Global Market Size, Forecast, and Trend Highlights Over 2025-2037
Solar Water Heater Market size was over USD 3.04 billion in 2024 and is anticipated to cross USD 6.33 billion by 2037, witnessing more than 5.8% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of solar water heater is estimated at USD 3.19 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.
