What are the Historical Developments and Current Growth Metrics of the Solar Water Heaters Market?
The solar water heaters market has seen considerable growth due to a variety of factors.
• In the past few years, the solar water heater market has seen robust growth. The market size is predicted to increase from 2024's $4.63 billion to $5.03 billion in 2025, with a compound annual growth rate of 8.6%.
This growth in the historic period has been driven by factors like surge in energy prices and instability in fossil fuel markets, the increased emphasis on energy independence and security, and a rise in consumer preference for sustainable and green solutions.
What Is The Projected Growth Of The Solar Water Heaters Template Market?
The solar water heaters market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the market size of solar water heaters is projected to witness remarkable growth. The market is likely to expand to $6.61 billion by 2029, with a compound annual growth rate (CAGR) of 7.0%.
The growth during the forecast period can be credited to the surging demand for decentralized and off-grid energy solutions, growing use of hybrid solar water heating systems, sustained government incentives and policies that support renewable energy. Notable trends throughout the forecast span encompass the utilization of predictive analytics and artificial intelligence for system efficacy optimization, emergence of innovative business models emphasizing on energy-as-a-service and performance contracting, the formulation of standards and certifications to guarantee product safety and quality, as well as cooperative collaborations between manufacturers and utilities to champion solar water heating.
What Are The Key Drivers Fueling Growth In The Solar Water Heaters Market?
With the rise in energy prices, experts predict a surge in the solar water heater market. Energy, which is a basic entity of nature transitioned between different parts of a system to produce usable power such as heat or electricity, witnesses escalating prices due to increasing demand, supply restrictions, geopolitical uncertainties, and the shift towards renewable energy resources. Solar water heaters serve as an efficient and eco-friendly solution to counter the effect of soaring energy prices by offering a cost-effective means for water heating. For example, as reported by Eurostat, a government agency based in Luxembourg, during the first half of 2024, domestic electricity prices in the EU recorded their highest surge in Ireland, with a 37% hike compared to the same timeframe in 2023. Hence, the rising energy prices are spearheading the expansion of the solar water heater market.
What Are The Principal Market Segments In The Global Solar Water Heaters Industry?
The solar water heaters market covered in this report is segmented –
1) By System: Thermosiphon, Pumped
2) By Collector: Evacuated Tube Collector, Flat Plate Collector, Unglazed Water Collector
3) By Capacity: 100 L, 150 Liter, 200 Liter, Other Capacity
4) By Application: Residential, Commercial, Industrial
Subsegments:
1) By Thermosiphon: Direct Thermosiphon Systems, Indirect Thermosiphon Systems
2) By Pumped: Active Pumped Systems, Passive Pumped Systems
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What Trends Are Reshaping The Future Of The Solar Water Heaters Market?
Leading firms in the solar water heater market are concentrating their efforts on the creation of innovative products like Eco Cute as a strategy to improve their financial status within the market. This system, comprising an air-source heat pump mechanism and a hot water storage component, merges smoothly with household solar panels, exploiting surplus solar power for water heating purposes. For instance, in March 2022, the eco-friendly system, Eco Cute, was introduced by Panasonic Corporation, an electronics firm based in Japan. The Eco Cute system extracts heat from the air to produce heated water for home use, employing supercritical carbon dioxide as a refrigerant, which is a more energy-efficient method of heating and supplying water than using traditional gases like ammonia or haloalkanes. The system's environmentally friendly advantages include energy preservation and a decrease in greenhouse gas emissions. It also features a heat pump and a hot water storage component, which aids in maintaining constant bathwater temperatures while minimizing energy consumption and water use.
Who Are the Key Players In The Solar Water Heaters Market?
Major companies operating in the solar water heaters market are:
• Robert Bosch GmbH
• Hubbell Incorporated
• Viessmann Manufacturing
• Ariston Group
• Rheem Manufacturing Company
• Stiebel Eltron Inc.
• Tata Power Solar Systems Limited
• V-Guard Industries Ltd.
• Bradford White Corporation
• Himin Solar Energy Group
• Photon Energy Systems Ltd.
• A. O. Smith
• Central Electronics Limited
• Alternate Energy Technologies LLC
• Kodsan Isi Teknolojileri
• SunEarth Inc.
• Apricus Solar Co. Ltd.
• Jupiter Solar Power Limited
• SunTank
• Solav Energy
• Ferroli S.p.A.
• FAFCO Inc.
• Wagner & Co Solartechnik GmbH
• Chemtrols Solar Pvt. Ltd.
• Nihon Itomic Co. Ltd.
What Are The Regional Insights Into The Solar Water Heaters Market?
North America was the largest region in the solar water heaters market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the solar water heaters market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
