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Solar Water Heater Market Growth Analysis | 2023-2028
Solar Water Heater Market Size, Share, Trends, Dynamics, Forecast, & Growth Analysis: 2023-2028
The solar water heater market was estimated at USD 1.75 billion in 2022 and is likely to grow at a CAGR of 6.23% during 2023-2028 to reach USD 2.53 billion in 2028.
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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 if 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 and rising infrastructure expenditure are driving the demand for energy-efficient solutions. Incentives such as tax breaks, subsidies, and tax credits will also help promote sustainable technologies, improving the market’s outlook.
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The following are the key players in the solar water heater market (arranged alphabetically)
Note: The above list does not necessarily include all the top players in the market.
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|
Segmentations |
List of Sub-Segments |
Dominant and Fastest-Growing Segments |
|
Collector-Type Analysis |
Evacuated Tube, Flat Plate, and Unglazed Water |
Flat plate dominates the market during the forecast period. |
|
Type Analysis |
Thermosiphon and Pumped |
The thermosiphon segment dominates the market during the forecast period. |
|
Application-Type Analysis |
Residential, Commercial, and Industrial |
The commercial segment leads the market during the forecast period |
|
Regional Analysis |
North America, Europe, Asia-Pacific, and Rest of the World |
Asia-Pacific is expected to remain the largest market for solar water heaters during the forecast period. |
“Flat plate dominates the market during the forecast period.”
The market is segmented into evacuated tubes, flat plates, and unglazed water. Flat plate dominates the market during the forecast period. 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.
“The thermosiphon segment dominates the market during the forecast period.”
The market is segmented into thermosiphon and pumped. The thermosiphon segment dominates the market during the forecast period. 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.
“The commercial segment leads the market during the forecast period.”
The market is segmented as residential, commercial, and industrial. The commercial segment leads the market during the forecast period. 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.
“Asia-Pacific is expected to remain the largest market for solar water heaters during the forecast period.”
The market is broken down geographically into North America, Europe, Asia-Pacific, and the Rest of the World (RoW). 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.
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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. After a continuous interest in our solar water heater market report from the industry stakeholders, we have tried to further accentuate our research scope to the solar water heater market to provide the most crystal-clear picture of the market. The report segments and analyses the market in the most detailed manner 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 1000 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.
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 market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:
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 solar water heater market is segmented into the following categories:
By Collector Type
By Type
By Application Type
By Region
Click here to learn the market segmentation details.
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
Competitive Benchmarking
Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.
The solar water heater market is likely to grow at a CAGR of 6.23% during 2023-2028.
The solar water heater market was estimated at USD 1.75 billion in 2022.
The solar water heater market is likely to reach USD 2.53 billion in 2028.
Surging demand for eco-friendly, reliable, and cost-effective technology for water heating solutions across residential and non-residential establishments will drive the growth of the market in the coming years.
Asia-Pacific is estimated to be dominant in the market owing to favorable government measures and policies to promote solar power technologies for residential and commercial places.
Flat plate dominates the market during the forecast period. 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.
A.O. Smith, Alternate Energy, Rheem Manufacturing, Viessmann, V-Guard, Racold, SunTank, Chromagen, HiminSolar, Wagner Solar are some of the key players in the market.
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