Solar Water Heater Holds Huge Potential to Move Towards Sustainable Living. Asia Pacific to Witness the Highest Growth
Solar Water Heater Market is expected to exceed the market valuation of more than US$ XX million by 2027 expanding at a reasonable CAGR of around XX% during the forecast period (2021-2027). China had the highest installed capacity of Solar Water Heaters around the world at the end of 2018 i.e., an installed capacity of 337.6 gigawatts. This made up 70% of the global solar water heater production of 482 thermal gigawatts. The reason for high number of solar water heaters in China because the cost of using SWHs is lower there as compared to using electric or gas water heaters. Even though the initial cost is higher, in the long run users do not need to pay much operation costs. China is followed by the United States with an installed capacity of 17.9 gigawatts. Solar water heaters are mostly used to heat swimming pools in the United States. Countries like India are also increasing their solar capacity fast. The main constraint in the installation of solar water heaters is their initial installation cost which is expected to decrease with time.
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Costs of Solar water heaters range from US$ 3,000-9,000. After rebate and tax credits this can go down to US$ 1,500-6,600. The solar water heaters use the sun’s energy to heat water which reduces the cost by 50-80%. Solar Water Heaters are also available as hybrid water heaters which can work with electric or gas heaters. In the long run homeowners can significantly reduce their electric bills with the use of solar water heaters. These systems use renewable energy and thus reduce the use grid power. Even though the installation costs of solar water heaters are higher than most other types of heaters, they are the least expensive mode of water heating in the long run. Solar water heaters are beneficial for the environment as well as the home economy. The prices of solar water heaters are expected to go down with time.
The pandemic effected many industries including the energy industry. According to International Energy Agency (IEA), the energy demand decline in 2020 is the largest in the last 70 years. However, the overall percentage of renewable energy usage increased by 15% (15 GW) during this time, this is an opportunity for renewable energy to increase in dominance during the post covid recovery. This is probably because the pandemic made people realize about the importance of using renewable energy sources and the impact of global warming. Increased policy support caused many solar water heater markets to grow around the world as homeowners were spending more time in their home during the pandemic and so making improvements around the house.
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Based on type, the solar water heater market is segmented into glazed, 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.
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. Costs of thermosiphon water heater systems range from US$ 5,000-7,000 which is comparatively costlier than the pumped solar water heater systems.
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.
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Additionally, the report provides detailed initiatives that are being taken in the field of Solar Water Heater, globally. The report provides a detailed analysis of regions including North America (the U.S, Canada, and Rest of North America), Europe (Germany, France, Spain, Italy, UK, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of Asia-Pacific), and the Rest of the World. Asia Pacific dominated the market in 2020, with XX% share.
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., and 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 make Solar Water Heater as cost-effective and as widely available as possible.
Solar Water Heater Market Segmentation
Market Insight, by Type
- Evacuated Tube
- Flat Plate
Market Insight, by System
Market Insight, by Technology
- Educational Institutes
- Government Buildings
Market Insight, by Region
- North America Solar Water Heater Market
- United States
- Rest of North America
- Europe Solar Water Heater Market
- United Kingdom
- Rest of Europe
- Asia-Pacific Solar Water Heater Market
- Rest of Asia-Pacific
- Rest of World Solar Water Heater Market
Top Company Profiles
- Himin Solar Energy Group
- V-Guard Industries Ltd
- Ariston Thermo SpA
- Solav Energy
- Zhejiang JiaDele Solar Energy Co., Ltd.
- Jiangsu Sunpower Solar Technology Co., Ltd.
- A. O. Smith India Water Products Pvt. Ltd.
- Alternate Energy Technologies