Solar Water Heater Market Size

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. In the year 2024, the industry size of solar water heater is estimated at USD 3 billion. The growth of the market can be attributed primarily to the growing demand for environment-friendly and cost-effective energy solutions for water heating in order to reduce carbon footprint. Along with these, increasing usage of solar heaters as a result of declining prices is also expected to bolster the progress of the market in the upcoming years. In 2018, China alone had a cumulative solar water heating capacity of approximately 338 gigawatts, making up for about 70 percent of the global capacity. Furthermore, rising number of government initiatives about reducing emissions and attaining renewable targets, and surge in investments in the infrastructure sector are projected to offer abundant growth opportunities to the solar water heater market in the near future.