(MENAFN- GlobeNewsWire - Nasdaq) Dublin, May 03, 2024 (GLOBE NEWSWIRE) -- The "Solar Water Heaters Global Market Report 2024" report has been added to ResearchAndMarkets's offering.
The solar water heaters market has entered a period of ascending growth, with projections indicating an increase from $4.26 billion in 2023 to an expected $6.18 billion in 2028, manifesting a compound annual growth rate of 7.4%. The industry's expansion is fueled by the soaring energy prices and an amplified demand for sustainable energy solutions. As a reflection of the industry's trajectory, the historic growth has been influenced by escalating energy costs, volatility in the fossil fuel markets, and a worldwide emphasis on energy autonomy.
Key players in the solar water heaters industry are propelling the market forward through strategic initiatives such as product innovation and mergers and acquisitions. Notably, the introduction of advanced systems like the Eco Cute by Panasonic Corporation, which utilizes renewable energy for water heating, highlights the sector's commitment to energy-efficiency and eco-friendly practices. Moreover, Ariston Holding N.V.'s acquisition of Chromagen Ltd. represents a strategic expansion, bolstering the company's capabilities and enhancing its product suite within the market.
Regional Insights and Emerging Trends
North America has stood out as the most significant region in the solar water heaters market in 2023, while Asia-Pacific is anticipated to be the fastest-growing region during the forecast period. Technological advancements such as the integration of predictive analytics and artificial intelligence to optimize system performance are set to influence the market landscape profoundly. Furthermore, the emergence of novel business models, ongoing development of product standards, and partnerships aimed at promoting solar heating are expected to be instrumental in shaping the industry's future trajectory.
Solar Water Heating Systems: A Sustainable Alternative
With environmental sustainability at the forefront, solar water heaters have emerged as a vital solution. By converting sunlight to heat, these systems offer a reduction in traditional energy dependency, fostering a decrease in energy expenditures and curbing greenhouse gas emissions. The market encompasses various system types suitable for diverse applications, addressing the needs of residential, commercial, and industrial sectors.
About the Solar Water Heaters Market
The solar water heater market is characterized by the sales of pivotal components such as solar collectors, storage tanks, and supporting equipment. The market analysis reflects the value of products dispensed by manufacturers and includes the sale of ancillary services coupled with these products. The market worth represents the collective revenues from sales within the designated market over the stipulated timeframe.
Industry participants and stakeholders can expect to navigate a burgeoning market, ripe with opportunities propelled by environmental imperatives and technological advancements. The comprehensive market research offers a panorama of the prevailing conditions and prognosticates future market tendencies, equipping players with essential insights for strategic decision-making.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2024 - 2028 |
| Estimated Market Value (USD) in 2024 | $4.63 Billion |
| Forecasted Market Value (USD) by 2028 | $6.18 Billion |
| Compound Annual Growth Rate | 7.4% |
A selection of companies mentioned in this report includes,
Robert Bosch GmbH Hubbell Incorporated Viessmann Manufacturing Ariston Group Rheem Manufacturing Company Stiebel Eltron Inc. Tata Power Solar Systems Limited V-Guard Industries Ltd. Bradford White Corporation Himin Solar Energy Group Photon Energy Systems Ltd. A. O. Smith Central Electronics Limited Alternate Energy Technologies LLC Kodsan Isı Teknolojileri SunEarth Inc. Apricus Solar Co. Ltd. Jupiter Solar Power Limited SunTank Solav Energy Ferroli S.p.A. FAFCO Inc. Wagner & Co Solartechnik GmbH Chemtrols Solar Pvt. Ltd. Nihon Itomic Co. Ltd.
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Global Solar Water Heaters Market
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