The Solar Water Heater Market was valued at US$ 5.06 Bn.in 2022. The global Solar Water Heater Market size is estimated to grow at a CAGR of 6.4% over the forecast period.
Solar Water Heater Market Overview:
The Solar Water Heater Market analysis provides a comprehensive picture of competition, including the market share and company profiles of the worldwide industry’s top rivals. The research scope covers a complete analysis of the Solar Water Heater Market, as well as the causes for variances in the industry’s growth in various places.
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Solar Water Heater Market Scope:
To identify and collect material suitable for this study, this research study makes considerable use of secondary sources, directories, and databases, such as annual reports, press releases, journals, corporate websites, and databases.
Solar Water Heater Market Drivers:
Due to the growing depletion of non-renewable resources, demand for efficient water heaters is expected to increase year after year, along with increased steps to manage energy usage. Over the forecast period, this is expected to boost the market growth. These systems are competitively priced to appeal to a larger range of customers regardless of their financial situation. Increased environmental awareness in both established and developing nations is predicted to boost industry growth.
Growing demand for environmentally friendly, trustworthy, and economical water heating technologies, particularly in the residential and industrial sectors, is expected to fuel market expansion. The system’s capability to function at lower costs, 30% to 40% lower in winters and up to 75% lower in summer, is expected to spur their adoption over other products currently available in the market.
Governments across the globe provide rebates and incentives for the installation of solar water heating systems. For example, refunds of up to $700 are available in all residential and business districts of Victoria, Australia, depending on the kind and size of the system installed. In addition, the market is predicted to increase due to strong investments by industry players in the solar water heater business over the forecast period. Solar water heating, on the other hand, necessitates a wide roof surface and direct sunshine exposure, as it may not work on gloomy or foggy days. Nonetheless, developments in backup energy systems that keep running even on overcast days are expected to open up lucrative business potential.
Solar Water Heater Market Segmentation:
by Technology
Evacuated Tube Collector
Flat Plate Collector
Unglazed Water Collector
by System
Thermosyphon
Pumped
by Application
Residential
Commercial
Industrial
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Solar Water Heater Market Key Players: The key players are
2. Central Electronics
3. Chemtrols Solar
4. Euro Multivision
5. Indosolar
6. Jupiter Solar Power
7. Lanco Solar Private
8. Mahindra Solar One
9. Moser Baer Photovoltaic
10. Photon Energy Systems
11. PLG Power
12. Surana Ventures
13. Tata Power Solar Systems
14. Vikram Solar
15. Websol Energy System
16. XL Energy
17. SunTank
18. A.O. Smith
19. Alternate Energy Technologies
20. Rheem manufacturing
21. Viessmann
22. Wagner Solar
23. Bradford White
24. EMMVEE
Individual market influencing elements and changes in market legislation that affect current and future market trends are also included in the regional component of the Solar Water Heater Market study. Current and future trends are examined to assess the entire market potential and uncover profitable trends to get a more stable footing. The geographical market assessment is based on the present environment and expected developments.
Key Questions Answered in the Solar Water Heater Market Report are:
- Which sub-segment had the largest share in the Solar Water Heater Market?
- How is the competitive landscape of the Solar Water Heater Market in 2023?
- Which are the key drivers impacting the Solar Water Heater Market growth?
- Which region holds the maximum share in the Solar Water Heater Market?
- What will be the CAGR of the Solar Water Heater Market during the forecast period (2023-2029)?
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