Product Code: GVR-2-68038-198-6
Solar Water Heaters Market Growth & Trends:
The global solar water heaters market size is anticipated to reach USD 6.19 billion by 2030 and is projected to grow at a CAGR of 8.3% from 2024 to 2030, according to a new report by Grand View Research, Inc. The market is expected to experience significant growth driven by heightened environmental awareness, the growing emphasis on renewable energy sources, and the rising demand for energy-efficient solutions. Technological advancements in solar water heaters provide multiple advantages, such as decreased carbon emissions, lower energy costs, and the prevention of deforestation. These factors have contributed to an increased awareness of renewable energy sources, heightened environmental concerns, and adoption of energy-efficient solutions.
An increase in government initiatives encouraging the adoption of renewable energy, favorable regulations, and advancements in solar thermal technology are the primary drivers behind the market growth. These initiatives result in a rise in residential, commercial, and industrial usage. The solar water heater sector maintains a positive outlook as it offers a cost-efficient and environmentally friendly substitute for conventional water heating techniques. Opting for solar energy over traditional sources helps diminish deforestation, carbon emissions, reliance on fossil fuels, greenhouse gas emissions, and the risks associated with global warming.
The market is poised for continued growth, with increasing governments, businesses, and homeowners recognizing solar thermal technology's economic and environmental benefits. As the world increasingly moves towards renewable energy sources, the market is expected to play a vital role in the global energy transition, reducing greenhouse gas emissions and promoting sustainable development.
Solar Water Heaters Market Report Highlights:
- Based on technology, the evacuated tube collectors segment led the market with the largest revenue share of 44.2% in 2023 and is expected to grow at a significant CAGR over the forecast period. Evacuated tube collectors are in high demand due to their low maintenance requirements and high energy conversion potential. They are widely used in industrial and commercial applications, especially in cold regions
- Based on applications, the residential segment led the market with the largest revenue share of 39.54% in 2023 and is expected to grow at a significant CAGR over the forecast period. An increase in ecological awareness and government subsidies has boosted the residential sector
- Based on systems, the pumped system segment is expected to grow at the fastest CAGR during the forecast period. Pumped systems are extensively used in Europe and North America due to their efficient operation and ability to withstand freezing temperatures in those areas
Table of Contents
Chapter 1. Methodology and Scope
- 1.1. Market Segmentation & Scope
- 1.2. Market Definition
- 1.3. Information Procurement
- 1.3.1. Purchased Database
- 1.3.2. GVR's Internal Database
- 1.3.3. Secondary Sources & Third-Party Perspectives
- 1.3.4. Primary Research
- 1.4. Information Analysis
- 1.4.1. Data Analysis Models
- 1.5. Market Formulation & Data Visualization
- 1.6. Data Validation & Publishing
Chapter 2. Executive Summary
- 2.1. Market Snapshot
- 2.2. Segment Snapshot
- 2.3. Competitive Landscape Snapshot
Chapter 3. Solar Water Heaters Market Variables, Trends & Scope
- 3.1. Market Lineage Outlook
- 3.1.1. Parent Market Outlook
- 3.1.2. Related Market Outlook
- 3.2. Industry Value Chain Analysis
- 3.2.1. Distribution Channel Analysis
- 3.2.2. Raw Material Trends
- 3.2.3. Technological Overview
- 3.3. Regulatory Framework
- 3.4. Market Dynamics
- 3.4.1. Market Driver Analysis
- 3.4.2. Market Restraint Analysis
- 3.4.3. Industry Challenges
- 3.4.4. Industry Opportunities
- 3.5. Industry Analysis Tools
- 3.5.1. Porter's Five Forces Analysis
- 3.5.2. Macro-environmental Analysis
Chapter 4. Solar Water Heaters Market: Technology Estimates & Trend Analysis
- 4.1. Technology Movement Analysis & Market Share, 2023 & 2030
- 4.2. Solar Water Heaters Market Estimates & Forecast, By Technology, 2018 to 2030 (Thousand Units) (USD Million)
- 4.3. Evacuated Tube Collector
- 4.3.1. Evacuated Tube Collector Market Revenue Estimates and Forecasts, 2018 - 2030 (Thousand Units) (USD Million)
- 4.4. Flat Plate Collector
- 4.4.1. Flat Plate Collector Market Revenue Estimates and Forecasts, 2018 - 2030 (Thousand Units) (USD Million)
- 4.5. Unglazed Water Collector
- 4.5.1. Unglazed Water Collector Market Revenue Estimates and Forecasts, 2018 - 2030 (Thousand Units) (USD Million)
Chapter 5. Solar Water Heaters Market: System Estimates & Trend Analysis
- 5.1. System Movement Analysis & Market Share, 2023 & 2030
- 5.2. Solar Water Heaters Market Estimates & Forecast, By System, 2018 to 2030 (Thousand Units) (USD Million)
- 5.3. Thermosyphon
- 5.3.1. Thermosyphon Market Revenue Estimates and Forecasts, 2018 - 2030 (Thousand Units) (USD Million)
- 5.4. Pumped
- 5.4.1. Pumped Market Revenue Estimates and Forecasts, 2018 - 2030 (Thousand Units) (USD Million)
Chapter 6. Solar Water Heaters Market Application Estimates & Trend Analysis
- 6.1. Application Movement Analysis & Market Share, 2023 & 2030
- 6.2. Solar Water Heaters Market Estimates & Forecast, By Application, 2018 to 2030 (Thousand Units) (USD Million)
- 6.3. Residential
- 6.3.1. Residential Market Revenue Estimates and Forecasts, 2018 - 2030 (Thousand Units) (USD Million)
- 6.4. Commercial
- 6.4.1. Commercial Market Revenue Estimates and Forecasts, 2018 - 2030 (Thousand Units) (USD Million)
- 6.5. Industrial
- 6.5.1. Industrial Market Revenue Estimates and Forecasts, 2018 - 2030 (Thousand Units) (USD Million)
Chapter 7. Solar Water Heaters Market: Regional Estimates & Trend Analysis
- 7.1. Regional Movement Analysis & Market Share, 2023 & 2030
- 7.2. North America
- 7.2.1. North America Chemical Market Estimates & Forecast, 2018 - 2030 (Thousand Units) (USD Million)
- 7.2.2. U.S.
- 7.2.2.1. Key country dynamics
- 7.2.2.2. U.S. Solar Water Heaters market estimates & forecast, 2018 - 2030 (Thousand Units) (USD Million)
- 7.2.3. Canada
- 7.2.3.1. Key country dynamics
- 7.2.3.2. Canada Solar Water Heaters market estimates & forecast, 2018 - 2030 (Thousand Units) (USD Million)
- 7.2.4. Mexico
- 7.2.4.1. Key country dynamics
- 7.2.4.2. Mexico Solar Water Heaters market estimates & forecast, 2018 - 2030 (Thousand Units) (USD Million)
- 7.3. Europe
- 7.3.1. Europe Chemical Market Estimates & Forecast, 2018 - 2030 (Thousand Units) (USD Million)
- 7.3.2. Germany
- 7.3.2.1. Key country dynamics
- 7.3.2.2. Germany Solar Water Heaters market estimates & forecast, 2018 - 2030 (Thousand Units) (USD Million)
- 7.3.3. Russia
- 7.3.3.1. Key country dynamics
- 7.3.3.2. Russia Solar Water Heaters market estimates & forecast, 2018 - 2030 (Thousand Units) (USD Million)
- 7.3.4. UK
- 7.3.4.1. Key country dynamics
- 7.3.4.2. UK Solar Water Heaters market estimates & forecast, 2018 - 2030 (Thousand Units) (USD Million)
- 7.3.5. Spain
- 7.3.5.1. Key country dynamics
- 7.3.5.2. Spain Solar Water Heaters market estimates & forecast, 2018 - 2030 (Thousand Units) (USD Million)
- 7.3.6. Italy
- 7.3.6.1. Key country dynamics
- 7.3.6.2. Italy Solar Water Heaters market estimates & forecast, 2018 - 2030 (Thousand Units) (USD Million)
- 7.3.7. France
- 7.3.7.1. Key country dynamics
- 7.3.7.2. France Solar Water Heaters market estimates & forecast, 2018 - 2030 (Thousand Units) (USD Million)
- 7.4. Asia Pacific
- 7.4.1. Asia Pacific Chemical Market Estimates & Forecast, 2018 - 2030 (Thousand Units) (USD Million)
- 7.4.2. China
- 7.4.2.1. Key country dynamics
- 7.4.2.2. China Solar Water Heaters market estimates & forecast, 2018 - 2030 (Thousand Units) (USD Million)
- 7.4.3. Japan
- 7.4.3.1. Key country dynamics
- 7.4.3.2. Japan Solar Water Heaters Market estimates & forecast, 2018 - 2030 (Thousand Units) (USD Million)
- 7.4.4. South Korea
- 7.4.4.1. Key country dynamics
- 7.4.4.2. South Korea Solar Water Heaters Market estimates & forecast, 2018 - 2030 (Thousand Units) (USD Million)
- 7.4.5. India
- 7.4.5.1. Key country dynamics
- 7.4.5.2. India Solar Water Heaters Market estimates & forecast, 2018 - 2030 (Thousand Units) (USD Million)
- 7.4.6. Australia
- 7.4.6.1. Key country dynamics
- 7.4.6.2. Australia Solar Water Heaters Market estimates & forecast, 2018 - 2030 (Thousand Units) (USD Million)
- 7.5. Central & South America
- 7.5.1. Central & South America Chemical Market Estimates & Forecast, 2018 - 2030 (Thousand Units) (USD Million)
- 7.5.2. Brazil
- 7.5.2.1. Key country dynamics
- 7.5.2.2. Brazil Solar Water Heaters market estimates & forecast, 2018 - 2030 (Thousand Units) (USD Million)
- 7.5.3. Colombia
- 7.5.3.1. Key country dynamics
- 7.5.3.2. Colombia Solar Water Heaters market estimates & forecast, 2018 - 2030 (Thousand Units) (USD Million)
- 7.5.4. Paraguay
- 7.5.4.1. Key country dynamics
- 7.5.4.2. Paraguay Solar Water Heaters market estimates & forecast, 2018 - 2030 (Thousand Units) (USD Million)
- 7.6. Middle East & Africa
- 7.6.1. Middles East & Africa Chemical Market Estimates & Forecast, 2018 - 2030 (Thousand Units) (USD Million)
- 7.6.2. Saudi Arabia
- 7.6.2.1. Key country dynamics
- 7.6.2.2. Saudi Arabia Solar Water Heaters market estimates & forecast, 2018 - 2030 (Thousand Units) (USD Million)
- 7.6.3. UAE
- 7.6.3.1. Key country dynamics
- 7.6.3.2. UAE Solar Water Heaters market estimates & forecast, 2018 - 2030 (Thousand Units) (USD Million)
- 7.6.4. South Africa
- 7.6.4.1. Key country dynamics
- 7.6.4.2. South Africa Solar Water Heaters market estimates & forecast, 2018 - 2030 (Thousand Units) (USD Million)
- 7.6.5. Egypt
- 7.6.5.1. Key country dynamics
- 7.6.5.2. Egypt Solar Water Heaters market estimates & forecast, 2018 - 2030 (Thousand Units) (USD Million)
Chapter 8. Solar Water Heaters Market - Competitive Landscape
- 8.1. Recent Developments & Impact Analysis, By Key Market Participants
- 8.2. Company Categorization
- 8.3. Company Heat Map/Position Analysis, 2023
- 8.4. Strategy Mapping
- 8.4.1. Expansion
- 8.4.2. Mergers & Acquisition
- 8.4.3. Partnerships & Collaborations
- 8.4.4. New Product Launches
- 8.4.5. Research And Development
- 8.5. Company Profiles
- 8.6. Company Profiles company names list competitors
- 8.6.1. A.O. Smith
- 8.6.1.1. Participant's overview
- 8.6.1.2. Financial performance
- 8.6.1.3. Product benchmarking
- 8.6.1.4. Recent developments
- 8.6.2. Bosch Thermotechnology
- 8.6.2.1. Participant's overview
- 8.6.2.2. Financial performance
- 8.6.2.3. Product benchmarking
- 8.6.2.4. Recent developments
- 8.6.3. Bradford White Corporation
- 8.6.3.1. Participant's overview
- 8.6.3.2. Financial performance
- 8.6.3.3. Product benchmarking
- 8.6.3.4. Recent developments
- 8.6.4. Eurostar Solar
- 8.6.4.1. Participant's overview
- 8.6.4.2. Financial performance
- 8.6.4.3. Product benchmarking
- 8.6.4.4. Recent developments
- 8.6.5. G E Appliances
- 8.6.5.1. Participant's overview
- 8.6.5.2. Financial performance
- 8.6.5.3. Product benchmarking
- 8.6.5.4. Recent developments
- 8.6.6. Kodsan
- 8.6.6.1. Participant's overview
- 8.6.6.2. Financial performance
- 8.6.6.3. Product benchmarking
- 8.6.6.4. Recent developments
- 8.6.7. Racold
- 8.6.7.1. Participant's overview
- 8.6.7.2. Financial performance
- 8.6.7.3. Product benchmarking
- 8.6.7.4. Recent developments
- 8.6.8. Rheem Manufacturing Company
- 8.6.8.1. Participant's overview
- 8.6.8.2. Financial performance
- 8.6.8.3. Product benchmarking
- 8.6.8.4. Recent developments
- 8.6.9. SunEarth
- 8.6.9.1. Participant's overview
- 8.6.9.2. Financial performance
- 8.6.9.3. Product benchmarking
- 8.6.9.4. Recent developments
- 8.6.10. SUNPAD, GREENoneTEC Solarindustrie GmbH
- 8.6.10.1. Participant's overview
- 8.6.10.2. Financial performance
- 8.6.10.3. Product benchmarking
- 8.6.10.4. Recent developments
- 8.6.11. SUNRAIN
- 8.6.11.1. Participant's overview
- 8.6.11.2. Financial performance
- 8.6.11.3. Product benchmarking
- 8.6.11.4. Recent developments
- 8.6.12. VaySunic
- 8.6.12.1. Participant's overview
- 8.6.12.2. Financial performance
- 8.6.12.3. Product benchmarking
- 8.6.12.4. Recent developments