Solar Water Heater Market is Forecasted to Reach US$ 2.53 Billion in 2028, Says Stratview Research

The global solar water heater market is projected to witness a growth rate of 6.23% annually from 2023 to 2028 with an anticipated size of US$ 2.53 billion by 2028, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global solar water heater market which provides a comprehensive outlook of the global and regional market, industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

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Report Highlights:
Market Size in 2028: US$ 2.53 billion
Growth (CAGR): 6.23% during 2023-2028
Forecast Period: 2023-2028
Trend Period: 2017-2021
Base Year: 2022
Number of Segments Covered: 4
Number of Tables & Graphs: 100+
Country-Level Market Assessment: 20

Segment Insights on the Solar Water Heater Market:

The global solar water heater market is segmented based on collector type, type, application type, and region.

Based on collector type - The market is segmented into evacuated tubes, flat plates, and unglazed water. Flat plate dominates the market during the forecast period. These collectors are suitable for installations in homes and small businesses. Cost-effectiveness, simplicity of design, and ease of installation are critical factors in product adoption. Furthermore, continuous technological advancements in collector design that aim to increase efficiency will encourage the growth of the segment.

Based on type - The market is segmented into thermosiphon and pumped. The thermosiphon segment dominates the market during the forecast period. Thermosiphon solar water heaters are suitable for hot climates in countries such as Australia, Israel, Japan, and India due to their low space requirements. This will fuel the growth of the segment in the coming years. The ability to circulate flammable liquids and gases in heating and cooling applications without using mechanical pumps would improve the market environment even more.

Based on application type - The market is segmented as residential, commercial, and industrial. The commercial segment leads the market during the forecast period. Infrastructure development, such as governmental structures, educational institutions, and shopping malls, will receive more funding from both public and private financial organizations, encouraging product acceptance. Green building standards and rules to reduce carbon emissions and encourage the use of clean technologies would improve the corporate environment even more.

To know the most attractive segments, click here:
https://stratviewresearch.com/3120/solar-water-heater-market.html

Which Region Shows the Most Promising Growth Forecast and Opportunity?

The analysis suggests that Asia-Pacific is expected to remain the largest market for solar water heaters during the forecast period. This growth outlook is majorly attributed to the following-

• This region is experiencing a significant rise due to the increasing need for energy efficiency.
• Government support is also strong in the Asia-Pacific region.
• The government's promotion of the solar industry is likewise more aggressive. All of these factors continue to support the region's solar water heater market.

Solar Water Heater Market Drivers:

Some of the key drivers listed in the report are given below.

• Rising demand for eco-friendly, dependable, and affordable technology for water heating solutions in the residential and non-residential sectors is likely to drive the solar water heater market. When compared to traditional heating systems, solar water heaters have lower operating costs, ranging from 25% to 40% in the winter and 75% in the summer.
• Growing awareness of how to use sustainable technologies effectively and rising infrastructure expenditure are driving the demand for energy-efficient solutions. Incentives such as tax breaks, subsidies, and tax credits will also help promote sustainable technologies, improving the market's outlook.

Top Companies in the Solar Water Heater Market:

Stratview Research has identified the following companies as the top market players.
• A.O. Smith
• Alternate Energy
• Chromagen
• HiminSolar
• Racold
• Rheem Manufacturing
• SunTank
• V-Guard
• Viessmann
• Wagner Solar

What Unique Insights Does this Report Offer?
This report provides comprehensive insights into the Solar Water Heater Market, answering critical questions like:
• How big is the sales opportunity?
• Which regions offer the best sales opportunities?
• Which are the most attractive market segments?
• Which are the top players and their market positioning?
• How complex is the business environment?
• What are the factors affecting the market?

For Customization or Any Other Queries, Get in Touch with Our Industry Experts at - sales@stratviewresearch.com

Related Reports:
• Water Heater Market: https://stratviewresearch.com/1037/water-heater-market.html
• Storage Water Heater Market: https://stratviewresearch.com/2980/storage-water-heater-market.html

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Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.

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This release was published on openPR.