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Solar Water Heater Market Size

Report ID: GMI2219
Published Date: Jun 2023
Report Format: PDF

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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:	High initial investment

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Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

The market size of solar water heater was reached USD 2.78 billion in 2023 and is expected to surpass USD 4.61 billion by 2032, driven by favorable regulatory frameworks coupled with positive consumer outlook towards the adoption of energy-efficient technologies.

Evacuated tube solar water heater industry share will record over USD 1.2 billion by 2032, owing to its ability to operate in extreme climatic conditions and the rising need for replacement of existing water heaters.

Asia Pacific market is set to witness over 5.1% CAGR from 2023 to 2032, attributed to the limited reliance on conventional energy sources.

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, and Bradford White Corporation are some of the top firms operating in the industry.