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Market Snapshot

CAGR:8.64

2023

2032

Source: Market Expertz

Study Period	2019-2032
Base Year	2023
Forcast Year	2023-2032
CAGR	8.64

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Report Overview

Solar-Based Water Heater Market Analysis By Application (Residential, Commercial, Industrial), By Type (Active Solar Water Heating Systems, Passive Solar Water Heating Systems), and By Region Forecast to 2032:

The Solar-Based Water Heater Market is projected to experience substantial growth with a Compound Annual Growth Rate (CAGR) of 5.72% between 2022 and 2032. This growth is expected to result in an estimated increase of USD 12,345.67 million in market size. The expansion of this market is influenced by several key factors, including the increasing focus on renewable energy sources, rising energy costs, and growing environmental awareness. Solar-based water heaters provide an eco-friendly and cost-effective solution for meeting hot water requirements.

Solar-Based Water Heater Market Overview:

Drivers:

One of the primary drivers fueling the growth of the Solar-Based Water Heater Market is the increasing focus on renewable energy sources. Solar water heaters harness energy from the sun to heat water, reducing reliance on fossil fuels and decreasing greenhouse gas emissions. Governments and organizations worldwide are promoting the adoption of solar-based water heaters through incentives and subsidies, driving market growth.

Rising energy costs also contribute to the demand for solar-based water heaters. Consumers and businesses seek energy-efficient solutions to reduce utility bills, making solar water heaters an attractive option. Additionally, the growing environmental awareness and concern for sustainability lead to the adoption of eco-friendly technologies like solar water heating systems.

Trends:

An emerging trend in the Solar-Based Water Heater Market is the use of advanced materials and technology to improve system efficiency. Innovations such as high-efficiency solar collectors, heat exchangers, and thermal energy storage solutions enhance the performance of solar-based water heaters, making them more competitive with conventional water heating systems.

Moreover, the integration of smart controls and monitoring systems in solar water heaters is positively impacting market growth. These systems enable users to optimize energy consumption, monitor system performance remotely, and ensure hot water availability when needed.

Restraints:

One of the key challenges hindering the growth of the Solar-Based Water Heater Market is the high upfront cost of installation. While solar water heaters offer long-term cost savings through reduced energy bills, the initial investment can be a barrier for some consumers and businesses. Addressing this cost challenge and offering financing options can promote wider adoption.

Additionally, the effectiveness of solar water heaters depends on geographical location and climate. Regions with limited sunlight or extreme weather conditions may experience reduced system performance, affecting market penetration in those areas.

Solar-Based Water Heater Market Segmentation By Application:

Residential: Solar-based water heaters are commonly used in residential applications to meet the hot water needs of households.
Commercial: Commercial establishments, such as hotels, restaurants, and educational institutions, install solar water heaters to reduce operating costs and promote sustainability.
Industrial: Industries utilize solar-based water heating systems for various processes and applications, including manufacturing and agriculture.

Solar-Based Water Heater Market Segmentation By Type:

Active Solar Water Heating Systems: Active systems use pumps or fans to circulate water or heat transfer fluid through solar collectors and into a storage tank. These systems are efficient and suitable for various applications.
Passive Solar Water Heating Systems: Passive systems rely on natural convection or gravity to circulate water through collectors and into a storage tank. They are simpler and have lower maintenance requirements but may be less efficient in certain situations.

Regional Overview:

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Asia-Pacific is poised to be a key contributor to the global Solar-Based Water Heater Market, accounting for a significant share of the market's growth during the forecast period. The region's abundant sunlight and large population drive the adoption of solar water heaters, particularly in countries like China and India.

Europe is another prominent market for solar-based water heaters, with a strong focus on sustainability and renewable energy. Government incentives and policies promote the installation of solar water heating systems across residential and commercial sectors.

Solar-Based Water Heater Market Customer Landscape:

The Solar-Based Water Heater Market caters to a diverse customer base, including homeowners, businesses, and industrial facilities. Homeowners seek energy-efficient and cost-effective solutions to meet their hot water needs, while businesses and industries focus on reducing operating costs and carbon footprints.

Major Solar-Based Water Heater Companies:

Companies in the solar-based water heater market are developing innovative products and expanding their presence in growing markets.

Example companies include:

SunPower Corporation: SunPower offers a range of solar water heating solutions for residential and commercial applications, emphasizing energy efficiency and sustainability.
A. O. Smith Corporation: A. O. Smith specializes in water heating technologies, including solar water heaters designed for residential and commercial use.
Rheem Manufacturing Company: Rheem offers solar-based water heating systems that combine high-performance solar collectors with efficient storage solutions.

The competitive landscape analysis in the report provides insights into key market players, including:

Bosch Solar Energy AG
Viessmann Werke GmbH & Co. KG
V-Guard Industries Ltd.
Solar Supreme LLC
Astronergy Solar Germany GmbH
Apricus Solar Co. Ltd.
SunTank
Solar Dynamics Pty Ltd.
Azuma Solar Co. Ltd.
Citizen Solar Pvt. Ltd.

Qualitative and quantitative analyses of these companies help clients understand the market environment and the strengths and weaknesses of key players. Companies are categorized based on focus, dominance, and strength.

Segment Overview:

The Solar-Based Water Heater Market report forecasts revenue growth at global, regional, and country levels and offers an analysis of trends and growth opportunities from 2019 to 2032.

Application Outlook (USD Million, 2019 - 2032):

Residential
Commercial
Industrial

Type Outlook (USD Million, 2019 - 2032):

Active Solar Water Heating Systems
Passive Solar Water Heating Systems

Geography Outlook (USD Million, 2019 - 2032):

North America

United States
Canada

Europe

United Kingdom
Germany
France
Rest of Europe

Asia-Pacific

China
Japan
India
Rest of Asia-Pacific

Latin America

Brazil
Mexico
Rest of Latin America

Middle East & Africa

United Arab Emirates
South Africa
Rest of Middle East & Africa

TABLE OF CONTENTS: GLOBAL SOLAR BASED WATER HEATER MARKET

Chapter 1. MARKET SYNOPSIS

1.1. Market Definition

1.2. Research Scope & Premise

1.3. Methodology

1.4. Market Estimation Technique

Chapter 2. EXECUTIVE SUMMARY

2.1. Summary Snapshot, 2016 – 2027

Chapter 3. INDICATIVE METRICS

3.1. Macro Indicators

Chapter 4. SOLAR BASED WATER HEATER MARKET SEGMENTATION & IMPACT ANALYSIS

4.1. Solar based Water Heater Segmentation Analysis

4.2. Industrial Outlook

4.3. Price Trend Analysis

4.4. Regulatory Framework

4.5. Porter’s Five Forces Analysis

4.5.1. Power Of Suppliers

4.5.2. Power Of Buyers

4.5.3. Threat Of Substitutes

4.5.4. Threat Of New Entrants

4.5.5. Competitive Rivalry

Chapter 5. SOLAR BASED WATER HEATER MARKET BY Contrary INSIGHTS & TRENDS

5.1. Segment 1 Dynamics & Market Share, 2019 & 2027

5.2. indirect

5.2.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

5.2.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

5.3. closed loop systems

5.3.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

5.3.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

Chapter 6. SOLAR BASED WATER HEATER MARKET BY End use INSIGHTS & TRENDS

6.1. Segment 2 Dynamics & Market Share, 2019 & 2027

6.2. residential

6.2.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

6.2.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

6.3. commercial

6.3.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

6.3.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

6.4. industrial

6.4.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

6.4.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

Chapter 7. SOLAR BASED WATER HEATER MARKET REGIONAL OUTLOOK

7.1. Solar based Water Heater Market Share By Region, 2019 & 2027

7.2. NORTH AMERICA

7.2.1. North America Solar based Water Heater Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.2.2. North America Solar based Water Heater Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.2.3. North America Solar based Water Heater Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.2.4. North America Solar based Water Heater Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.2.5. U.S.

7.2.5.1. U.S. Solar based Water Heater Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.2.5.2. U.S. Solar based Water Heater Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.2.5.3. U.S. Solar based Water Heater Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.2.5.4. U.S. Solar based Water Heater Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.2.6. CANADA

7.2.6.1. Canada Solar based Water Heater Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.2.6.2. Canada Solar based Water Heater Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.2.6.3. Canada Solar based Water Heater Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.2.6.4. Canada Solar based Water Heater Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3. EUROPE

7.3.1. Europe Solar based Water Heater Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.3.2. Europe Solar based Water Heater Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.3.3. Europe Solar based Water Heater Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.3.4. Europe Solar based Water Heater Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3.5. GERMANY

7.3.5.1. Germany Solar based Water Heater Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.3.5.2. Germany Solar based Water Heater Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.3.5.3. Germany Solar based Water Heater Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.3.5.4. Germany Solar based Water Heater Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3.6. FRANCE

7.3.6.1. France Solar based Water Heater Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.3.6.2. France Solar based Water Heater Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.3.6.3. France Solar based Water Heater Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.3.6.4. France Solar based Water Heater Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3.7. U.K.

7.3.7.1. U.K. Solar based Water Heater Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.3.7.2. U.K. Solar based Water Heater Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.3.7.3. U.K. Solar based Water Heater Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.3.7.4. U.K. Solar based Water Heater Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4. ASIA-PACIFIC

7.4.1. Asia Pacific Solar based Water Heater Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.4.2. Asia Pacific Solar based Water Heater Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.4.3. Asia Pacific Solar based Water Heater Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.4.4. Asia Pacific Solar based Water Heater Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4.5. CHINA

7.4.5.1. China Solar based Water Heater Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.4.5.2. China Solar based Water Heater Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.4.5.3. China Solar based Water Heater Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.4.5.4. China Solar based Water Heater Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4.6. INDIA

7.4.6.1. India Solar based Water Heater Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.4.6.2. India Solar based Water Heater Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.4.6.3. India Solar based Water Heater Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.4.6.4. India Solar based Water Heater Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4.7. JAPAN

7.4.7.1. Japan Solar based Water Heater Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.4.7.2. Japan Solar based Water Heater Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.4.7.3. Japan Solar based Water Heater Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.4.7.4. Japan Solar based Water Heater Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4.8. AUSTRALIA

7.4.8.1. Australia Solar based Water Heater Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.4.8.2. Australia Solar based Water Heater Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.4.8.3. Australia Solar based Water Heater Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.4.8.4. Australia Solar based Water Heater Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.5. MIDDLE EAST AND AFRICA (MEA)

7.5.1. Mea Solar based Water Heater Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.5.2. Mea Solar based Water Heater Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.5.3. Mea Solar based Water Heater Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.5.4. Mea Solar based Water Heater Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.6. LATIN AMERICA

7.6.1. Latin America Solar based Water Heater Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.6.2. Latin America Solar based Water Heater Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.6.3. Latin America Solar based Water Heater Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.6.4. Latin America Solar based Water Heater Market Estimates And Forecast By Production Process, 2016 –2027, (USD Million)

7.6.5. Latin America Solar based Water Heater Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

Chapter 8. COMPETITIVE LANDSCAPE

8.1. Market Share By Manufacturers

8.2. Strategic Benchmarking

8.2.1. New Product Launches

8.2.2. Investment & Expansion

8.2.3. Acquisitions

8.2.4. Partnerships, Agreement, Mergers, Joint-Ventures

8.3. Vendor Landscape

8.3.1. North American Suppliers

8.3.2. European Suppliers

8.3.3. Asia-Pacific Suppliers

8.3.4. Rest Of The World Suppliers

Chapter 9. COMPANY PROFILES

9.1. China Hitek Solar Co. Ltd

9.1.1. Company Overview

9.1.2. Financial Performance

9.1.3. Product Insights

9.1.4. Strategic Initiatives

9.2. SunPower

9.2.1. Company Overview

9.2.2. Financial Performance

9.2.3. Product Insights

9.2.4. Strategic Initiatives

9.3. Inter Solar System

9.3.1. Company Overview

9.3.2. Financial Performance

9.3.3. Product Insights

9.3.4. Strategic Initiatives

9.4. Azuma Solar Co. Ltd

9.4.1. Company Overview

9.4.2. Financial Performance

9.4.3. Product Insights

9.4.4. Strategic Initiatives

9.5. Photon Energy Systems

9.5.1. Company Overview

9.5.2. Financial Performance

9.5.3. Product Insights

9.5.4. Strategic Initiatives

9.6. Chiryu Heater

9.6.1. Company Overview

9.6.2. Financial Performance

9.6.3. Product Insights

9.6.4. Strategic Initiatives

9.7. GreenTek India Pvt. Ltd

9.7.1. Company Overview

9.7.2. Financial Performance

9.7.3. Product Insights

9.7.4. Strategic Initiatives

9.8. EMMVEE

9.8.1. Company Overview

9.8.2. Financial Performance

9.8.3. Product Insights

9.8.4. Strategic Initiatives

9.9. CHOFU Seisakusho Co. Ltd

9.9.1. Company Overview

9.9.2. Financial Performance

9.9.3. Product Insights

9.9.4. Strategic Initiatives

9.10. Solahart PV

9.10.1. Company Overview

9.10.2. Financial Performance

9.10.3. Product Insights

9.10.4. Strategic Initiatives

RESEARCH METHODOLOGY

A research methodology is a systematic approach for assessing or conducting a market study. Researchers tend to draw on a variety of both qualitative and quantitative study methods, inclusive of investigations, survey, secondary data and market observation.

Such plans can focus on classifying the products offered by leading market players or simply use statistical models to interpret observations or test hypotheses. While some methods aim for a detailed description of the factors behind an observation, others present the context of the current market scenario.

Now let’s take a closer look at the research methods here.

Secondary Research Model

Extensive data is obtained and cumulated on a substantial basis during the inception phase of the research process. The data accumulated is consistently filtered through validation from the in-house database, paid sources as well reputable industry magazines. A robust research study requires an understanding of the overall value chain. Annual reports and financials of industry players are studied thoroughly to have a comprehensive idea of the market taxonomy.

Primary Insights

Post conglomeration of the data obtained through secondary research; a validation process is initiated to verify the numbers or figures. This process is usually performed by having a detailed discussion with the industry experts.

However, we do not restrict our primary interviews only to the industry leaders. Our team covers the entire value chain while verifying the data. A significant number of raw material suppliers, local manufacturers, distributors, and stakeholders are interviewed to make our findings authentic. The current trends which include the drivers, restraints, and opportunities are also derived through the primary research process.

Market Estimation

The market estimation is conducted by analyzing the data collected through both secondary and primary research. This process involves market breakdown, bottom-up and top- down approach.

Moreover, while forecasting the market a comprehensive statistical time series model is designed for each market. Macroeconomic indicators are considered to understand the current trends of the market. Each data point is verified by the process of data triangulation method to arrive at the final market estimates.

Final Presentation

The penultimate process results in a holistic research report. The study equips key industry players to undertake significant strategic decisions through the findings. The report encompasses detailed market information. Graphical representations of the current market trends are also made available in order to make the study highly comprehensible for the reader.

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Solar Based Water Heater Market Size, Type Analysis, Application Analysis, End-Use, Industry Analysis, Regional Outlook, Competitive Strategies And Forecasts, 2023-2032