Solar Water Heaters Market Revenue to Attain USD 10.14 Bn by 2033

28 Oct 2024

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Table of Content

1. Solar Water Heaters Market Revenue and Trends 2. Market Overview 3. Highlights of the Solar Water Heaters Market Report 4. Solar Water Heaters Market Trends 5. Regional Insights  6. Solar Water Heaters Market Coverage 7. Market News

Solar Water Heaters Market Revenue and Trends

The global solar water heaters market revenue was valued at USD 6.21 billion in 2024 and is expected to attain around USD 10.14 billion by 2033, growing at a CAGR of 5.6% during the forecast period. The demand for solar water heaters is rising due to the growing environmental concerns. Moreover, the rising demand for cost-effective heating solutions across residential and non-residential sectors boost the growth of the market for solar water heaters.

Market Overview

With the rising need for energy-efficient heating solutions, the market is expected to grow at a rapid pace in the coming years. Solar water heaters require less energy compared to conventional water heaters that use fossil fuels as well as electricity as a power source. These heaters are gaining immense popularity due to the growing focus on sustainability. Solar water heaters are used for domestic as well as commercial purposes. They utilize solar energy to heat water, making them ideal heating solutions in applications where electric supply is a major constraint. The rising demand for eco-friendly, reliable, and affordable technology in heating solutions fuels the market growth. In addition, increasing government schemes to promote the adoption of solar-powered devices is likely to boost the market growth in the coming years.

Highlights of the Solar Water Heaters Market Report

• On the basis of collector, the evacuated tube collector segment dominated the market in 2023 due to its high conversion efficiency and low maintenance.  It has the ability to work in extreme weather conditions. The increasing demand for energy-efficient and less maintenance heating systems contributed to segmental growth. On the other hand, the flat plate collector segment is expected to expand at the fastest growth rate during the forecast period. This is mainly due to its ease of usage and installation and cost-effectiveness.
• In terms of system, the thermosyphon segment dominated the market for solar water heaters, owing to its ability to circulate flammable liquids and gases for heating and cooling applications without the need for mechanical pumps. These heaters are suitable for hot climate conditions. However, the pumped segment is projected to grow rapidly in the coming years due to its ability to provide a consistent hot water supply in extreme weather conditions.
• Based on application, the residential segment dominated the market in 2023. This is primarily due to the increasing consumer preference for energy-efficient water heating systems for household purposes. Moreover, the shift toward green technology contributed to segment’s dominance.  

Solar Water Heaters Market Trends

• Increasing demand for energy-efficient heating systems: The increasing demand for energy-efficient and ecological options is driving the market for solar water heaters due to their low carbon emissions. These heaters replace conventional water heaters. Moreover, due to their cost-effectiveness, solar heaters are being used for several household purposes.
• Increasing government initiatives: Many governments are offering subsidies, incentives, and tax credits to boost the adoption of solar-powered technologies. With the rising depletion of non-renewable resources, the need for energy-efficient water heaters rises. In addition, rising government initiatives to reduce carbon emissions encourage consumers to adopt energy-efficient and sustainable solutions. Many governments are also funding new projects to use renewable energy sources, thus boosting the market for solar energy heaters. 

Regional Insights 

North America dominated the solar water heaters market in 2023 due to the rapid shift toward green building certification, which offers incentives for renewable energy sources. Moreover, the increasing usage of solar-powered systems due to the growing environmental concerns contributed to regional dominance. Transition toward the use of clean and renewable energy sources and technological advancements positively impact the market in North America.

On the other hand, Asia Pacific is expected to witness rapid growth in the market throughout the forecast period. This is due to the rising demand for energy-efficient heating systems and the rising government initiatives to promote renewable energy sources. For instance, in June 2024, 10,000 households registered in Karnataka for the PM Surya Ghar Muft Bijli Yojana, a solarisation scheme in partnership with the Ministry of New Renewable Energy and has registered 229 private vendors to execute the scheme to provide electricity to up to 300 units monthly to 10 million households across the country.

Solar Water Heaters Market Coverage

Market News

• In February 2024, the Ministry of Energy and Mineral Resources in Jordan introduced an online platform for inquiries related to the subsidy program for residential solar heaters and PV systems. The platform also aims to provide direct financial support to citizens who want to install solar heaters. 

Market Segmentation

By Collector

• Evacuated tube collector
• Flat Plat collector
• Unglazed water collector

By System

• Thermo siphon 
• Pumped

By Application

• Educational Institutes
• Offices
• Government
• Others

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