Solar Water Heater Market Highlights:
Solar Water Heater Market share is projected to exceed USD 7 billion by 2027, growing at a CAGR of 8.5% during the forecast period.
Solar water heater is a device which provides hot water for industrial, commercial, and residential applications. A solar water heater comprises of an array of collectors to collect and store solar energy. There are mainly three types of solar collectors that are used in residential applications such as flat-plate collector, evacuated tube collector, and unglazed water collector. Solar water heater is majorly used to save energy bills. Moreover, the domestic and commercial consumers are entitled to claim renewable heat incentive for generating heat energy.
Solar Water Heater Market Demand:
Several factors contribute to the increasing demand for solar water heaters:
Rising awareness of environmental sustainability: With growing concerns about climate change and the need to reduce greenhouse gas emissions, there has been a shift towards renewable energy sources. Solar water heaters are an attractive option as they utilize clean, renewable energy from the sun.
Cost savings: Solar water heaters can significantly reduce energy bills as they rely on sunlight, which is free and abundant. Although the upfront costs of installation may be higher compared to traditional water heaters, the long-term savings on energy expenses make them economically viable.
Government incentives and policies: Many governments worldwide have introduced incentives, subsidies, and tax benefits to promote the adoption of solar water heaters. These initiatives aim to accelerate the transition to renewable energy and reduce dependence on fossil fuels.
Technological advancements: Advancements in solar technology, such as improved efficiency, better storage options, and innovative designs, have made solar water heaters more practical and efficient. These advancements have increased their appeal to consumers and businesses alike.
Key Players:
The key players of the global solar water heater market are Rheem Manufacturing (US), A.O.Smith (US), SunTank (South Africa), Bradford White Corporation (US), Bosch (Germany), Honeywell Corporation (US), Racold (India), Alternate energy Technologies (US), Viessmann Manufacturing (US), and Wagner Solar (UK), among others.
Scope of the Report
This report provides an in-depth analysis of the global solar water heater market, tracking three market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, and share for North America, Asia-Pacific (APAC), Europe, and Rest of the World. The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the solar water heater market by its type, collector type, application, and by region.
- By Type
- Pumped
- Thermosyphon
- By Collector Type
- Evacuated Tube Collector
- Flat Plate Collector
- Unglazed Water Collector
- By Application
- Residential
- Commercial
- Industrial
- By Regions
- North America
- Asia-Pacific
- Europe
- Middle East & Africa
- South Africa
