Solar Water Heater Market Revenue Growth, Growth Opportunities, Forecast By 2032

Solar Water Heater Market Overview:

Solar Water Heater Market share is expected to surpass USD 7.71 billion by 2032, expanding at a CAGR of 8.50% during the forecast period (2023 – 2032).

Market Research Future Insights

For use in commercial, residential, and industrial settings, solar water heaters deliver hot water. An assortment of collectors are used in solar water heaters to capture and store solar energy. In residential applications, solar collectors are primarily of three types: flat-plate collectors, evacuated tube collectors, and unglazed water collectors. The main purpose of a solar water heater is to reduce energy costs. Additionally, consumers that use heat energy for their homes or businesses can claim a renewable heat incentive.

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In case there isn’t enough heat, this technology also has a backup power source. The solar water heater is an energy-effective and reasonably priced device. The household, commercial, and industrial sectors all make extensive use of solar water heaters. The key market driver is the rising need for affordable heating solutions. Additionally, the Market Trends for the anticipated period appear promising. Additionally, the market value for solar water heaters is predicted to be 28.44 billion throughout the projection period.

Covid-19 Impact on Solar Water Heater Market

Supply Chain Disruptions: The global supply chain for solar water heater components, including solar panels, heat exchangers, and storage tanks, was significantly disrupted due to factory closures, transportation restrictions, and material shortages. This led to delays in production and project timelines.

Decreased Consumer Spending: The economic uncertainty caused by the pandemic led to a decrease in consumer spending, including on non-essential products like solar water heaters. Many potential buyers postponed or canceled their purchase decisions, impacting market growth.

Installation Challenges: Lockdowns, social distancing measures, and travel restrictions hindered the installation process for solar water heaters. Installation teams faced difficulties accessing residential and commercial sites, leading to project delays.

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Regional Analysis:

The solar water heater market in Asia Pacific is divided into North America, Europe, Latin America, and Asia Pacific. The Asia Pacific area has a better growth rate for the worldwide market. 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. These elements continue to support Asia Pacific’s slow water heater market.

Another important market is North America. In this market, consumers’ purchasing power and investments are higher. Additionally, there is significant room for market expansion and growth. Solar water energy is only utilised in areas with more sunlight, though. The market is significantly constrained by the weather. The major industry participants in North America, however, grow the market in other continents. European technology is renowned for being energy-efficient. In this sector, there is a lot of governmental funding for these technologies. Additionally, the popularity of solar technologies pushes buyers toward inefficient water heaters.

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Market Segmentation:

The market is divided into three categories based on application which are residential, commercial, and industrial. Due to rising investment in construction activities and rising demand for energy-efficient water heaters, the residential segment is anticipated to dominate the market over the forecast period. Europe, North America, and the Asia Pacific region are where the installation is primarily taking place. The market is divided into two categories based on type namely pumped and thermosyphon. Thermosyphon holds the majority of the market share for solar water heaters because of its low cost and easy usage.

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.

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