Report Ocean conducted research on the global Solar Water Heater market, some important discoveries were made. First, the market is expanding steadily, and over the coming years, demand is expected to rise. Second, there is a lot of market competition, yet only a few major businesses control the sector. Last but not least, there are numerous chances for market innovation and improvement, notably in terms of product offerings and marketing tactics.
The global solar water heater market is forecast to grow at a compound annual growth rate (CAGR) of more than 6% during the forecast period from 2022-2030.
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Solar water heaters work by capturing the energy of the sun to heat water. Solar collectors collect heat, and circulating pumps move the heat to the water tank. Solar energy is free, reducing energy consumption compared with natural resources such as natural gas and fossil fuels. However, in the event of insufficient illumination, a backup heating system will be necessary. Solar water heaters cost between $3,000 and $7,000 for an integrated system. The technology is popular in homes, businesses, and industrial facilities.
Factors Affecting
- Growing demand for eco-friendly and cost-effective energy solutions to heat water is likely to drive market growth.
- Increasing concerns over global warming are likely to drive up demand for solar water heaters. A variety of government rebate and incentive programs encourage the use of solar water heaters around the world.
- Over the forecast timeframe, solar water heater market growth is forecast to be supported by substantial investments from industry players.
- The efficiency of solar water heating depends on the size of the roof and the direct exposure to sunlight since it cannot function in cloudy or foggy conditions. Therefore, it hinders market growth.
- There will be lucrative opportunities in the market when backup energy systems maintain performance despite cloudy days.
Impact Analysis of COVID-19
- There are no immediate impacts of the COVID-19 on the global solar water heater market, unlike conventional electric and gas water heaters.
- However, the lack of workers and social distancing led to a delay in new installations.
- The sharp decline in consumer expenditures also greatly affected the demand for new installations. The lockdown had a substantial impact on the market for solar products, as there was a significant reduction in consumer expenditure.
- Furthermore, moving restrictions have affected the upstream and downstream channels, which has led to an increase in inventories.
- High reliance on Chinese exports for solar modules and cells also affected the market negatively. In India, solar modules and cells primarily originate from China. During the last few months, China’s manufacturing firms have been idle, adversely impacting Indian production.
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Regional Overview
The Asia Pacific accounted for the leading share of revenues and the fastest growth rate. In Asia-Pacific, the solar water heater market is fueled by government efforts to encourage the adoption of renewable energy technologies such as solar water heaters. Solar-based water heaters offer renewable water heating and eco-friendly properties, which drive the Asia-Pacific market. In addition, a growing awareness about the benefits of green energy is forecast to support the market’s growth.
Key Companies
The leading prominent companies in the global solar water heater market are:
- Himin Solar Energy Group (Asia Pacific)
- Photon Energy Systems (Asia Pacific)
- V-Guard Industries Ltd (Asia Pacific)
- Azuma Solar Co. Ltd. (Asia Pacific)
- Ariston Thermo SpA (Europe)
- Zhejiang JiaDeLe Solar Co., Ltd. (Asia Pacific)
- Solar Energy Co., Ltd. (Asia Pacific)
- Chiryu Heater (Asia Pacific)
- Jiangsu Sunpower Solar Technology Co., Ltd. (Asia Pacific)
- A. O. Smith India Water Products Pvt. Ltd. (Asia Pacific)
- Alternate Energy Technologies (U.S.)
- Other Prominent Players
Scope of the Report
The global market segmentation of the solar water heater consists of Type, Capacity, End User, and Region.
Segmentation based on Type
- Glazed
- Unglazed
Segmentation based on End-User
- Residential
- Industrial
- Commercial
- Educational Institutes
- Offices
- Government Buildings
- Others
Segmentation based on Capacity
- 100L
- 150L
- 200L
- Others
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Segmentation based on Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Brazil
- Argentina
- Rest of South America
Aim of the Report
- This study aims to determine the market size of various segments and countries with forecast values for next ten years.
- Within the regions and countries studied, the report covers both qualitative and quantitative aspects of the industry.
- It also provides detailed information about the crucial aspects such as drivers & challenges that will influence the market’s future growth.
- The report will also include investment opportunities in micro markets for stakeholders. In addition, an in-depth analysis of key players’ products and the competitive landscape.
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