The global industrial solar water heaters market is likely to accumulate a market value of US$ 791.8 Million in 2022 and is expected to accumulate a market value of US$ 1,138.9 Million by registering a CAGR of 3.7% in the forecast period 2022 to 2032.
The growth of the industrial solar water heaters market can be attributed to the increasing demand for the same from end-user industries and commercial sectors. The market for industrial solar water heaters registered a CAGR of 3.1% in the historical period 2016 to 2021.
| Report Attribute | Details |
|---|---|
| Estimated Base Year Value (2021) | US$ 763.69 Million |
| Expected Market Value (2022) | US$ 791.8 Million |
| Anticipated Forecast Value (2032) | US$ 1,138.9 Million |
| Projected Growth Rate (2022 to 2032) | 3.7% CAGR |
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Europe holds the highest market share of 24% due to the higher industrialization and urbanization, while dynamic weather pushes people to adopt new alternative fuel technologies.
Countries like India, China, and other Asian countries have started implementing alternative energy resources in different sectors. An international solar alliance led by India has signed treaties among the 75 signatory countries across the globe to reduce emission levels while promoting higher adoption of solar technology, including industrial solar water heaters. Hence, Asia Pacific is likely to hold a 21% market share of the industrial solar water heaters market.
Another factor that fuels the sales of industrial solar water heaters is the rising construction industry.
Developed countries like the US and Canada also have seen an increase in the adoption of solar technology. New companies launching solar technology that integrates with the existing systems have also helped the infrastructure. Hence, witnessing a growth of 18% market share.
The Paris Declaration has established the International Solar Alliance (ISA) states that the countries share the collective approach to undertake innovative and concerted efforts to reduce the cost of finance and technology for the deployment of solar generation assets. This is expected to push the sales of solar products such as water heaters.
Industrial solar water heaters are heating equipment powered by solar cells which in turn is used for applications such as heating of water, space heating, and industrial process such as obtaining hot water, or preheating steam before it enters the industrial boilers. The primary source of energy is solar energy which can be utilized for various industrial applications.
Industrial solar water heaters are increasingly finding applications in commercial uses for hospitals, laundries, schools, breweries, and process heat in various end-use industries such as automotive, petrochemical, construction, etc.
Solar water heaters for industrial applications are more complex and operate at a higher efficiency as compared to residential applications. These systems require comprehensive design and to be installed for optimal performance.
Important factors such as the flow rates, hydraulic configuration, control system, and collector arrangement are considered accurate for the design and installation of industrial solar water heaters. The market for the industrial water heater is estimated to grow with a positive impact as there is no requirement for fuel for the production of energy.
Principal Consultant
Currently, manufacturers of industrial solar water heaters have been focusing aggressively on innovative product developments to develop and launch new industrial solar water heaters that are strong and provide proper output heat with a minimum amount of energy from the sun.
It should be noted that the demand for new heating applications in various end-use industries such as automotive, petrochemical, construction, paints & coating, etc. is one the prominent driving factor for the global market. This increase in demand for heating with solar applications will, in turn, fuel the global demand for Industrial Solar Water Heaters in the future.
In developed economies, industries are looking for solar heating equipment equipped with advanced diagnosis and automation. Through research, development, and innovations in advanced automation systems, manufacturers have significantly improved their reaction time for such custom requirements from various consumers. This trend is anticipated to boost the global market and create vast opportunities over the forecast period.
Prominent market players in the global market are trying to develop industrial solar water heaters which can produce more amount heat with less consumption of solar energy i.e. even in dull climates the solar plates are designed in such a way as to absorb the maximum amount of heat from the sun.
The advancement in material science technologies in the manufacturing industries has enabled them to use newly invented materials such as silicon, polycrystalline thin films, copper indium diselenide, cadmium telluride, and gallium arsenide.
However, the relatively higher price of advanced industrial solar water heaters is proving to be a deterrent for smaller, low-budget small-scale industries and firms. This particular factor is seen to be hampering the growth rate of the global industrial solar water heaters market.
One of the socio-economic factors for the growth of the global industrial solar water heaters market is the rising cost of natural resources such as natural gas, petrol, diesel, coal, etc., which has also a larger impact on the global market.
Also, an increasing pollution level due to the use of conventional fuel is being witnessed across multiple countries which have translated into various regulatory bodies of different countries. For instance, the pollution control boards across various regions have made it mandatory for manufacturers to ensure the installation of eco-friendly products such as industrial solar water heaters and the use of good quality fuel.
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North America possesses luxurious lifestyles, high disposable incomes with a high standard of living, this has led to the growth of industrial solar water heaters in the respective regions. The main applications of industrial solar water heaters as bulk fillers in all the end-user industries are expected to act as catalysts for the growth of the overall Industrial solar water heaters market over the forecast period.
As industrial solar water heaters are small in size and have great compressive strength, they are used as a structural lightweight filler, thus industrial solar water heaters market is expected to see rapid growth in North America in the future. Thus, owing to the aforementioned reasons, North America is expected to possess an 18% market share for the industrial solar water heaters market in 2022.
Asia Pacific countries are anticipated to assist significantly in the growth of the global industrial solar water heaters market over the forecast period. Evolving countries in the Asia Pacific, especially China, and India, are estimated to play an imperative role in the growth of the industrial solar water heaters market in the coming future.
In countries such as India and China, the construction and automotive industry is in a very active state and is very attractive for the manufacturers there, is the humungous growth potential for the global industrial solar water heaters market. Thus, Asia Pacific is expected to hold a 21% market share of the industrial solar water heaters market in 2022.
The European industrial solar water heaters market is expected to grow as significant macro-economic factors such as the growth in industrialization, growth in urbanization, growth of the construction industry and growth of the automotive industry are on a linear side and thus will upsurge in the growth of the global Industrial solar water heaters market over the forecast period.
Thus, due to the reasons mentioned above, Europe is expected to possess a 24% market share for the industrial solar water heaters market in 2022.
Key start-ups in the industrial solar water heaters market are Solar Water Solutions, Gelsons Corporate, Solar Water, Nexol, and OffGridBox.
Key players in the industrial solar water heaters market are ATR SOLAR, SunEarth, Racold, Heliodyne, Inc., Alternate Energy Technologies, LLC, Excel Innovations Private Limited, Apricus Solar Co. Ltd, Chandrlok International, SunMaxx Solar, Greentek India Pvt. Ltd, SUNPEAK USA Inc., and American Water Heaters.
| Report Attribute | Details |
|---|---|
| Market Value in 2022 | US$ 791.8 Million |
| Market Value in 2032 | US$ 1,138.9 Million |
| Growth Rate | CAGR of 3.7% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2016 to 2021 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in US$ Million and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered |
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| Regions Covered |
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| Key Countries Profiled |
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| Key Companies Profiled |
|
| Customization | Available Upon Request |
FMI projects the global industrial solar water heaters market to expand at a 3.7% value CAGR by 2032
Europe is expected to possess a 24% market share for the industrial solar water heaters market in 2022
ATR SOLAR, SunEarth, Racold, Heliodyne, Inc., and Alternate Energy Technologies, LLC are some prominent industrial solar water heaters manufacturers.
1. Executive Summary | Industrial Solar Water Heaters Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
3.5.1. Supply Side Participants and Their Roles
3.5.1.1. Producers
3.5.1.2. Mid-Level Participants (Traders/ Agents/ Brokers)
3.5.1.3. Wholesalers and Distributors
3.5.2. Value Added and Value Created at Node in the Supply Chain
3.5.3. List of Raw Material Suppliers
3.5.4. List of Existing and Potential Buyers
3.6. Investment Feasibility Matrix
3.7. Value Chain Analysis
3.7.1. Profit Margin Analysis
3.7.2. Wholesalers and Distributors
3.7.3. Retailers
3.8. PESTLE and Porter’s Analysis
3.9. Regulatory Landscape
3.9.1. By Key Regions
3.9.2. By Key Countries
3.10. Regional Parent Market Outlook
3.11. Production and Consumption Statistics
3.12. Import and Export Statistics
4. Global Market Analysis 2016 to 2021 and Forecast, 2022 to 2032
4.1. Historical Market Size Value (US$ Million) & Volume (Units) Analysis, 2016 to 2021
4.2. Current and Future Market Size Value (US$ Million) & Volume (Units) Projections, 2022 to 2032
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Global Market Analysis 2016 to 2021 and Forecast 2022 to 2032, By Industry Type
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Industry Type, 2016 to 2021
5.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Industry Type, 2022 to 2032
5.3.1. Small Scale
5.3.2. Medium ScaIe
5.3.3. Large Scale
5.4. Y-o-Y Growth Trend Analysis By Industry Type, 2016 to 2021
5.5. Absolute $ Opportunity Analysis By Industry Type, 2022 to 2032
6. Global Market Analysis 2016 to 2021 and Forecast 2022 to 2032, By Sales Channel
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Sales Channel, 2016 to 2021
6.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Sales Channel, 2022 to 2032
6.3.1. Original Equipment Manufacturers
6.3.2. Aftermarket
6.4. Y-o-Y Growth Trend Analysis By Sales Channel, 2016 to 2021
6.5. Absolute $ Opportunity Analysis By Sales Channel, 2022 to 2032
7. Global Market Analysis 2016 to 2021 and Forecast 2022 to 2032, By End Use
7.1. Introduction / Key Findings
7.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By End Use, 2016 to 2021
7.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By End Use, 2022 to 2032
7.3.1. Automotive
7.3.2. Construction
7.3.3. Oil & Gas
7.3.4. Paints & Coating
7.3.5. Others (Refractory, Bulk Fillers, Etc.)
7.4. Y-o-Y Growth Trend Analysis By End Use, 2016 to 2021
7.5. Absolute $ Opportunity Analysis By End Use, 2022 to 2032
8. Global Market Analysis 2016 to 2021 and Forecast 2022 to 2032, By Region
8.1. Introduction
8.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Region, 2016 to 2021
8.3. Current Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Region, 2022 to 2032
8.3.1. North America
8.3.2. Latin America
8.3.3. Europe
8.3.4. Asia Pacific
8.3.5. Middle East and Africa
8.4. Market Attractiveness Analysis By Region
9. North America Market Analysis 2016 to 2021 and Forecast 2022 to 2032, By Country
9.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2016 to 2021
9.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2022 to 2032
9.2.1. By Country
9.2.1.1. United States of America
9.2.1.2. Canada
9.2.2. By Industry Type
9.2.3. By Sales Channel
9.2.4. By End Use
9.3. Market Attractiveness Analysis
9.3.1. By Country
9.3.2. By Industry Type
9.3.3. By Sales Channel
9.3.4. By End Use
9.4. Key Takeaways
10. Latin America Market Analysis 2016 to 2021 and Forecast 2022 to 2032, By Country
10.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2016 to 2021
10.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2022 to 2032
10.2.1. By Country
10.2.1.1. Brazil
10.2.1.2. Mexico
10.2.1.3. Rest of Latin America
10.2.2. By Industry Type
10.2.3. By Sales Channel
10.2.4. By End Use
10.3. Market Attractiveness Analysis
10.3.1. By Country
10.3.2. By Industry Type
10.3.3. By Sales Channel
10.3.4. By End Use
10.4. Key Takeaways
11. Europe Market Analysis 2016 to 2021 and Forecast 2022 to 2032, By Country
11.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2016 to 2021
11.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2022 to 2032
11.2.1. By Country
11.2.1.1. Germany
11.2.1.2. United Kingdom
11.2.1.3. France
11.2.1.4. Spain
11.2.1.5. Italy
11.2.1.6. Rest of Europe
11.2.2. By Industry Type
11.2.3. By Sales Channel
11.2.4. By End Use
11.3. Market Attractiveness Analysis
11.3.1. By Country
11.3.2. By Industry Type
11.3.3. By Sales Channel
11.3.4. By End Use
11.4. Key Takeaways
12. Asia Pacific Market Analysis 2016 to 2021 and Forecast 2022 to 2032, By Country
12.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2016 to 2021
12.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2022 to 2032
12.2.1. By Country
12.2.1.1. China
12.2.1.2. Japan
12.2.1.3. South Korea
12.2.1.4. Malaysia
12.2.1.5. Singapore
12.2.1.6. Australia
12.2.1.7. New Zealand
12.2.1.8. Rest of Asia-Pacific
12.2.2. By Industry Type
12.2.3. By Sales Channel
12.2.4. By End Use
12.3. Market Attractiveness Analysis
12.3.1. By Country
12.3.2. By Industry Type
12.3.3. By Sales Channel
12.3.4. By End Use
12.4. Key Takeaways
13. Middle East and Africa Market Analysis 2016 to 2021 and Forecast 2022 to 2032, By Country
13.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2016 to 2021
13.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2022 to 2032
13.2.1. By Country
13.2.1.1. GCC Countries
13.2.1.2. South Africa
13.2.1.3. Israel
13.2.1.4. Rest of Middle East and Africa
13.2.2. By Industry Type
13.2.3. By Sales Channel
13.2.4. By End Use
13.3. Market Attractiveness Analysis
13.3.1. By Country
13.3.2. By Industry Type
13.3.3. By Sales Channel
13.3.4. By End Use
13.4. Key Takeaways
14. Key Countries Market Analysis
14.1. United States of America
14.1.1. Pricing Analysis
14.1.2. Market Share Analysis, 2021
14.1.2.1. By Industry Type
14.1.2.2. By Sales Channel
14.1.2.3. By End Use
14.2. Canada
14.2.1. Pricing Analysis
14.2.2. Market Share Analysis, 2021
14.2.2.1. By Industry Type
14.2.2.2. By Sales Channel
14.2.2.3. By End Use
14.3. Brazil
14.3.1. Pricing Analysis
14.3.2. Market Share Analysis, 2021
14.3.2.1. By Industry Type
14.3.2.2. By Sales Channel
14.3.2.3. By End Use
14.4. Mexico
14.4.1. Pricing Analysis
14.4.2. Market Share Analysis, 2021
14.4.2.1. By Industry Type
14.4.2.2. By Sales Channel
14.4.2.3. By End Use
14.5. Germany
14.5.1. Pricing Analysis
14.5.2. Market Share Analysis, 2021
14.5.2.1. By Industry Type
14.5.2.2. By Sales Channel
14.5.2.3. By End Use
14.6. United Kingdom
14.6.1. Pricing Analysis
14.6.2. Market Share Analysis, 2021
14.6.2.1. By Industry Type
14.6.2.2. By Sales Channel
14.6.2.3. By End Use
14.7. France
14.7.1. Pricing Analysis
14.7.2. Market Share Analysis, 2021
14.7.2.1. By Industry Type
14.7.2.2. By Sales Channel
14.7.2.3. By End Use
14.8. Spain
14.8.1. Pricing Analysis
14.8.2. Market Share Analysis, 2021
14.8.2.1. By Industry Type
14.8.2.2. By Sales Channel
14.8.2.3. By End Use
14.9. Italy
14.9.1. Pricing Analysis
14.9.2. Market Share Analysis, 2021
14.9.2.1. By Industry Type
14.9.2.2. By Sales Channel
14.9.2.3. By End Use
14.10. China
14.10.1. Pricing Analysis
14.10.2. Market Share Analysis, 2021
14.10.2.1. By Industry Type
14.10.2.2. By Sales Channel
14.10.2.3. By End Use
14.11. Japan
14.11.1. Pricing Analysis
14.11.2. Market Share Analysis, 2021
14.11.2.1. By Industry Type
14.11.2.2. By Sales Channel
14.11.2.3. By End Use
14.12. South Korea
14.12.1. Pricing Analysis
14.12.2. Market Share Analysis, 2021
14.12.2.1. By Industry Type
14.12.2.2. By Sales Channel
14.12.2.3. By End Use
14.13. Malaysia
14.13.1. Pricing Analysis
14.13.2. Market Share Analysis, 2021
14.13.2.1. By Industry Type
14.13.2.2. By Sales Channel
14.13.2.3. By End Use
14.14. Singapore
14.14.1. Pricing Analysis
14.14.2. Market Share Analysis, 2021
14.14.2.1. By Industry Type
14.14.2.2. By Sales Channel
14.14.2.3. By End Use
14.15. Australia
14.15.1. Pricing Analysis
14.15.2. Market Share Analysis, 2021
14.15.2.1. By Industry Type
14.15.2.2. By Sales Channel
14.15.2.3. By End Use
14.16. New Zealand
14.16.1. Pricing Analysis
14.16.2. Market Share Analysis, 2021
14.16.2.1. By Industry Type
14.16.2.2. By Sales Channel
14.16.2.3. By End Use
14.17. GCC Countries
14.17.1. Pricing Analysis
14.17.2. Market Share Analysis, 2021
14.17.2.1. By Industry Type
14.17.2.2. By Sales Channel
14.17.2.3. By End Use
14.18. South Africa
14.18.1. Pricing Analysis
14.18.2. Market Share Analysis, 2021
14.18.2.1. By Industry Type
14.18.2.2. By Sales Channel
14.18.2.3. By End Use
14.19. Israel
14.19.1. Pricing Analysis
14.19.2. Market Share Analysis, 2021
14.19.2.1. By Industry Type
14.19.2.2. By Sales Channel
14.19.2.3. By End Use
15. Market Structure Analysis
15.1. Competition Dashboard
15.2. Competition Benchmarking
15.3. Market Share Analysis of Top Players
15.3.1. By Regional
15.3.2. By Industry Type
15.3.3. By Sales Channel
15.3.4. By End Use
16. Competition Analysis
16.1. Competition Deep Dive
16.1.1. ATR SOLAR
16.1.1.1. Overview
16.1.1.2. Product Portfolio
16.1.1.3. Profitability by Market Segments
16.1.1.4. Sales Footprint
16.1.1.5. Strategy Overview
16.1.1.5.1. Marketing Strategy
16.1.1.5.2. Product Strategy
16.1.1.5.3. Channel Strategy
16.1.2. SunEarth
16.1.2.1. Overview
16.1.2.2. Product Portfolio
16.1.2.3. Profitability by Market Segments
16.1.2.4. Sales Footprint
16.1.2.5. Strategy Overview
16.1.2.5.1. Marketing Strategy
16.1.2.5.2. Product Strategy
16.1.2.5.3. Channel Strategy
16.1.3. Racold
16.1.3.1. Overview
16.1.3.2. Product Portfolio
16.1.3.3. Profitability by Market Segments
16.1.3.4. Sales Footprint
16.1.3.5. Strategy Overview
16.1.3.5.1. Marketing Strategy
16.1.3.5.2. Product Strategy
16.1.3.5.3. Channel Strategy
16.1.4. Heliodyne, Inc.
16.1.4.1. Overview
16.1.4.2. Product Portfolio
16.1.4.3. Profitability by Market Segments
16.1.4.4. Sales Footprint
16.1.4.5. Strategy Overview
16.1.4.5.1. Marketing Strategy
16.1.4.5.2. Product Strategy
16.1.4.5.3. Channel Strategy
16.1.5. Alternate Energy Technologies, LLC.
16.1.5.1. Overview
16.1.5.2. Product Portfolio
16.1.5.3. Profitability by Market Segments
16.1.5.4. Sales Footprint
16.1.5.5. Strategy Overview
16.1.5.5.1. Marketing Strategy
16.1.5.5.2. Product Strategy
16.1.5.5.3. Channel Strategy
16.1.6. Excel Innovations Private Limited.
16.1.6.1. Overview
16.1.6.2. Product Portfolio
16.1.6.3. Profitability by Market Segments
16.1.6.4. Sales Footprint
16.1.6.5. Strategy Overview
16.1.6.5.1. Marketing Strategy
16.1.6.5.2. Product Strategy
16.1.6.5.3. Channel Strategy
16.1.7. Apricus Solar Co. Ltd.
16.1.7.1. Overview
16.1.7.2. Product Portfolio
16.1.7.3. Profitability by Market Segments
16.1.7.4. Sales Footprint
16.1.7.5. Strategy Overview
16.1.7.5.1. Marketing Strategy
16.1.7.5.2. Product Strategy
16.1.7.5.3. Channel Strategy
16.1.8. Chandrlok International
16.1.8.1. Overview
16.1.8.2. Product Portfolio
16.1.8.3. Profitability by Market Segments
16.1.8.4. Sales Footprint
16.1.8.5. Strategy Overview
16.1.8.5.1. Marketing Strategy
16.1.8.5.2. Product Strategy
16.1.8.5.3. Channel Strategy
16.1.9. SunMaxx Solar
16.1.9.1. Overview
16.1.9.2. Product Portfolio
16.1.9.3. Profitability by Market Segments
16.1.9.4. Sales Footprint
16.1.9.5. Strategy Overview
16.1.9.5.1. Marketing Strategy
16.1.9.5.2. Product Strategy
16.1.9.5.3. Channel Strategy
16.1.10. Greentek India Pvt. Ltd.
16.1.10.1. Overview
16.1.10.2. Product Portfolio
16.1.10.3. Profitability by Market Segments
16.1.10.4. Sales Footprint
16.1.10.5. Strategy Overview
16.1.10.5.1. Marketing Strategy
16.1.10.5.2. Product Strategy
16.1.10.5.3. Channel Strategy
17. Assumptions & Acronyms Used
18. Research Methodology
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Industrial Solar Water Heaters Market
