The Solar Water Heater Market delves into various aspects, enabling readers to gain a deep understanding of the market dynamics, trends, and potential opportunities.
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
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Segmentation based on Capacity
- 100L
- 150L
- 200L
- Others
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
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- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Brazil
- Argentina
- Rest of South America
Table of Content
Chapter 1: Global Solar Water Heater Industry Overview
Chapter 3: Market Dynamics
Chapter 4: Top Company Profiles
Chapter 5: Global Solar Water Heater market Competition, by Players
Chapter 6: Global Market Size by Regions
Chapter 7: Global Market Segment by Application
Chapter 8: Global Solar Water Heater Industry Segment by Type
Chapter 9: Market Chain, Sourcing Strategy, and Downstream Buyers
Chapter 10: Strategies and key policies by Distributors/Suppliers/Traders
Chapter 11: Key Marketing Strategy Analysis, by Market Vendors
Chapter 12: Market Effect Factors Analysis
Chapter 13: Global Solar Water Heater market Size Forecast (2023-2031).
Continue….
Reasons to Buy This Report
(A) The research provides valuable insights for top administration, policymakers, professionals, product advancements, sales managers, and stakeholders in the market. It helps them make informed decisions and strategize effectively.
(B) The report offers comprehensive analysis of Solar Water Heater market revenues on a global, regional, and country level, projecting trends until 2031. This data allows companies to assess their market share, identify growth opportunities, and explore new markets.
(C) The research includes segmentation of the Solar Water Heater market based on types, applications, technologies, and end-uses. This segmentation enables leaders to plan their products and allocate resources based on the expected growth rates of each segment.
(D) Analysis of the Solar Water Heater market benefits investors by providing insights into market scope, position, key drivers, challenges, restraints, expansion opportunities, and potential threats. This information helps them make informed investment decisions.
(E) The report offers a detailed analysis of competitors, their key strategies, and market positioning. This knowledge allows businesses to better understand the competition and plan their own strategies accordingly.
(F) The study helps evaluate Solar Water Heater business predictions by region, key countries, and top companies, providing valuable information for investment planning and decision-making.
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