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Solar Water Heater Market Trends

Report ID: GMI2219
Published Date: Jun 2023
Report Format: PDF

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Solar Water Heater Market Trends

Growing population and changing lifestyle habits, has increased need for hot water for bathing, washing clothes, cleaning dishes, and other daily activities. Furthermore, increasing affordability of the product due to advancements in technology and manufacturing processes along with favorable governmental tax credits will positively influence the industry statistics. For instance, the Inflation Reduction Act of 2022 of U.S. qualifies solar water heaters for a 30% federal tax credit.

Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

The market size of solar water heater was reached USD 2.78 billion in 2023 and is expected to surpass USD 4.61 billion by 2032, driven by favorable regulatory frameworks coupled with positive consumer outlook towards the adoption of energy-efficient technologies.

Evacuated tube solar water heater industry share will record over USD 1.2 billion by 2032, owing to its ability to operate in extreme climatic conditions and the rising need for replacement of existing water heaters.

Asia Pacific market is set to witness over 5.1% CAGR from 2023 to 2032, attributed to the limited reliance on conventional energy sources.

GE Appliances, A.O. Smith, Alternate Energy Technologies, LLC., Rheem Manufacturing Company, Viessmann, V-GUARD INDUSTRIES LTD., Racold, SunTank, Chromagen Australia Pty Ltd, Himin Solar Co., Ltd, SUNPAD, and Bradford White Corporation are some of the top firms operating in the industry.