Global Solar Water Heater Market Highlights 2022 – 2030
The global solar water heater market is estimated to garner a sizeable revenue and grow at a ~6% CAGR over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed primarily to the growing demand for environment-friendly and cost-effective energy solutions for water heating in order to reduce carbon footprint. Along with these, increasing usage of solar heaters as a result of declining prices is also expected to bolster the progress of the market in the upcoming years. In 2018, China alone had a cumulative solar water heating capacity of approximately 338 gigawatts, making up for about 70 percent of the global capacity. Furthermore, rising number of government initiatives about reducing emissions and attaining renewable targets, and surge in investments in the infrastructure sector are projected to offer abundant growth opportunities to the market in the near future.
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The market is segmented by end user into residential, commercial, and industrial, out of which, the residential segment is anticipated to hold the largest share in the global solar water heater market. This can be accounted to the growing construction of green residential buildings, and rising investments towards refurbishment and re-establishment of existing residential establishments to incorporate sustainable techniques. Additionally, on the basis of type, the glazed segment is assessed to acquire the largest share during the forecast period owing to the increase in solar efficiency provided by these heaters. Apart from these, glazing reduces the amount of heat absorbed by water by decreasing water temperature difference between inlet and outlet of absorber, which is also predicted to boost the growth of the market segment in the future.
Major Macro-Economic Indicators Impacting the Market Growth
In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government-imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.
Global Solar Water Heater Market Regional Synopsis
On the basis of geographical analysis, the global solar water heater market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific is estimated to witness noteworthy growth and gather the largest share over the forecast period on the back of the technological innovations to achieve energy efficiency at limited costs, and transition towards the use of clean and renewable energy in the region. In 2020, China headed the consumption of renewable energy in the Asia Pacific region, accounting for about 8 exajoules of energy. Moreover, the market in the Middle East & Africa is also projected to occupy a significant share during the forecast period, which can be credited to the trend of replacement of fossil fuel as a primary energy source with alternative fuels. In addition, escalating usage of solar energy for water heating purposes is also anticipated to accelerate the market growth in the region in the near future.
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The global solar water heater market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook
- Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global solar water heater market includes the following segments:
- Evacuated Tube
- Flat Plate
By End User
- Growing Demand for Eco-Friendly Solutions for Water Heating
- Increasing Usage of Solar Heaters as a Result of Declining Prices
- Less Awareness about Solar Water Heaters in Underdeveloped Regions
Top Featured Companies Dominating the Market
- Ariston Thermo SpA
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- V-Guard Industries Ltd
- KODSAN Company
- Himin Solar Co., Ltd.
- Robert Bosch GmbH
- Honeywell International, Inc.
- A. O. Smith Corporation
- Rheem Manufacturing Company
- Rinnai Corporation
- Linuo Ritter International Co., Ltd.