The Global Solar Water Heater market valued at US $5.24 Billion in 2022 is anticipated to reach a value of US $8.41 Billion in 2030, rowing at a CAGR of 6.1%.
An electronic gadget called a solar water heater aids in heating water for both household and commercial uses. Solar water heaters operate on solar electricity, which sets them apart from conventional warmers. When water passes through a solar water heater, it is heated using solar thermal energy that is captured from the sun. The global market for solar water heaters is expanding as a result of the solar water heater's energy efficiency and decreased energy usage. The need for an alternative energy source is growing as a result of the predicted depletion of fossil fuels as a source of electricity.
Solar water heaters effectively replace conventional water heaters that rely on fossil fuels and electricity as a power source, demonstrating the potential for solar water heater market expansion. The necessity for eco-friendly systems and equipment is also being highlighted by the increase in atmospheric carbon emissions.
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The demand for solar water heaters is increasing on the international market as a result of its eco-friendly character. The market expansion of solar water heaters over conventional water heaters is also being driven by the future's growing need for energy-efficient technologies. The market for solar water heaters is being fueled by the assistance provided by worldwide governments and environmental groups in using solar energy for various uses.
increasing demand for green and economical heating options
The global market for solar water heaters is being driven by the growing need for green and energy-efficient heating solutions. Comparing solar water heaters to traditional water heaters, the former are said to be much more energy-efficient.
The operating costs of solar water heaters are predicted to be between 25 and 50 percent lower than those of conventional water heaters, according to reports from the IEA (International Energy Agency). In the upcoming years, demand for solar water heaters is anticipated to increase due to their zero carbon emission rate.
According to the "Kyoto Protocol," which was signed by governments from across the world and restricts carbon emissions from each nation's industrial and commercial zones, solar water heaters are forcing the industry to replace conventional water heaters. Solar water heaters are becoming more widely accepted and used for domestic purposes in homes thanks to their energy and financial efficiency.
Key Trends of Global Solar Water Heater Market:
Solar energy saves a lot of non-renewable energy
Solar water heaters prove to be advantageous, as they heat water solely on the basis of solar radiations without the requirement of any other fuel. Use of solar energy saves a lot of non-renewable energy required for heating water. Governments of several countries and regional regulatory bodies have been emphasizing on substituting non-renewable energy sources with renewable ones. Nowadays, large builders and construction companies provide solar water heater systems in residential complexes and commercial complexes such as hotels, hostels, and lodges as a part of the amenities.
Segmental Analysis of Global Solar Water Heater Market:
Based on Type
• Glazed
• Unglazed
The glazed water heater segment accounted for significant market share, owing to high efficiency of glazed collectors. Glazed water heater can absorb much sunlight than unglazed water heater, which makes it suitable for different climates throughout the year.
Based on Capacity
• 100 L
• 150 L
• 200 L
• Others
Solar water heater of 200 Liter capacity accounted for highest market share. This is attributed to rise in demand from the residential sector for various small scale applications in household.
Based on End-user
• Residential
• Commercial
• Industrial
The residential solar water heater segment accounted for significant market share, owing to rise in investment in the construction sector in re-establishment and refurbishment of buildings. The commercial solar water heater segment is expected to witness steady growth.
Competitive Landscape:
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.
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