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Key Influencer in the Solar Water Heaters Market 2025: Solar Water Heaters Gain Momentum Amidst Soaring Energy Costs Driver
Solar Water Heaters MarketG
The escalation in energy costs is anticipated to drive the expansion of the solar water heater market. Energy, a fundamental component of nature, is exchanged within parts of a system to generate usable power, like heat or electricity. The price surge is due to a boost in demand, supply restrictions, political unrest, and the transition toward renewable energy resources. Solar water heaters offer an essential solution to counter the impact of rising energy costs by presenting an affordable and environmentally-friendly option for water heating. For example, as reported by Eurostat, a governmental agency based in Luxembourg, household electricity prices in the EU recorded the biggest leap in Ireland in the first half of 2024, seeing an increase of 37% in comparison to the same timeframe in 2023. Consequently, the escalating energy costs are fueling the growth of the solar water heater market.
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What growth opportunities are expected to drive the solar water heaters market's CAGR through 2034?
The market size of solar water heaters has experienced robust expansion in the last few years. Its market value is projected to escalate from $4.63 billion in 2024 to $5.03 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 8.6%. The substantial growth in the preceding period can be linked to factors such as increasing energy costs and uncertainties in fossil fuel markets, heightened emphasis on energy self-sufficiency and safety, and a trend of consumers choosing sustainable and environmentally friendly options.
Strong expansion is predicted for the solar water heaters market in the coming years, with an anticipated increase to $6.61 billion by 2029, demonstrating a compound annual growth rate (CAGR) of 7.0%. The projected growth during this forecast period can be credited to the burgeoning demand for off-grid and decentralized energy alternatives, an uptick in the uptake of hybrid solar water heating systems, and the persistence of government incentives and policies that support renewable energy. Notable trends expected within this forecast period include the utilization of predictive analytics and artificial intelligence to enhance system efficiency, the emergence of innovative business models that emphasize energy-as-a-service and performance contracting, the introduction of standards and certifications that verify product quality and safety, and mutually beneficial partnerships between manufacturers and utilities to bolster solar water heating.
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What are the emerging trends shaping the future of the solar water heaters market?
Leading corporations in the solar water heater industry are increasing their concentration on designing innovative products like Eco Cute, as a strategy to enhance their financial outcomes in this market. This system, incorporating an air-source heat pump system and a unit for storing heated water, flawlessly assimilates with residential solar panels to utilize excessive solar power for the purpose of water heating. In March 2022, the Japan-originated electronic firm, Panasonic Corporation, launched Eco Cute. This system utilises heat from the air to produce heated water suitable for domestic usage. Eco Cute ensures energy-saving water heating and supply by employing supercritical carbon dioxide as a coolant instead of traditional gases such as ammonia or haloalkanes. The system has eco-friendly attributes, encompassing energy preservation and minimized greenhouse gas emissions. It carries a heat pump and a hot water storage component which keep the bathing water temperature steady, therefore conserving energy and lessening water consumption.
Which growth-oriented segments of the solar water heaters market are leading the industry's development?
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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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.
What companies are at the forefront of innovation 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.
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What Is Covered In The Solar Water Heaters Global Market Report?
•Market Size Forecast: Examine the solar water heaters market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the solar water heaters market for a structured understanding.
•Key Players Overview: Analyze major players in the solar water heaters market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the solar water heaters market.
•Segment Contributions: Evaluate how different segments drive overall growth in the solar water heaters market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the solar water heaters market.
•Industry Challenges: Identify potential risks and obstacles affecting the solar water heaters market.
•Competitive Landscape: Review strategic developments in the solar water heaters market, including expansions, agreements, and new product launches.
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