Solar Water Heater Market Overview:
Solar Water Heater Market share is expected to surpass USD 7.71 billion by 2032, expanding at a CAGR of 8.50% during the forecast period (2023 – 2032).
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For use in commercial, residential, and industrial settings, solar water heaters deliver hot water. An assortment of collectors are used in solar water heaters to capture and store solar energy. In residential applications, solar collectors are primarily of three types: flat-plate collectors, evacuated tube collectors, and unglazed water collectors. The main purpose of a solar water heater is to reduce energy costs. Additionally, consumers that use heat energy for their homes or businesses can claim a renewable heat incentive.
In case there isn’t enough heat, this technology also has a backup power source. The solar water heater is an energy-effective and reasonably priced device. The household, commercial, and industrial sectors all make extensive use of solar water heaters. The key market driver is the rising need for affordable heating solutions. Additionally, the Market Trends for the anticipated period appear promising. Additionally, the market value for solar water heaters is predicted to be 28.44 billion throughout the projection period.
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Covid-19 Impact on Solar Water Heater Market
Supply Chain Disruptions: The pandemic disrupted global supply chains, causing delays in the production and delivery of solar water heating components. Many manufacturers rely on materials and components from different parts of the world, and lockdowns and restrictions hampered the smooth flow of goods.
Installation Delays: Social distancing measures and lockdowns led to a decrease in construction activities, including solar water heater installations. This reduced demand for new installations, impacting the market’s growth.
Renewable Energy Emphasis: The pandemic highlighted the importance of resilient and sustainable energy sources. Governments and individuals have become more conscious of reducing their carbon footprint, leading to increased interest in renewable energy solutions like solar water heaters.
Incentives and Subsidies: Many governments introduced or expanded incentives and subsidies for renewable energy projects, including solar water heaters, as part of their economic recovery plans. These incentives have encouraged investment in solar water heating systems.
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Solar Water Heater Market Drivers:
Energy Efficiency: Solar water heaters are highly energy-efficient as they harness the sun’s abundant and renewable energy to heat water. This reduces the reliance on electricity or gas, resulting in lower energy bills and a reduced carbon footprint.
Environmental Sustainability: Increasing environmental concerns and a growing emphasis on reducing greenhouse gas emissions have driven the adoption of solar water heaters. They help mitigate the environmental impact associated with conventional water heating methods.
Government Incentives: Many governments worldwide offer financial incentives, tax credits, and rebates to encourage the installation of solar water heaters. These incentives can significantly reduce the initial cost and make solar water heaters more affordable.
Energy Cost Savings: Solar water heaters provide long-term cost savings, making them an attractive option for homeowners and businesses. As energy costs rise, the appeal of a system that generates free hot water becomes more apparent.
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Market Segmentation:
The market is divided into three categories based on application which are residential, commercial, and industrial. Due to rising investment in construction activities and rising demand for energy-efficient water heaters, the residential segment is anticipated to dominate the market over the forecast period. Europe, North America, and the Asia Pacific region are where the installation is primarily taking place. The market is divided into two categories based on type namely pumped and thermosyphon. Thermosyphon holds the majority of the market share for solar water heaters because of its low cost and easy usage.
Regional Analysis:
The solar water heater market in Asia Pacific is divided into North America, Europe, Latin America, and Asia Pacific. The Asia Pacific area has a better growth rate for the worldwide market. This region is experiencing a significant rise due to the increasing need for energy efficiency. Government support is also strong in the Asia Pacific region. The government’s promotion of the solar industry is likewise more aggressive. These elements continue to support Asia Pacific’s slow water heater market.
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Another important market is North America. In this market, consumers’ purchasing power and investments are higher. Additionally, there is significant room for market expansion and growth. Solar water energy is only utilised in areas with more sunlight, though. The market is significantly constrained by the weather. The major industry participants in North America, however, grow the market in other continents. European technology is renowned for being energy-efficient. In this sector, there is a lot of governmental funding for these technologies. Additionally, the popularity of solar technologies pushes buyers toward inefficient water heaters.
Key Players:
The key players of the global solar water heater market are:
- Rheem Manufacturing (US)
- O.Smith (US)
- SunTank (South Africa)
- Bradford White Corporation (US)
- Bosch (Germany), Honeywell Corporation (US)
- Racold (India)
- Alternate energy Technologies (US)
- Viessmann Manufacturing (US)
- Wagner Solar (UK)
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