Solar Thermal Water Heater Market Size, Share & Industry Analysis, By Collector Type(Flat Plate, Evacuated Tube, Others), By Application (Residential, Commercial, Industrial) and Regional Forecast, 2024-2032

Colder regions witnessing very fewer temperatures throughout the year requires various heating systems to warm water for multiple uses. A solar thermal water heater is a unit that heats water by using captured sunlight. It is a very cost-effective alternative among other technologies and generates no carbon footprint like electrical or fuel heating. These systems use solar panels termed as collectors to capture sun radiations and heat water stored in a cylinder. Solar thermal water heater devices also deliver hot water in the absence of solar energy around the year using different heating techniques.

On the basis of collector type, the solar thermal water heater market can be segmented into a flat plate, evacuated tube, and others. Flat plate solar thermal water heaters have waterproofed and insulated boxes containing blackened metallic absorber plates with plastic or glass covers. Evacuated tube solar thermal water heater has two layers of tubes made of borosilicate material, and the inner tube is coated with absorbing the material.

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Based on applications, the solar thermal water heater market can be majorly divided into residential, commercial, and industrial. Residential water heater is used in domestic activities like water and space heating instead of traditional fossil fuels having large carbon discharges. Commercial applications require a large heating capacity to be used in various commercial buildings, including schools, hotels, offices, and other public structures. Whereas industrial solar thermal water heater is used to suffice hot water needs across different industries including textile, food processing, dairy, pharmaceuticals, and also for boiler feed heating.

A paradigm shift towards clean energy usage for various applications and simultaneously reducing carbon footprint is subjected to augment the global solar thermal water heater market. Different countries have introduced renewable adoption policies, and thereby, users are inclining to adopt sustainable electricity options for numerous uses. Cold climatic regions are leaned towards usage of advance water heating devices along with decreasing dependence on fossil fuels.

The key market restraint for the global solar thermal water heater market is lack of knowledge and alertness amid the consumers. Range of rural areas experiences the absence of readiness in the adaptability of new efficient heating systems. However, regional governments, organizations, and major companies are continuously working to strengthen technical capacities and break traditional ignorance chain across different areas.

Key Players Covered

Some of the major companies that are present in the solar thermal water heater market are A. O. Smith India Water Products Private Limited, Havells India Ltd, Alternate Energy Technologies, Rheem Manufacturing, Orb Energy, Viessmann, V-Guard, Chromagen Australia Pty Ltd, SunTank, Himin Solar Co., MeriSolar, Bradford White Corporation, Bosch Thermotechnology, Jiangsu Imposol New Energy Co., Ltd., and Racold.

Segmentation

Regional Analysis

The global solar thermal water heater market is bifurcated into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Exponentially rising energy consumption along with an increasing number of commercial and public spaces will cater to Asia pacific regional market growth. Increased day time and extensive exposure to solar radiation are expected to add to the growth of different countries in the Middle East and Africa region. In Europe, a steep decrease in temperatures across different countries, coupled with favorable government policies, is subjected to influence positively the industry outlook. North America is likely to observe significant growth during the forecast period due to the availability of tax credits other subsidized schemes by administrative agencies.

Key Industry Developments

• In May 2019, Mexico government announced the latest Energy Sustainability Strategy for 2019 – 24 period. The plan targets to install solar water heaters across over 134,600 residential homes by 2024.


• In May 2019, state-owned electricity provider allotted a project to build the country’s largest solar heating facility in Baden-Württemberg, Germany. The development is set to have a collector field area of over 14,500 m2 and an output capacity of about 5,500 MWh.


• In May 2018, the European Union introduced the European Energy Efficiency Label, to provide consumers with environmentally friendly and efficient heating systems. The project aims at replacing obsolete heaters and promote hassle-free alternate to old & conventional systems.