Solar Water Heaters Market Report: Major Key Players, Application, Growth And Analysis, Forecast To 2033

The solar water heaters market size has grown steadily in recent years. It will grow from $4.26 billion in 2023 to $4.63 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%. The growth in the historic period can be attributed to rising energy prices and volatility in fossil fuel markets, increasing focus on energy independence and security, growing consumer preference for sustainable and eco-friendly solutions.

The solar water heaters market size is expected to see strong growth in the next few years. It will grow to $6.18 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be attributed to rising demand for off-grid and decentralized energy solutions, increasing adoption of hybrid solar water heating systems, continuation of government incentives and policies favoring renewable energy. Major trends in the forecast period include adoption of predictive analytics and artificial intelligence for system optimization, emergence of new business models focused on energy-as-a-service and performance contracting, development of standards and certifications to ensure product quality and safety, collaborative partnerships between manufacturers and utilities to promote solar water heating.

Market Overview -
Solar water heaters are systems that utilize solar energy to heat water for domestic, commercial, and industrial use. They typically consist of solar thermal collectors and a storage tank, efficiently converting sunlight into heat to provide hot water. These systems reduce the reliance on traditional energy sources, lowering energy costs and decreasing greenhouse gas emissions.

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Solar Water Heaters Gain Momentum Amidst Soaring Energy Costs
The increasing energy prices are expected to propel the growth of the solar water heater market going forward. Energy refers to the fundamental entity of nature that is transferred between parts of a system in the production of usable power, such as heat or electricity. The prices are rising due to increased demand, supply constraints, geopolitical tensions, and the transition to renewable energy sources. Solar water heaters play a vital role in mitigating the impact of increasing energy prices by providing a cost-effective and sustainable alternative for water heating. For instance, in May 2023, according to reports published by the U.S. Energy Information Administration (EIA), a US-based statistical and analytical agency, the price of fossil fuels, including natural gas, coal, and petroleum, supplied to U.S. power plants rose by 34% from $3.82 per million British thermal units (MMBtu) in 2021 to $5.13 per (MMBtu) in 2022. Therefore, increasing energy prices are driving the growth of the solar water heater market.

Competitive Landscape -
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 Isı 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.

Panasonic's Eco Cute Paves The Way For Sustainable Living Through Solar Water Heating
Major companies operating in the solar water heater market are increasing their focus on developing new products, such as Eco Cute, to elevate their financial performance in the market. This system, which encompasses an air-source heat pump system and a hot water storage unit, seamlessly integrates with residential solar panels to harness excess solar energy for water heating. For instance, in March 2022, Panasonic Corporation, a Japan-based electronic company, launched Eco Cute. The eco cute system captures heat from the air to create hot water for residential use. It offers energy-efficient water heating and supply by utilizing supercritical carbon dioxide as a refrigerant instead of conventional gases like ammonia or haloalkanes. The system is known for its environmental benefits, including energy conservation and reduced greenhouse gas emissions. It includes a heat pump and hot water storage unit that helps maintain bathwater temperatures at a constant level, saving energy and reducing water usage.

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Key Segments -
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

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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