Solar Water Heater Market Share

On the basis of geographical analysis, the global solar water heater market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific industry is likely to account for largest revenue share by 2036, backed by technological innovations to achieve energy efficiency at limited costs, and transition towards the use of clean and renewable energy in the region. In 2020, China headed the consumption of renewable energy in the Asia Pacific region, accounting for about 8 exajoules of energy. Moreover, the market in the Middle East & Africa is also projected to occupy a significant share during the forecast period, which can be credited to the trend of replacement of fossil fuel as a primary energy source with alternative fuels. In addition, escalating usage of solar energy for water heating purposes is also anticipated to accelerate the solar water heater market growth in the region in the near future.

Frequently Asked Questions (FAQ)

In the year 2024, the industry size of solar water heater is estimated at USD 3 billion.

Solar Water Heater Market size was valued at USD 2.87 billion in 2023 and is likely to reach USD 5.97 billion by 2036, expanding at around 5.8% CAGR during the forecast period i.e., between 2024-2036. The market growth is driven by growing demand for eco-friendly solutions for water heating, and increasing usage of solar heaters as a result of declining prices.

Asia Pacific industry is likely to account for largest revenue share by 2036, backed by technological innovations to achieve energy efficiency at limited costs, and transition towards the use of clean and renewable energy in the region.

The major players in the market are Ariston Thermo SpA, V-Guard Industries Ltd, KODSAN Company, Himin Solar Co., Ltd., and others.

Solar Water Heater Market Share