Solar Water Heater Market Size, Share and Trend Analysis Report : Global Opportunity Analysis and Industry Forecast 2020-2027
According to a new report published by Allied Market Research, the global solar water heater market size was valued at $4.7 billion in 2019, and is projected to reach $6.7 billion by 2027, growing at a CAGR of 6.1% from 2020 to 2027.
Solar Water Heater: Harnessing Solar Energy for Hot Water
A solar water heater is a system that uses solar energy to heat water for residential, commercial, and industrial applications. By utilizing sunlight, these systems provide an eco-friendly and cost-effective solution for hot water needs.
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North America accounted for a significant market share, owing to favorable government measures to promote solar power technologies for residential and commercial places.
Asia-pacific dominated the solar water heater market with around 55% revenue shares in 2019.
The key players profiled in the global solar water heater industry report include Himin Solar Energy Group, V-Guard Industries Ltd, Ariston Thermo SpA, KODSAN Company, Solav Energy, Zhejiang JiaDeLe Solar Co., Ltd., SunPower Corporation, A.O. Smith, and Alternate Energy Technologies.
Surge in demand for water heating systems in isolated and rural areas is anticipated to propel the solar water heater market growth.
Small-scale solar water heaters are predominately used in rural areas due to low cost and high efficiency in various climate conditions.
For instance, China has around 5,000 small & medium-scale solar water heater manufacturers and most of them serve in the rural areas.
Substantial government support in terms of rebate and energy schemes is expected to further attract new customers, thereby enhancing the solar water heater market growth.
Advantages
- Energy Efficiency: Significantly reduces reliance on fossil fuels, leading to lower energy bills.
- Environmental Benefits: Produces no greenhouse gas emissions during operation, contributing to sustainability.
- Low Operating Costs: Once installed, the ongoing costs are minimal, as sunlight is free.
- Durability: Generally requires less maintenance than conventional water heating systems.
Based on capacity, solar water heater market for the 100 liter capacity segment accounted for significant market share. This is attributed to rise in demand in the residential sector. Low-cost solar water heater with 100 liter capacity is sufficient for a family of 2-3 members in residential buildings.
The others segment is anticipated to grow with a CAGR of 8.2%, in terms of revenue, during the forecast period.
Based on type, solar water heater market for the glazed segment emerged as the market leader, owing to high absorption efficiency of glazed collectors compared to unglazed collectors. However, high price of glazed collectors may restrict the usage for small-scale applications.
Glazed sola water heater is projected to grow at the highest CAGR of approximately 6.2%, in terms of revenue, during the forecast period.
The residential solar water heater segment accounted for significant market share, owing to robust investment in the construction sector for re-establishment and refurbishment of buildings.
- Residential Use: Provides hot water for domestic needs such as bathing, cooking, and cleaning.
- Commercial Use: Used in hotels, restaurants, and laundries for large-scale hot water requirements.
- Industrial Processes: Can be utilized in manufacturing processes that require hot water or steam.
Most of these new buildings have solar collectors installed on the roof, which are connected to the water tank by means of a circulating pump.
The global solar water heater market is heading toward an expansion phase. This is attributed to a significant surge in demand from residential and commercial end users.
Rise in concern from governments across emerging nations, such as China, India, and South Korea, regarding zero emission norms is expected to drive the solar water heater market growth.
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COVID-19 scenario analysis:
The global solar water heater market has no significant impact of Covid-19 unlike conventional gas or electric water heaters.
However, during new solar collector and water tank installation, the shortage of manpower and social distancing norms delayed new projects.
In addition, complete lockdown and social distancing norms across different countries delayed the cross-border export and import activities. This led to supply chain disruptions in the upstream and downstream channels.
Furthermore, high dependency on Chinese exports for various solar cell and solar module negatively impacted the market.
As significant number of production plants in China had been operating with limited production capacity for the last few months, it negatively affected the global solar water heater production.
Future Trends
- Technological Advancements: Innovations in collector efficiency and storage solutions are improving performance and reducing costs.
- Integration with Other Systems: Combining solar water heaters with heat pumps or other renewable technologies for enhanced efficiency.
- Policy Support: Increasing government incentives and rebates promoting the adoption of renewable energy solutions.
Conclusion
Solar water heaters offer a sustainable and efficient means of meeting hot water demands while reducing environmental impact. As technology continues to advance and awareness of renewable energy grows, solar water heating systems are expected to play a significant role in the transition to a more sustainable energy future.
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Allied Market Research (AMR) is a market research and business-consulting firm of Allied Analytics LLP, based in Portland, Oregon. AMR offers market research reports, business solutions, consulting services, and insights on markets across 11 industry verticals. Adopting extensive research methodologies, AMR is instrumental in helping its clients to make strategic business decisions and achieve sustainable growth in their market domains. We are equipped with skilled analysts and experts and have a wide experience of working with many Fortune 500 companies and small & medium enterprises.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies. This helps us dig out market data that helps us generate accurate research data tables and confirm utmost accuracy in our market forecasting. Every data company in the domain is concerned. Our secondary data procurement methodology includes deep presented in the reports published by us is extracted through primary interviews with top officials from leading online and offline research and discussion with knowledgeable professionals and analysts in the industry.
