Solar Water Heater Market: Current Analysis and Forecast (2021-2027)
$4999 – $8699
Emphasis on Type (Glazed, Unglazed); System (Thermosiphon, Pumped); End-User (Residential, Commercial, Industrial); and Region/Country
Solar Water Heater Market was valued at US$ 3 billion in 2020 and is expected to grow at a CAGR of 7% over the forecast period (2021-2027). Solar water heating is a reliable, clean, and cost-effective technology which can save utility bills for thousands of homes and businesses. This technology works by capturing sunlight to produce electrical and thermal energy. This alternative energy source can typically be converted into heat which provides hot water to heat homes and businesses. Solar water heating systems utilize solar thermal heating to deliver hot water in many countries around the world. The most important aspect of this technology is that it can reduce our reliance on fossil fuels. Solar water heating collectors are used to trap solar energy. These collectors are typically then connected to glazed on unglazed water systems. A typical solar water heating system can save up to 1500 units of electricity every year i.e., for every 100 liters of solar heating capacity per day.
The key factors influencing the market growth include the increasing demand for cost-effective and eco-friendly solutions. As solar water heaters work on zero emissions and zero consumption of fossil fuels principle it is gaining traction among the eco aware consumers. Sun shining on a 1 m2 roof can replace 100 liters of heating oil or 100 m3 of natural gas. Additionally, government rebates on solar equipment’s including in solar water heating systems is also increasing the demand of solar water heaters. For example, In Victoria, Australia all residents and commercial areas can get rebate up to US$ 700 depending on the type and size of the system installed. In the long run, solar water heaters are even cheaper than other types of water heaters as they save on years of electricity and maintenance costs. Key drawback of solar water heaters is their working in cloudy weathers, however good backup systems can make that possible.
Different Water Heater Purchase and Installation Cost (US$), 2021
Himin Solar Energy Group, V-Guard Industries Ltd, Ariston Thermo SpA, KODSAN, Solav Energy, Zhejiang JiaDeLe Solar Energy Co., Ltd., Solahart, Jiangsu Sunpower Solar Technology Co., Ltd., A. O. Smith India Water Products Pvt. Ltd., Alternate Energy Technologies are some of the prominent players operating in the Solar Water Heater market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst Type, Glazed segment holds the major share”
Based on type, the solar water heater market is segmented into glazed and unglazed. The glazed segment is further segmented into evacuated tube and flat plate. Amongst type, the glazed segment of the market was valued at US$ XX million in 2020 and is likely to reach US$ XX million by 2027 growing at a CAGR of XX% from 2021-2027. Glazed solar collectors have selective coating on them usually made up of aluminum plate or copper and they also have an iron tempered glass covering. This makes glazed solar water heaters 14% more thermal efficient than unglazed water heater according to a study comparing the two.
“Amongst System, Thermosiphon Segment holds the major share”
Based on system, the solar water heater market is segmented into thermosiphon and pumped. Amongst system, thermosiphon segment accounted for a market valuation of US$ XX million in 2020 and is expected to reach US$ XX million by the year 2027, at a CAGR of XX% over the analyzed period. A thermosiphon solar water heater relies on the phenomenon of rising warm water. Thus, it is installed above the solar collector and the water warms and rises to the tank which is then collected and flown down the pipes.
“Amongst End-User, Residential Segment holds the major share”
Based on end-user, the solar water heater market is segmented into residential, commercial, and industrial. the commercial segment is further divided into educational institutes, offices, government buildings, and others. The residential segment generated revenue of US$ XX million in 2020 and is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of US$ XX million by 2027F. Solar water heater can be used in residential homes for cleaning, washing, and bathing purposes. Typical capacity used in residential segments are the 100-300 liters solar water heaters. As compared to an electric geyser, solar water heaters typically save 1500 units of electricity per year and additionally prevent 1.5 tons of carbon-dioxide per year.
“Asia Pacific represents one of the largest markets of Solar Water Heater market”
For a better understanding of the market dynamics of the Solar Water Heater market, a detailed analysis was conducted for different regions across the globe including North America (the U.S, Canada, and the Rest of North America), Europe (Germany, France, Italy, United Kingdom, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC) and Rest of the World. Asia Pacific dominated the market and grabbed around XX% market share owing to the increasing awareness about renewable energy in the region.
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- The study includes market sizing and forecasting analysis validated by authenticated key industry experts
- The report presents a quick review of overall industry performance at one glance
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
- The study comprehensively covers the market across different segments
- Deep dive regional level analysis of the industry
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|1.2.||Objective of the Study|
|1.5.||Currency Used in Report|
|1.6.||Scope of the Solar Water Heater Market Study|
|2.1.||Research Methodology for the Solar Water Heater Market|
|2.1.1.||Main Objective of the Solar Water Heater Market|
|3||MARKET SYNOPSIS (INDUSTRY AT A GLANCE)|
|5||SOLAR WATER HEATER MARKET REVENUE (US$ BN), 2021-2027F|
|10.1.||NORTH AMERICA SOLAR WATER HEATER MARKET|
|11.1.3.||Rest of North America|
|10.2.||EUROPE SOLAR WATER HEATER MARKET|
|11.2.6.||Rest of Europe|
|10.3.||ASIA-PACIFIC SOLAR WATER HEATER MARKET|
|11.3.6.||Rest of Asia Pacific|
|10.4.||REST OF THE WORLD SOLAR WATER HEATER MARKET|
|12||SOLAR WATER HEATER MARKET OPPORTUNITIES|
|13||SOLAR WATER HEATER MARKET TRENDS|
|14||LEGAL AND REGULATORY FRAMEWORK|
|15.1.||Demand Side Analysis|
|15.2.||Supply Side Analysis|
|15.2.1.||Top Product Launches|
|15.2.2.||Top Business Partnerships|
|15.2.3.||Top Business Expansions, Investments and Divestitures|
|15.2.4.||Top Merger and Acquisitions|
|16||VALUE CHAIN ANALYSIS|
|18.1.||Himin Solar Energy Group|
|18.2.||V-Guard Industries Ltd|
|18.3.||Ariston Thermo SpA|
|18.6.||Zhejiang JiaDeLe Solar Energy Co., Ltd.|
|18.8.||Jiangsu Sunpower Solar Technology Co., Ltd.|
|18.9.||A. O. Smith India Water Products Pvt. Ltd.|
|18.10.||Alternate Energy Technologies|
Research Methodology for the Solar Water Heater Market Analysis (2021-2027)
Analyzing the historical market, estimation of the current market, and forecasting the future market of the Solar Water Heater market were the three major steps undertaken to create and analyze the adoption of Solar Water Heater in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the Solar Water Heater market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the Solar Water Heater through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the Solar Water Heater market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as type, system, and end-user. Further country-level analyses were conducted to evaluate the overall adoption of Solar Water Heater in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of Solar Water Heater. Further, we conducted factor analysis using dependent and independent variables such as decreasing costs and government rebates on solar water heaters. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the Solar Water Heater sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Solar Water Heater market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of value (US$) and the adoption rate of Solar Water Heater across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the Solar Water Heater market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Solar Water Heater market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type and their type of the Solar Water Heater market.
The main objective of the Solar Water Heater Market Study
The current & future market trends of Solar Water Heater were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of Solar Water Heater in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of type and their subtypes
- Define and analysis of the regulatory framework for the Solar Water Heater industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the Solar Water Heater market for the major region
- Major regions studied in the report include North America (the U.S, Canada, and Rest of North America), Europe (Germany, United Kingdom, France, Spain, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Others), and the Rest of the World
- Company profiles of the Solar Water Heater market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry