The industrial solar water heaters market is poised to reach a market value of USD 791.8 Million by 2022, with further growth projected to USD 1,138.9 Million by 2032, reflecting a compounded annual growth rate (CAGR) of 3.7% during the forecast period.
The escalating demand for industrial solar water heaters from end-user industries and commercial sectors is a key driver behind this growth trajectory. Notably, the market exhibited a steady CAGR of 3.1% during the historical period spanning from 2016 to 2021, underscoring its sustained expansion over the years.
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Growth Factors
As government regulations increasingly emphasize eco-friendly practices, industrial solar water heaters have become indispensable within various sectors. Industry stakeholders are embracing these systems to adhere to environmental compliance standards and mitigate commercial emissions effectively.
Offering a blend of superior performance and cost-efficiency, commercial solar water heating systems are gaining prominence among small and medium-sized enterprises, emerging as their preferred choice.
Moreover, solar-based energy systems are finding widespread adoption across diverse establishments such as hospitals, hotels, hostels, and commercial spaces. Collectively, these initiatives contribute significantly to environmental preservation efforts by reducing pollution and promoting a cleaner ecosystem.
Recent Developments
- In January 2022, SunEarth collaborated with Nyle Water Heating System to unveil a revolutionary water series tailored for the commercial sector. By harnessing the combined efficiencies of solar water heating and heat pump technology, SunEarth’s scalable Solar Series Heat Pump Water Heater delivers remarkable cost savings, with potential for up to a 90% reduction in operational expenses compared to traditional water heating solutions.
- Similarly, in November 2020, Indian firm Racold launched the #DontBeAHeaterHitesh digital marketing campaign to showcase its innovative Omnis product range. Conceived by WATConsultant, the campaign features two captivating films spotlighting the Omnis Lux Plus and Omnis Wi-Fi water heaters. The former boasts cutting-edge Silver Ion Technology, which effectively prevents the proliferation of bacteria, while the latter offers an intelligent ‘Smart Bath Logic’ feature for personalized bathing experiences.
Key Companies
- 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
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Key Segmentations
By Industry Type:
- Small Scale
- Medium Scale
- Large Scale
By Sales Channel:
- Sales via Original Equipment Manufacturers
- Sales via Aftermarket
By End Use:
- For Automotive
- For Construction
- For Oil & Gas
- For Paints & Coatings
- For Other End Uses(Refractory, Bulk Fillers, Etc.)
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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