PUBLISHER: Grand View Research | PRODUCT CODE: 1493477
PUBLISHER: Grand View Research | PRODUCT CODE: 1493477
The global solar water heaters market size is anticipated to reach USD 6.19 billion by 2030 and is projected to grow at a CAGR of 8.3% from 2024 to 2030, according to a new report by Grand View Research, Inc. The market is expected to experience significant growth driven by heightened environmental awareness, the growing emphasis on renewable energy sources, and the rising demand for energy-efficient solutions. Technological advancements in solar water heaters provide multiple advantages, such as decreased carbon emissions, lower energy costs, and the prevention of deforestation. These factors have contributed to an increased awareness of renewable energy sources, heightened environmental concerns, and adoption of energy-efficient solutions.
An increase in government initiatives encouraging the adoption of renewable energy, favorable regulations, and advancements in solar thermal technology are the primary drivers behind the market growth. These initiatives result in a rise in residential, commercial, and industrial usage. The solar water heater sector maintains a positive outlook as it offers a cost-efficient and environmentally friendly substitute for conventional water heating techniques. Opting for solar energy over traditional sources helps diminish deforestation, carbon emissions, reliance on fossil fuels, greenhouse gas emissions, and the risks associated with global warming.
The market is poised for continued growth, with increasing governments, businesses, and homeowners recognizing solar thermal technology's economic and environmental benefits. As the world increasingly moves towards renewable energy sources, the market is expected to play a vital role in the global energy transition, reducing greenhouse gas emissions and promoting sustainable development.