Solar Water Heater Market Analysis

Solar Water Heater Market Analysis

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.
 

Evacuated tube solar water heater market will cross USD 1.2 billion by 2032, owing to its ability to operate in extreme climatic conditions due to lower freezing point and with rising demand for replacement of existing water heaters. Utilizing the freely available energy from the sun, homeowners and businesses can offset the conventional energy consumption, resulting in lower utility bills and long-term savings. For instance, the Department of Energy estimates that installing a solar water heater will save you 50-80% on your water heating expenditures. Moreover, increasing awareness and concern about environmental sustainability have driven the adoption of renewable energy technologies including solar water heater.
 

Asia Pacific solar water heater market will showcase around 5.1% CAGR till 2032, owing to elimination of reliance on conventional energy sources like electricity or gas coupled with implementation of incentives and policies. For instance, in April 2022, state government of Bengaluru in India set new energy efficiency policy for domestic consumers which recommends rebate of 50 paise/unit to a maximum of 50 Rs. /month on the installation of solar water heaters. Such policies and programs will drive the demand for more efficient models. Moreover, government’s stringent rules and regulations for greenhouse gas emission and development of smart city projects will stimulate the business outlook.