Global Solar Water Heaters Market Size By Collector (Glazed Water, Unglazed Water), By System (Thermosiphon, Pumped), By Application (Residential, Commercial/institutional), By Geographic Scope And Forecast

Solar Water Heaters Market Size And Forecast

Solar Water Heaters Market size was valued at around USD 2.3 Billion in 2021 and is projected to reach USD 4 Billion by 2030, growing at a CAGR of 6.5% from 2023 to 2030.

Rising demand for eco-friendly, dependable, and cost-effective technology for water heating solutions in the residential and non-residential sectors will propel the growth of the Global Solar Water Heaters Market. The solar water heater can offer reduced running expenses, or 25% to 40% in winter and 75% in summer, as compared to conventional heating systems. As people become more adept at utilizing sustainable technologies, there is a greater need for energy-efficient solutions, that are being fueled by rising infrastructure costs. By encouraging the use of sustainable technology, incentives like subsidies, tax breaks, and tax credits will help to boost the company’s prospects.

Due to the ongoing depletion of non-renewable resources and increased attempts to reduce energy use, it is projected that the demand for energy-efficient water heaters would grow yearly. During the projection period, this should hasten market expansion. These systems are cost-effective so that they will be appealing to a larger range of customers, regardless of their financial situation. It is expected that growing environmental consciousness would encourage industry expansion in both developed and developing nations.

Global Solar Water Heaters Market Definition

Solar heaters are made up of a thermal component that is in charge of catching solar radiation from the sun and using it to warm water. The water is then kept in a storage tank after the gadget has transferred the energy there. An insulated hot water storage tank, Solar collector, and cold water tank with insulated hot water pipelines and accessories are the three basic parts of a solar water heater. The thermal equipment known as collectors is in charge of absorbing solar energy. The water is heated by this radiation. Due to gravity, cold water with a higher density travels downward in the tank and hot water with a lower density rises.

Global Solar Water Heaters Market Overview

The use of solar water heaters is advantageous because they simply use solar radiation to heat water, eliminating the need for any additional fuel. The amount of non-renewable energy needed to heat water is greatly reduced when solar energy is used. The emphasis has been on replacing non-renewable energy sources with renewable ones, according to the governments of various nations and regional regulatory authorities. The provision of solar water heater systems as a part of the facilities in residential and commercial complexes, including hotels, hostels, and lodges, is now common practice among major builders and construction firms. Since other energy sources are rare and expensive, it is projected that the use of solar water heaters will rise in the near future.

Solar water heaters need to operate in the proper climatic circumstances in order to perform properly. Due to the lack of direct sunshine, solar water heaters perform poorly during rainy seasons. Installing solar heaters also requires additional rooftop space. The Solar Water Heaters Market is anticipated to be constrained by a number of reasons in the near future. During the forecast period, technological advancements in solar panels with regard to design criteria and other improvements, such as solar tracking mounts and thin film technology, are predicted to increase the usage of solar water heaters.

The market share would increase because of favorable regulations that limit GHG emissions from conventional systems and increased attention to maintaining the sustainability of fossil fuels. In order to achieve renewable energy goals and consequently reduce carbon emissions, policymakers have put up a number of legislation and directives. For instance, policymakers in the EU have set a goal to encourage the use of renewable resources and reduce GHG emissions by 20% from 1990 levels by 2020.

Global Solar Water Heaters Market Segmentation Analysis

The Global Solar Water Heaters Market is segmented on the basis of Collector, System, Application, And Geography.

Solar Water Heaters Market, By Collector

• Glazed Water
• Unglazed Water

Based on Collector, The market is bifurcated into Glazed Water and Unglazed Water. The iron tempered glass covering on a glazed collector is produced from copper tubing on an aluminum plate, which is why they are typically more expensive. Glazed collectors with heat exchangers transport fluids to enable them to absorb sunlight far more effectively than unglazed collectors during cooler climates. They can be utilized all year long and in a variety of climates.

To increase the system’s lifespan, unglazed collectors are often made of sturdy rubber or plastic that has been treated with an ultraviolet light inhibitor. These unglazed collectors are less expensive than glazed collectors because of the less expensive components and the simple design. In colder climates, indoor pools also utilize unglazed collectors because the water will return to the pool while not in use.

Solar Water Heaters Market, By System

• Thermosiphon
• Pumped

Based on System, The market is bifurcated into Thermosiphon and Pumped. The most well-known solar-heated hot water system is the thermosyphon one. These widely available solar hot water systems function by fusing a storage tanker with a flat plate collector that is positioned on the roof. In the upcoming years, solar water heater deployment would rise in response to rising business establishment demand for solutions that are affordable, environmentally friendly, energy-efficient, and have sufficient capacity.

Thermosiphon solar water heaters are suitable for hot temperatures in nations like Australia, Japan, Israel, and India due to their minimal space requirements. It would further enhance the market environment if it were possible to circulate gases and combustible liquids in heating and cooling applications without using mechanical pumps.

Solar Water Heaters Market, By Application

• Residential
• Commercial/Institutional
• Industrial

Based on Application, The market is bifurcated into Residential, Commercial/institutional, And Industrial. By 2025, annual commercial installation is anticipated to exceed 1 million units. Product acceptance would be boosted by increased funding from public and private financial organizations for the construction of infrastructure, such as governmental structures, educational institutions, and retail spaces. The introduction of green building norms and standards would further enhance the commercial environment by encouraging the use of clean technologies and limiting carbon emissions.

The market for residential solar water heaters would expand in response to growing investments in building restoration and renovation as well as rising disposable income. Its adoption is preferred above that of its competitors due to its ability to interact with conventional units in both newly developed and existing enterprises. Further enhancing product adoption will be growing awareness of energy savings and growing demand for replacing outdated systems.

Solar Water Heaters Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the World

On the basis of Regional Analysis, The Global Solar Water Heaters Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. The United States market would expand as a consequence of continuous investments in infrastructure for multi- and single-family homes supported by rising purchasing power and expanding urbanization. Furthermore, the industry landscape will be improved by supportive government initiatives to encourage the use of solar technologies and strict restrictions to lower carbon emissions. With the goal of lowering the cost of solar electricity by 75% through research and development efforts in partnership with corporate and public partners, the U.S. Department of Energy developed the sun shot projects.

Over the coming years, it is projected that rapid industrialization and commercialization would increase market demand. One of the biggest consumers of heat in China is the industrial sector. Heat application is a necessary component of some production processes in the chemical, iron & steel, and textile industries. Solar water heaters are utilized in these businesses because of the increased need for heat. Another significant use of heat is for residential heating. Due to its size and diverse climate, China has a number of appropriate locations for the usage of district heating.

Demand in this region is anticipated to be driven by the rapid developments of heating technology. The need for solar water heating equipment is anticipated to increase in Latin America as a result of improving market circumstances, which are anticipated to increase industrial production. The demand for water heating equipment in the industrial sector is expected to increase due to the rising energy needs of nations like Argentina and Brazil. The fact that Brazil and Argentina obtain a large portion of their energy from thermal plants is projected to increase demand for solar water heaters.

Key Players

With a focus on the global market, the “Global Solar Water Heaters Market” study report will offer insightful information. The major players in the market are Alternate Energy, A.O. Smith, Viessmann, Rneem Manufacturing, Racold, V-Guard, Chromagen, SunTank, Wagner Solar, HiminSolar, Bradford White, and Bosch Thermotechnology amongst Others. The competitive landscape section also includes information about the above competitors’ key development strategies, market share analyses, and market positioning analyses on a global scale.

Key Developments

• In January 2022, SunEarth and Nyle Water Heating System unveiled a scalable water series for the commercial market. By leveraging solar water heating and heat pump efficiency, SunEarth’s scalable Solar Series Heat Pump Water Heater may provide up to a 90% reduction in system operation costs over conventional water heating systems.
• In September 2022, To reduce the country’s energy use, the Tunisian government gave solar-powered water heaters to 4000 underserved families. The Ministry of Energy, Mines, and Energy Transition of Tunisia aims to reduce the country’s reliance on fossil fuels by 30% by 2030.
• In June 2022, Sunerg Solar Srl, an Italian manufacturer of solar modules, unveiled a 1,500 W water heating option that can run concurrently on grid electricity and solar power. The company sells the Frog Solar Water Heater, an 80 L water boiler with two resistances, one of which is activated by the photovoltaic panel, as well as a maximum power point tracking (MPPT) controller.

Ace Matrix Analysis

The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators.

Market Attractiveness

The image of market attractiveness provided would further help to get information about the region that is majorly leading in the Global Solar Water Heaters Market. We cover the major impacting factors that are responsible for driving the industry growth in the given region.

Porter’s Five Forces

The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behavior of competitors and a player’s strategic positioning in the respective industry. Porter’s five forces model can be used to assess the competitive landscape in the Global Solar Water Heaters Market, gauge the attractiveness of a certain sector, and assess investment possibilities.

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