Solar Water Heater Market Size (2024 - 2029)

The solar water heater market is anticipated to experience growth driven by factors such as the reduction of carbon footprints and increased efficiency, alongside the declining prices and rising adoption of glazed solar heaters. Despite challenges posed by the cost-effectiveness of alternative technologies like batteries and solar PV, government initiatives aimed at promoting solar water heaters are expected to enhance market opportunities. The Middle-East and Africa region is projected to lead in market demand, with significant contributions from countries like Saudi Arabia, Turkey, and Israel.

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Market Size of Solar Water Heater Industry

Solar Water Heater Market Summary
Study Period 2021 - 2029
Base Year For Estimation 2023
CAGR 5.50 %
Fastest Growing Market Middle-East and Africa
Largest Market Asia Pacific
Market Concentration Low

Major Players

Solar Water Heater Market Major Players

*Disclaimer: Major Players sorted in no particular order

Solar Water Heater Market Analysis

The Solar Water Heater Market is expected to register a CAGR of more than 5.5% during the forecast period.

The market was negatively impacted by COVID-19 in 2020. Presently the market has now reached pre-pandemic levels.

  • Over the medium term, factors such as reducing carbon footprint and increasing efficiency clubbed with the increase in usage of solar heaters due to the declining prices and growing adoption of glazed solar heaters are likely to drive the solar water heater market during the forecast period.
  • On the other hand, the improved cost-effectiveness associated with batteries or modules is expected to restrain the Solar Water Heater Market during the forecast period, as the Solar Water Heater installation requires major modification to a building's plumbing systems and has relatively less life compared to solar PV.
  • Nevertheless, governments are pushing for schemes to push for the solar water heater to reduce gas-powered water heater and district heating systems. Programs like the solar city in Seoul are being introduced to subsidize the solar water heater market and make them cheaper than their alternatives. This, in turn, is likely to create opportunities for the players involved in the market in the near future.
  • The Middle-East and Africa region is expected to dominate the market, with the majority of the demand coming from countries such as Saudi Arabia, Turkey, and Israel.

Solar Water Heater Industry Segmentation

A Solar Water Heater Generates hot water using solar heat energy. A solar collector attached to a water storage tank and positioned on the top of a building makes up a standard solar water heater. Solar water heaters are a significant step toward living more sustainably.

The Solar Water Heater Market is segmented by thermal collector type, end-user type, and geography. By thermal collector type, the market is segmented into glazed (evacuated tube and flat plate) and unglazed. The end-user type includes residential and commercial, and industrial. The report also covers the market size and forecasts for the solar water heater market across the major regions. For each segment, the market sizing and forecasts have been done based on revenue (USD Billion).

Thermal Collector Type
Glazed
Evacuated Tube
Flat Plate
Unglazed
End User
Residential
Commercial and Industrial
Geography
North America
Asia-Pacific
Europe
South America
Middle-East and Africa
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Solar Water Heater Market Size Summary

The Solar Water Heater Market is poised for significant growth, driven by the increasing emphasis on reducing carbon footprints and enhancing energy efficiency. The market has rebounded to pre-pandemic levels after the setbacks caused by COVID-19. The declining costs and rising adoption of glazed solar heaters are expected to propel market expansion. However, the market faces challenges from the improved cost-effectiveness of alternative energy solutions like batteries and modules, which require less extensive modifications to existing infrastructure. Government initiatives, such as those in Seoul, aim to subsidize solar water heaters, making them more competitive against gas-powered systems, thereby creating opportunities for market players. The Middle-East and Africa region, particularly countries like Saudi Arabia, Turkey, and Israel, is anticipated to lead in demand, supported by the advantages of glazed collectors, which offer higher efficiency and year-round usability.

Globally, the trend is shifting towards renewable energy sources, with solar power playing a crucial role in replacing fossil fuels. The Asia Pacific region is expected to dominate the solar water heater market, driven by the large population and high adoption rates of solar-powered devices in countries like China and India. Initiatives such as the Asian Development Bank's grant to Mongolia highlight the push for renewable energy solutions, despite challenges like the continued reliance on coal. The market is characterized by fragmentation, with key players including Himin Solar Energy Group, V-Guard Industries Ltd, and Ariston Thermo SpA. Recent developments, such as Tunisia's distribution of solar-powered water heaters and Sunerg Solar Srl's innovative products, underscore the ongoing efforts to optimize energy consumption and integrate solar power with traditional energy sources.

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Solar Water Heater Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD billion, till 2027

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

      2. 1.5.2 Restraints

    6. 1.6 Supply Chain Analysis

    7. 1.7 Porter's Five Forces Analysis

      1. 1.7.1 Bargaining Power of Suppliers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitute Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Thermal Collector Type

      1. 2.1.1 Glazed

        1. 2.1.1.1 Evacuated Tube

        2. 2.1.1.2 Flat Plate

      2. 2.1.2 Unglazed

    2. 2.2 End User

      1. 2.2.1 Residential

      2. 2.2.2 Commercial and Industrial

    3. 2.3 Geography

      1. 2.3.1 North America

      2. 2.3.2 Asia-Pacific

      3. 2.3.3 Europe

      4. 2.3.4 South America

      5. 2.3.5 Middle-East and Africa

Solar Water Heater Market Size FAQs

The Solar Water Heater Market is projected to register a CAGR of greater than 5.5% during the forecast period (2024-2029)

Himin Solar Energy Group, V-Guard Industries Ltd, Ariston Thermo SpA, KODSAN Company and Solav Energy are the major companies operating in the Solar Water Heater Market.

Solar Water Heater Market Report Snapshots

Solar Water Heater Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)