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Solar Water Heater Market Size, Growth, Trends and Forecast 2023

Global Solar Water Heater Market Overview:

Solar water heaters provide hot water for several sectors like industrial, commercial, and residential applications. The system stores solar energy using flat-plate collector, evacuated tube collector, and unglazed water collector and the process saves energy bills. The global solar water heaters market is expected to rise by 8.5% during the forecast period (2018-2023). Market Research Future (MRFR) claims that the CAGR attained during the period would help the global solar water heaters market in crossing the estimated market valuation.

A solar water heater comprises of an array of collectors to collect and store solar energy. There are mainly three types of solar collectors that are used in residential applications such as flat-plate collector, evacuated tube collector, and unglazed water collector.

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The market is primarily getting driven by government initiatives to curtail carbon production and save non-renewable resources. Increasing applications in the construction sector is expected to push the global solar water heaters market forward. Advanced technology is further easing the process of solar water heater integration in different industries. The technology is gaining traction due to its ability to reduce cost and bill for housing sectors which is why, the global solar water heaters market is expected to grow rapidly.

Solar Water Heater Market Segmentation:

The global solar water heater market, as per the reports published by MRFR, is segmented by type, collector type and application. The segmentation aims at unraveling details of the market for a better analytical approach that would help in gaining overview of the market for the upcoming days.

Based on the type, the solar water heater market includes pumped and thermosyphon. The thermosyphon segment has the maximum market coverage and generates the highest revenue between the two. The credit goes to low pricing and easy installation & usage of the product.

Based on the application, the solar water heater market comprises residential, commercial, and industrial.  The residential segment is expected to record the highest growth rate during the forecast period. Increasing number of construction and initiatives taken to promote smart buildings are expected to promote the market extensively.

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Regional Analysis:

MRFR in its region-specific analysis of the global solar water heater market delves deep into the market demography of five regions like North America, Asia Pacific (APAC), Europe, Middle East & Africa (MEA), and South America.

The APAC market has the maximum market coverage and the regional market is gaining pace due to the happening residential sector that is following the smart home and eco-friendly housing models. The region has the highest number of people living here and the residential market is not going to plummet in any time soon. Rise in renewable energy can also be witnessed and government regulations are helping the regional residential and commercial sector substantially to take the market forward.

Europe is doing well in the market as the region has pro-environment policies in place now for a long time. This has helped the regional housing sector implement latest technologies to ensure the solar water heater methods. North America is also walking on the same line owing to which high growth is possible in the coming years.

Competitive Landscape:

Influential companies are making a strong road for the global solar water heater market by deploying innovative strategies which boosted not just their production but ensured growth for the market as well. MRFR enlisted several companies of high importance and profiled them for a better understanding in the coming years. These companies are Rheem Manufacturing (US), A.O.Smith (US), SunTank (South Africa), Bradford White Corporation (US), Bosch (Germany), Honeywell Corporation (US),  Racold (India), Alternate energy Technologies (US), Viessmann Manufacturing (US), Wagner Solar (UK), and others.

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