Solar Water Heater Installation in the US - Industry Market Research Report

Boiling hot: Technological advances are expected to make solar water heaters more economical

Revenue for the Solar Water Heater Installation industry is expected to fluctuate moderately over the five years to 2021. Industry operators install solar water heater systems as part of general residential and commercial contracting services. Over the five years to 2021, industry operators have benefited from broad economic growth and improved consumer attitudes toward solar technology. During the period, an assortment of both federal and state solar investment tax credits (ITCs), which subsidize the cost of solar water heater installations, have increased the affordability of installation for consumers. However, demand for industry services fell in 2020 amid the COVID-19 (coronavirus) pandemic from nonresidential sector. But, demand from residential sector picked up due to increase in housing starts. Accordingly, industry revenue is expected to increase at an annualized rate of 1.5% to $318.1 million over the five years to 2021, including an expected 7.2% increase in 2021 alone.

Operators in this industry install solar water heater systems as part of general residential and commercial contracting services. These operators are contracted either directly by the customer or by solar marketing companies that arrange a buyer for solar thermal systems and contract an industry operator to carry out the work.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry's key players and their market shares.