagner Solar

Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s solar water heater market realities and future market possibilities for the forecast period of 2023 to 2028. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: product portfolio, geographical reach, regional presence, and strategic alliances

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