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Unlocking Opportunities in the Solar Water Heaters Market: 2025-2034 Forecast Report
Solar Water Heaters Market
What Will the Solar Water Heaters Industry Market Size Be by 2025?
In recent times, there has been substantial growth in the market size of solar water heaters. It is projected to increase from $4.63 billion in 2024 to $5.03 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 8.6%. The considerable growth witnessed in the past is the result of the surge in energy costs and unstable fossil fuel markets, heightened emphasis on energy independence and security, along with an increasing inclination of consumers towards sustainable and environmentally friendly solutions.
What's the Long-Term Growth Forecast for the Solar Water Heaters Market Size Through 2029?
In the forthcoming years, the market for solar water heaters is forecasted to experience substantial growth. It is projected to rise to $6.61 billion in 2029, with a compound annual growth rate of 7.0%. This growth during the forecast period can be credited to high demand for off-grid and decentralized energy solutions, the increasing acceptance of hybrid solar water heating systems, and the continuation of government incentives and policies favoring renewable energy. Predictive analytics and artificial intelligence for system optimization, the emergence of new business models centered on energy-as-a-service and performance contracting, the establishment of standards and certifications to maintain product quality and safety, and cooperative partnerships between manufacturers and utilities aimed at promoting solar water heating are the leading trends to watch for during the forecast period.
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What Are the Key Growth Drivers Fueling the Solar Water Heaters Market Expansion?
The surge in energy costs is predicted to drive the expansion of the solar water heater market in the future. Energy, the foundational element of nature, is transferred among different parts of a system, facilitating the creation of usable power like heat or electricity. The burgeoning prices can be attributed to escalating demand, supply restrictions, global political conflicts, and the shift towards green energy alternatives. Solar water heaters have a crucial part to play in offsetting the effects of soaring energy costs as they offer an economical and eco-friendly solution for heating water. For example, in the first half of 2024, Eurostat, a government agency located in Luxembourg, stated that domestic electricity prices in the EU witnessed the most significant hike in Ireland, surging by 37% when compared to the similar timeframe in 2023. Consequently, the intensifying energy costs are fueling the growth of the solar water heater market.
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What Are the Key Trends Driving Solar Water Heaters Market Growth?
Leading firms within the solar water heater market are shifting their emphasis towards the innovation of new products such as Eco Cute, with an aim to improve their financial standing in the market. The Eco Cute system, incorporating an air-source heat pump system and a hot water storage unit, effortlessly combines with residential solar panels to utilize surplus solar energy for water heating. For example, in March 2022, the Eco Cute system was launched by Panasonic Corporation, an electronics company based in Japan. The system derives heat from the air to generate heated water for home use. It presents an eco-friendly method of heating water by employing supercritical carbon dioxide as a refrigerant, as opposed to traditional gases like ammonia or haloalkanes. The Eco Cute system is praised for its environmentally friendly benefits such as energy conservation and the reduction of greenhouse gas emissions. This system includes a heat pump and a hot water storage unit that helps keep bath water temperatures stable, which in turn saves energy and minimises water use.
How Is the Solar Water Heaters Market Segmented?
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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Which Companies Are Leading the Charge in Solar Water Heaters Market Innovation?
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.
Which Regions Are Leading the Global Solar Water Heaters Market in Revenue?
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.
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