Global Solar Water Heater Market is projected to exceed USD 4 billion by 2024, as reported in the latest study by Global Market Insights, Inc. Rising concern to maintain fossil fuel sustainability along with stringent government norms to reduce carbon emissions will stimulate the solar water heater market growth. Introduction of several targets to reduce carbon emissions and encourage the development of renewable energy will further complement the industry growth. In 2016, the government of UK sets target to reduce carbon emissions up to 57% by 2030 from 1990 levels.
Growing demand for environment friendly, cost effective and reliable systems for water heating purposes across commercial, industrial, and residential sector will augment the solar water heater market. Ability to reduce electricity bill by 50% to 80% will encourage the product penetration over the forecast timeline.
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