Market Size of Solar Water Heater Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 5.50 % |
| Fastest Growing Market | Middle-East and Africa |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Solar Water Heater Market Analysis
The Solar Water Heater Market is expected to register a CAGR of more than 5.5% during the forecast period.
The market was negatively impacted by COVID-19 in 2020. Presently the market has now reached pre-pandemic levels.
- Over the medium term, factors such as reducing carbon footprint and increasing efficiency clubbed with the increase in usage of solar heaters due to the declining prices and growing adoption of glazed solar heaters are likely to drive the solar water heater market during the forecast period.
- On the other hand, the improved cost-effectiveness associated with batteries or modules is expected to restrain the Solar Water Heater Market during the forecast period, as the Solar Water Heater installation requires major modification to a building's plumbing systems and has relatively less life compared to solar PV.
- Nevertheless, governments are pushing for schemes to push for the solar water heater to reduce gas-powered water heater and district heating systems. Programs like the solar city in Seoul are being introduced to subsidize the solar water heater market and make them cheaper than their alternatives. This, in turn, is likely to create opportunities for the players involved in the market in the near future.
- The Middle-East and Africa region is expected to dominate the market, with the majority of the demand coming from countries such as Saudi Arabia, Turkey, and Israel.
