Global Industrial Solar Water Heaters Market To Expand At A 3.7% Value CAGR By 2032 | FMI

The global industrial solar water heaters market is anticipated to reach a valuation of US$ 1,138.9 Mn in 2032, with the market growing at an average CAGR of 3.7% over the forecast period of 2022 to 2032. Climbing up from a value of US$ 763.69 Mn in 2021, the target market is expected to reach an estimated US$ 791.8 Mn by the end of 2022. The industrial solar water heaters market is likely to be driven by the heightened demand for the product from various end use industries and commercial sectors.

A major driving factor of the industrial solar water heaters market is the demand for new heating application in different end use industries like automotive, petrochemical, paint and coating, construction, and many others. The growing demand for heating with solar application is fueling the demand for the target market in the global space.

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Many industries in the developed countries are seeking solar heating equipment that is equipped with enhanced technology and automation. Many market manufacturers are constantly improvising on their product to cater to the industry demands at large. This is anticipated to bolster the market expansion of industrial solar water heaters.

Many manufacturers in this market are concentrating on developing solar water heaters that are able to generate more amount of heat with less consumption of solar energy. The progress made in the material science technologies in the manufacturing industries have provided these manufacturers with new materials like polycrystalline thin films, copper indium diselenide, cadmium telluride, and gallium arsenide.

These materials are expected to aid the market players in fulfilling the demands of the consumers and thereby aiding in the growth of the target market. Again, the rising cost of natural resources coupled with escalating pollution levels foster positive market environment for the industrial solar water heaters market during the forecast period.

“Rising demand for solar applications will likely drive the market growth of industrial solar water heaters over the forecast period,” says an FMI analyst.  

Key Takeaways:

  • Leveraging the advanced automation system will provide lucrative market opportunities.
  • High cost of the product may impede the future prospects of the market.
  • North America is expected to account for 18% of the total market share in 2022.
  • Expanding construction and automotive sectors in the Asia Pacific to drive the target market growth.
  • In 2022, Europe will hold about 24% of the global market share.

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Competitive Landscape 

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, and others, are some of the major players in the industrial solar water heaters market that are profiled in the full version of the report.

Major market players are focusing actively on introducing innovative product to the market. These businesses are keen to develop and launch new industrial solar water heaters that are strong and deliver proper output heat with minimum amount of energy from the sun.

More Insights into the Industrial Solar Water Heaters Market Report

In its latest report, FMI offers an unbiased analysis of the global industrial solar water heaters market, providing historical data from 2016 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and range, the market is segmented on the basis of industry type (small scale industrial solar water heaters, medium scale industrial solar water heaters, large scale industrial solar water heaters), sales channel (Original Equipment Manufacturers (OEM), aftermarket), end use (automotive, construction, oil and gas, paint and coatings, other end uses (refractory, bulk fillers, etc)), and region.

According to the latest FMI reports, based on region, the industrial solar water heaters market in Europe is expected to experience considerable market growth during the forecast period. The region is likely to account for 24% of the global market share in 2022. The growth in this region is spurred by the rapid expansion of the construction industry and the swift growth in industrialization and urbanization. Apart from Europe, the Asia Pacific and North America will also exhibit steady growth of the industrial solar water heaters market over the projected period.