Solar Water Heater Market Size
Solar Water Heater Market size was valued at USD 2.78 billion in 2023 and is expected to grow more than 5.7% CAGR from 2024 to 2032. A solar water heater is a device that utilizes sunlight to heat water for various purposes, such as bathing, washing, and space heating. It typically consists of solar collectors that absorb solar energy and transfer it to water stored in a storage tank.
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The heated water can then be used directly or circulated to a separate hot water storage tank for later use. Favorable regulatory framework coupled with positive consumer outlook with the adoption of energy-efficient technologies will augment the business growth. The global market for water heater is set to surpass USD 50 billion by 2032.
Solar Water Heater Market Report Attributes
| Report Attribute |
Details |
| Base Year |
2023 |
| Solar Water Heater Market Size in 2023 |
USD 2.78 Billion |
| Forecast Period |
2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR |
5.7% |
| 2032 Value Projection |
USD 4.61 Billion |
| Historical Data for |
2019 to 2023 |
| No. of Pages |
340 |
| Tables, Charts & Figures |
860 |
| Segments covered |
Collector, System, Application, Region |
| Growth Drivers |
- Growing demand for energy efficient water heaters
- Extreme climatic conditions
- Government mandates pertaining to greenhouse gas emissions.
- Positive outlook toward renewable energy
- Replacement of conventional water heating systems
|
| Pitfalls & Challenges |
|
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COVID- 19 Impact
The COVID- 19 pandemic had minimal impact on the industry due to the shutdown of significant industrial operations and the constant supply chain interruptions throughout the course of the outbreak. However, the relaxation of constraints coupled with the reactivation of commercial facilities has resulted in product deployments. Furthermore, considerable efforts aimed at increasing the use of renewable energy will improve the business dynamics.
Solar Water Heater Market Trends
Growing population and changing lifestyle habits, has increased need for hot water for bathing, washing clothes, cleaning dishes, and other daily activities. Furthermore, increasing affordability of the product due to advancements in technology and manufacturing processes along with favorable governmental tax credits will positively influence the industry statistics. For instance, the Inflation Reduction Act of 2022 of U.S. qualifies solar water heaters for a 30% federal tax credit.
Solar Water Heater Market Analysis
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Residential solar water heaters market will exceed USD 2.4 billion by 2032, on the account of growing global population and increasing energy demand for sustainable and decentralized energy solutions in conjunction with increasing customer preference towards unconventional water heating systems. Solar water heaters have seen technological advancements that have improved their efficiency and reliability. These improvements include better insulation, high-performance collectors, advanced control systems, and backup heating options which in turn has increased consumer confidence and encouraged the adoption of solar water heaters at homes.
Thermosiphon solar water heater market size will record over 5.2% CAGR through 2032. These systems operate based on natural convection, without the need for pumps or external power sources and are relatively simple in design and installation making them cost-effective and easy to maintain. Extreme weather conditions have developed demand for eco-friendly and reliable products along with growing requirement to decrease carbon footprint will drive the business scenario. Additionally, the ongoing deployment of efficient systems to provide secure heating services along with continuous investments for the establishment of green building infrastructure will propel to industry landscape.
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Get your free sample now! Imagine a water heater that works like a charm even in the coldest and hottest places. That's where evacuated tube solar water heaters come in! They're the perfect solution for homes and businesses looking to cut down on energy costs. How do they work? They use the free power of the sun to heat your water, so you don't have to rely on your regular heater as much. This can save you a bundle on your utility bills and in the long run. For example, experts say you could save half to 80% on your water heating costs! Plus, there's the eco-friendly factor. By using solar power, you're doing your part to protect the environment. So you can feel good about saving money while helping out the planet.
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Solar water heaters are becoming increasingly popular in the Asia Pacific region, with a predicted growth rate of about 5.1% per year until 2032. This is because people are looking to reduce their reliance on traditional energy sources like electricity and gas. Governments are also playing a role in this trend by offering incentives and policies that encourage the use of solar water heaters. For example, in India, the state of Bengaluru recently announced a new energy efficiency policy that offers a rebate of 50 paise per unit (up to a maximum of 50 rupees per month) for the installation of solar water heaters. These policies and programs are helping to drive up demand for more efficient solar water heater models. In addition, government regulations on greenhouse gas emissions and the development of smart city projects are also contributing to the growth of this market.
Solar Water Heater Market Share
Focus on the development of cost-effective and innovative heating solutions through new product innovations and acquisitions will augment the industry dynamics. Major companies operating across the solar water heater market include
- GE Appliances
- A.O. Smith
- Alternate Energy Technologies, LLC.
- Rheem Manufacturing Company
- Viessmann
- V-GUARD INDUSTRIES LTD.
- Racold
- SunTank
- Chromagen Australia Pty Ltd
- Himin Solar Co., Ltd
- SUNPAD
- Bradford White Corporation
- EMMVEE SOLAR
- Bosch Thermotechnology
- Rinnai
Solar Water Heater Industry News
- In May 2023, Uttarakhand Renewable Energy Development Agency (UREDA) introduced solar water heater scheme in India. The scheme will provide 30%-60% subsidy for installing 100-800 liters of water heaters in residential & commercial properties. It also aims to develop water heater plant of about 75,000 liters which will save up to 1,500 units of power each year. The government initiative will reduce electricity bills & promote the use of renewable energy in the state.
- In April 2023, Green Innov Industry Investment announced the construction of first solar water heater plant in Morocco. The project is significantly integrated with the country’s energy efficiency guidelines allowing the development of green industrial sector and is expected to be operational by second half of 2023. It will produce about 40,000 units of solar water heaters. The plant will support in strengthening the position of the country and enhancing the portfolio across the solar water heater industry.
This solar water heater market research report includes in-depth coverage of the industry with estimates & forecast in terms of ‘‘000 Units & USD Million’ from 2023 to 2032 for the following segments
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Market, By Collector
- Evacuated tube
- Flat Plate
- Unglazed
Market, By System
Market, By Application
The above information has been provided for the following regions and countries
- North America
- Europe
- Germany
- Austria
- Spain
- Turkey
- Denmark
- Italy
- Switzerland
- UK
- Asia Pacific
- China
- Thailand
- Australia
- India
- Japan
- South Korea
- Middle East & Africa
- Egypt
- Jordan
- Israel
- South Africa
- Saudi Arabia
- Kuwait
- UAE
- Qatar
- Bahrain
- Oman
- Latin America
