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Solar Water Heater Market Trends

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

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Solar Water Heater Market Trends

Growing demand for hot water be it for bathing, laundry, dish cleaning, or other daily tasks owing to growing population will surge the market growth. Technological advancements and refined manufacturing processes have made these products more affordable coupled with favorable government incentives, like tax credits, are set to bolster the industry statistics. Some companies are innovating with hybrid systems that combine solar water heating with other technologies such as heat pumps or conventional electric heating elements, expanding their appeal in various climates.

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.