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Solar Water Heater Market Share

Report ID: GMI2219
Published Date: Dec 2024
Report Format: PDF

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Solar Water Heater Market Share

The global solar water heater industry is highly competitive, with a mix of multinational corporations and regional players. Innovative product developments and strategic acquisitions aimed at cost-effective heating solutions are set to reshape industry dynamics. Numerous regional and local players are entering the market, offering innovative products at competitive prices. Many of these companies focus on specific geographies where solar energy adoption is growing rapidly. Solar water heater manufacturers are focusing on reducing installation complexity and ensuring that the systems require minimal maintenance, increasing their appeal to homeowners and businesses.

Solar Water Heater Market Companies

Eminent players operating in the solar water heater industry are:

A.O. Smith
Alternate Energy Technologies
Bosch Thermotechnology
Bradford White Corporation
Chromagen Australia
EMMVEE SOLAR
GE Appliances
Himin Solar
Racold
Rheem Manufacturing Company
SUNPAD
SunTank
Viessmann
V-Guard Industries

Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

The global market for solar water heater was reached USD 2.9 billion in 2024 and is estimated to grow at a 5.7% CAGR from 2025 to 2034, driven by government mandates on greenhouse gas emissions and a positive outlook towards renewable energy.

The evacuated tube collector segment is projected to surpass USD 1.3 billion by 2034, due to their ability to function in extreme climates and the growing demand for replacements.

The residential segment is set to grow at a CAGR of over 5% through 2034, fueled by a rising global population and increasing energy demands, leading to a shift towards sustainable and decentralized energy solutions.

The U.S. solar water heater market is likely to exceed USD 11 million by 2034, led by environmental awareness, government incentives, and the decline in the cost of solar energy technologies.

Key players in the solar water heater industry include A.O. Smith, Alternate Energy Technologies, Bosch Thermotechnology, Bradford White Corporation, Chromagen Australia, EMMVEE SOLAR, GE Appliances, Himin Solar, Racold, Rheem Manufacturing Company, SUNPAD, SunTank, Viessmann, and V-Guard Industries.