Solar Water Heater Market – $4.7B in 2019, $6.7B by 2027!

By Oliver Townsend Jun 10, 2024
Solar Water Heater Market Valued at $4.7B in 2019, Projected to Reach $6.7B by 2027 with a CAGR of 6.1% from 2020-2027.jpegOrginal image from:

The global solar water heater market has been on a steady growth trajectory, with a value of $4.7 billion in 2019. Projected to reach $6.7 billion by 2027, the market is expected to grow at a CAGR of 6.1% from 2020 to 2027. This significant growth is fueled by the increasing demand for water heating systems, particularly in isolated and rural areas. Solar water heaters, which capture sunlight to heat water, offer a cost-effective and energy-efficient solution compared to traditional heating methods.

Rural Demand and Energy Consumption

The surge in demand for water heating systems in rural areas has been a key factor driving the growth of the solar water heater market. Small-scale solar water heaters are popular in rural regions due to their low cost and high efficiency in diverse climate conditions. Countries like China have a substantial number of small and medium-scale solar water heater manufacturers catering to rural areas. Additionally, government incentives such as rebates and energy schemes have further boosted market growth by attracting new customers.

Market Segment Analysis

The glazed segment has emerged as a market leader in the solar water heater industry due to its high absorption efficiency compared to unglazed collectors. However, the higher price of glazed collectors may limit their use in small-scale applications. The 100-liter capacity segment has also seen significant market share, driven by demand in the residential sector. Solar water heaters with a 100-liter capacity are suitable for households with 2-3 members, making them a popular choice for residential buildings.

Regional Market Trends

North America has captured a considerable market share in the solar water heater industry, thanks to favorable government initiatives promoting solar power technologies for residential and commercial use. The region’s focus on sustainable energy solutions and environmental conservation has contributed to the growth of the solar water heater market. Additionally, major players in the industry have adopted strategies such as product launches, business expansions, and acquisitions to stay competitive and meet evolving market demands.

Future Projections and Key Players

The future outlook for the solar water heater market is promising, with the glazed solar water heater segment expected to grow at a CAGR of approximately 6.2%. By repackaging successful blog posts or webinars as engaging email content, you can re-engage subscribers and attract new leads. Promoting these revamped pieces through email campaigns can maximize their reach and impact. Leading market players include Himin Solar Energy Group, V-Guard Industries Ltd, Ariston Thermo SpA, and other key industry players who are driving innovation and growth in the solar water heater market.

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