The global solar water heater market size was US$ 4.6 billion in 2021. The global solar water heater market size is forecast to reach US$ 7.8 billion by 2030, growing at a compound annual growth rate (CAGR) of 6.1% during the forecast period from 202 to 2030.
Solar water heating is a dependable, eco-friendly, and economical solution that can reduce utility costs for thousands of homes and businesses. In order to generate electrical and thermal energy, this technology uses sunlight as a source of energy. Usually, this alternative energy source may be transformed into heat, which offers hot water for heating residences and commercial buildings. In several nations throughout the world, solar water heating systems use solar thermal heating to produce hot water. For every 100 liters of solar heating capacity per day, a typical solar water heating system can save up to 1500 units of electricity annually.
Factors Influencing Market Growth
The growing energy prices, rising global population, and increasing demand for energy-efficient water heaters drive the global market.
The technological advancements in solar panels with regard to design specifications and other developments, such as solar tracking mounts and thin film technology is forecast to offer lucrative opportunities for the global market.
The lack of consumer understanding and increased initial investment may slow down the overall market growth.
Impact Analysis of COVID-19
The COVID-19 pandemic had a negative impact on the global market. Several governments worldwide imposed a lockdown in order to curb the virus from spreading. This led to the closure of various manufacturing units owing to a lack of raw materials and lack of labor. A halt in photovoltaic equipment manufacture has sparked worries about logistics and material availability. In consequence, this makes it more difficult to make solar water heaters.
Regional Analysis
Europe garnered a substantial market share in 2021 and is forecast to have considerable growth during the forecast period. As a result of the presence of leading market participants, rising concerns from the government, and new energy schemes. Under the proposed changes to the basic subsidy program, the household hot water systems are anticipated to once again be subsidized at $60/m2, with a ceiling of $605 per system (at least 3m2 and 200 liters).
Leading Competitors
The leading prominent companies profiled in the global solar water heater market are:
A.O. Smith
Solahart
Jiangsu Sunpower Solar Technology Co., Ltd.
Alternate Energy Technologies.
Himin Solar Energy Group
V-Guard Industries Ltd
Ariston Thermo SpA
KODSAN Company
Solav Energy
Zhejiang JiaDeLe Solar Co., Ltd.
Sunpower Corporation
Other Prominent Players
Scope of the Report
The global solar water heater market segmentation focuses on Type, Capacity, End-Users, and Region.
Segmentation based on Type
Glazed
Unglazed
Segmentation based on Capacity
100 L
150 L
200 L
Others
Segmentation based on End-Users
Residential
Commercial
Industrial
Segmentation based on Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
Meta Title: Solar Water Heater Market Size, Share, Insight, and Forecast 2022 to 2030
Meta Description: Global Solar Water Heater Market is projected to reach US$ 7.8 billion by the end of 2030 from US$ 4.6 billion in 2021, at a CAGR of 6.1%
Meta Keywords: solar water heater market Size, solar water heater market share, solar water heater market trend, solar water heater market Forecast, solar water heater market insight
