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.
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.
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:
Our in-depth analysis of the global solar water heater market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are growing demand for eco-friendly solutions for water heating, and increasing usage of solar heaters as a result of declining prices.
The market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2022 – 2030.
Less awareness about solar water heaters in underdeveloped regions is estimated to hamper the market growth.
Asia Pacific will provide more business opportunities for market growth owing to the technological innovations to achieve energy efficiency at limited costs, and transition towards the use of clean and renewable energy in the region.
The major players in the market are Ariston Thermo SpA, V-Guard Industries Ltd, KODSAN Company, Himin Solar Co., Ltd., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, capacity, end user, and by region.
The glazed segment is anticipated to hold largest market size and is estimated to grow at a robust CAGR over the forecast period and display significant growth opportunities.
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