Solar Water Heater Market Size, Share and Global Trend By Collector Type (Flat Plate, Evacuated Tube, Unglazed Water), By System (Thermosiphon, Pumped), By Application (Residential, Commercial, Industrial),and Regional Forecast, 2024-2032

Increasing CO₂ emissions and changing climate have shifted the attention of the world towards the usage of renewable energy sources. Solar energy is among the widely consumed energy source owing to its availability in all parts of the world. Solar energy is harnessed from the sun using solar photovoltaics. Solar energy is mainly used for electricity generation and desalinating or heating water. Solar water heaters are used for heating water using solar energy. The solar water heaters are mounted on the rooftop or in an open space where they can come in direct contact with the sun rays. The solar water heaters aid in cost-saving and are environment-friendly.

Based on the collector type, the solar water heater is classified as a flat plate, evacuated tube, and unglazed water. The flat plate solar water heater is used mostly in the domestic applications owing to its poor cold weather and high-temperature performance. Wherein, the evacuated solar water heaters are used in domestic as well as industrial applications owing to its high performance in extreme weather conditions. On the basis of application, solar water heaters are used for residential, commercial and industrial purposes. The solar water heaters with capacities around 100 to 500 liters per day are generally used for domestic uses while the solar water heaters with capacities more than 1000 liters per day are used for industrial applications.

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Initiative taken by different countries to promote and increase the usage of renewable energy sources is expected to boost the sales of solar water heaters. Governments of different countries also provide subsidies for solar water heaters in order to reduce the cost and promote the usage of the product. Increasing emissions of gases like CO₂ have adversely affected the climatic conditions owing to which environment-friendly products such as solar water heaters are promoted to reduce the impact of climate change. Cold climatic conditions hamper the efficiency of the water solar heater and are expected to retard the market growth of solar water heaters.

Key Players Covered

Some of the major companies that are present in the global solar water heater market are Apricus Solar Co., Ltd, V-Guard Industries Ltd., Havells India Limited, Jiaxing Passion New Energy Technology Co., Ltd, Sole S.A., Your Home Tech Limited, American Water Heaters, Solar Hot USA, Versol Ltd, SolarPeak New Zealand Limited, The Alternative Energy Company, A.O. Smith Water Products Company B.V., Azuma Solar Corporation, Haining Onosi New Energy Co., Ltd, and GREENoneTEC Solarindustrie GmbH.

SEGMENTATION

Regional Analysis

The global solar water heater market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The North America region is accelerating the process of solar photovoltaic installations. The U.S has installed around 2.7 gigawatts of solar PV in the first quarter of 2019 and is focused on increasing the consumption of solar energy. Owing to which, the market of solar products such as solar PV and solar water heaters is expected to witness steady growth in the region. The Middle East and Africa region are expected to be a high growth platform for the growth of the solar water heater market owing to the favorable climate conditions and the growing consumption of renewable energy in the region. The Europe region has witnessed a significant year-on-year growth of around 7% in the installed solar photovoltaics which is expected to have a positive impact on the growth of the solar water heater market in the region. High population growth and energy requirement in the Asia Pacific region have been the key reasons for the promotion of renewable energy sources. Governments of countries such as India, China, and Australia among others have taken initiatives to provide subsidies for the solar water heater consumers which in turn is expected to drive the solar water heater market in the region. Latin America is expected to be a high potential region for the growth of the solar water heater market in the near future. The Latin America region has doubled the installed capacities of solar PV in the year 2018 owing to which the region is expected to remain lucrative for the sales of solar water heaters in the coming years.

Key Industry Developments

• In June 2019, the Irish Government announced to retrofit around 500,000 homes to make them more energy efficient. The projected is expected to include renewable energy systems such as solar water heating panels, heat pumps, and solar photovoltaic panels
• In February 2019, the Environmental Court to the State of Hawai’i upheld the mandate for the usage of solar water heaters. This decision of the court is expected to promote the environment and climate safety
• In February 2016, Racold Thermo, solar water heater manufacturer announced the launch of its Vacuum Tube Collector solar water heater in the April-June quarter of the year.