Market Size –
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.
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Scope Of Solar Water Heaters Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Solar Water Heaters Market Overview
Market Drivers –
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.
Market Trends –
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.
The aerospace support and auxiliary equipment market covered in this report is segmented –
1) By Type: Commercial Radars, Satellites
2) By Ownership: Public, Private
3) By Platform: Airborne, Land, Naval, Space
Subsegments Covered: Continuous Waveform, Pulse Waveform, Large Satellite, Mini Satellite, Micro Satellite, Nano Satellite
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Regional Insights –
North America was the largest region in the solar water heaters market in 2023. 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.
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.
Table of Contents
1. Executive Summary
2. Solar Water Heaters Market Report Structure
3. Solar Water Heaters Market Trends And Strategies
4. Solar Water Heaters Market – Macro Economic Scenario
5. Global Solar Water Heaters Market Size and Growth
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32. Global Solar Water Heaters Market Competitive Benchmarking
33. Global Solar Water Heaters Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Solar Water Heaters Market
35. Solar Water Heaters Market Future Outlook and Potential Analysis
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