Market Outlook

According to Future Market Consulting analysis, Global Solar Water Heaters Market size was valued at USD 7.78 Billion in 2021 and is projected to reach USD 18.91 Billion by 2030, growing at a CAGR of 8.66 % during the forecast period from 2022 to 2030.

The development of hybrid heaters is making them a popular option among industrial sectors. Due to the fact that solar energy is a free, environmentally friendly, and renewable source of energy, there is a rising understanding of its many financial and environmental benefits. The demand for solar heaters is also increasing due to various government and local body supports in emerging economies. Due to the region's significant potential for solar power generation, Asia Pacific has the fastest growing industry. China and India have invested heavily in the advancement of solar energy production and associated appliances over the recent years.

Lack of promotion and expansion of renewable energy usages, especially renewable power devices, leads to an absence of customer awareness of its financial and environmental benefits. Consumers are unfamiliar with the fundamentals of solar power systems because they are a comparatively new technological advancement. For instance, some customers might think that renewable energy options are unstable given how little daylight there is. They might be ignorant of the fact that irregular technologies, when combined with other options like hybrid Power system, are just as reliable as conventional ones. Furthermore, it's possible that public & commercial electricity providers are unaware of the benefits that solar energy technology systems can offer. The lack of customer understanding of the benefits of adopting solar power is thus a major market barrier.

The support given by foreign governments and governmental groups is also helping the market for solar water heaters grow. The emission restriction that has been allocated to each country requires the government to support and promote systems and devices that emit less carbon. Governmental policies and laws daily business and production facilities to reduce their carbon emissions are driving up desire for solar-powered water heaters for commercial operations. Additionally, the market for solar-powered equipment and appliances as well as the market for solar water heaters are growing as a result of the government's financing of cutting-edge initiatives and innovations into renewable energy sources.

Key Players

• Azure Power India
• Central Electronics
• Chemtrols Solar
• Euro Multivision
• Indosolar
• Jupiter Solar Power
• Lanco Solar Private
• Mahindra Solar One
• Moser Baer Photovoltaic
• Photon Energy Systems
• PLG Power
• Surana Ventures
• Tata Power Solar Systems
• Vikram Solar
• Websol Energy System
• XL Energy
• SunTank
• O. Smith
• Alternate Energy Technologies
• Rheem manufacturing
• Viessmann
• Wagner Solar

Segmentation

By Type

• Active Solar Heater
• Passive Solar Heater

By Scale

• Small Scale
• Medium Scale
• Large Scale

By Distribution Channel

• OEM
• Aftermarket

By System

• Thermo-Siphon
• Pumped

By Collector Type

• Glazed
• Evacuated Tube
• Flat Plate
• Unglazed

By Application

• Residential
• Commercial & Institutional Buildings
• Industrial

By Region

North America

• S.
• Canada
• Mexico

Europe

• France
• UK
• Spain
• Germany
• Italy
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• South Korea
• Rest of Asia Pacific

Middle East & Africa

• GCC
• South Africa
• Rest of the Middle East & Africa

South America

• Brazil
• Argentina
• Rest of South America