Solar Water Heaters Market 2024 | Size, Top Trends, Growth, Share, Key Drivers | Robert Bosch GmbH, Hubbell Incorporated, Viessmann Manufacturing, Ariston Group, Rheem Manufacturing Company

Overview and Scope
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.

Sizing and Forecast
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.

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Segmentation & Regional Insights

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

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.

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Major Driver Impacting Market Growth

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.

Key Industry Players
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.

The solar water heaters market report table of contents includes:

1. Executive Summary

2. Solar Water Heaters Market Characteristics

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

36. Appendix