The global industrial solar water heaters market is likely to accumulate a market value of USD 791.8 Million in 2022 and is expected to accumulate a market value of USD 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) | USD 763.69 Million |
| Expected Market Value (2022) | USD 791.8 Million |
| Anticipated Forecast Value (2032) | USD 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 USA 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.
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 | USD 791.8 Million |
| Market Value in 2032 | USD 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 USD Million and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Industry Type, Sales Channel, End Use, Region |
| Regions Covered | North America; Latin America; Europe; Asia Pacific; Middle East and Africa |
| Key Countries Profiled | United States of America, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, China, Japan, South Korea, Malaysia, Singapore, Australia, New Zealand, GCC Countries, South Africa, Israel |
| Key Companies Profiled | 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.; American Water Heaters |
| 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.
| Estimated Market Value, 2025 | USD 3,735.4 Million |
|---|---|
| Projected Market Value, 2035 | USD 5,090.9 Million |
| Value CAGR (2025 to 2035) | 3.5% |
| Expected Market Value in 2024 | USD 4.82 billion |
|---|---|
| Projected Forecast Value in 2034 | USD 8.41 billion |
| Anticipated Growth Rate from 2024 to 2034 | 5.72% |
| Market Size Value in 2023 | USD 165.7 million |
|---|---|
| Market Forecast Value in 2033 | USD 322.9 million |
| Global Growth Rate (2023 to 2033) | 6.9% CAGR |
| Market Size Value in 2023 | USD 348.8 million |
|---|---|
| Market Forecast Value in 2033 | USD 607.1 million |
| CAGR (2023 to 2033) | 5.7 % |
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