ID: MRFR/E&P/5666-HCR | February 2021 | Region: Global | 111 pages
Solar Water heater is a device that is used to heat water by converting sunlight into heat with the help of a thermal collector. The heater is generally installed where sunlight is available and heats the water during day time which is stored in an insulated storage tank for use when required. Advantages of solar water heater mainly include cost savings and reduction of carbon footprint. Increasing measures to control energy consumption owing to fast depletion of non-renewable resources is one of the major drivers of solar water heater market. According to EIA, solar surpasses biomass to become third most prevalent renewable electricity source. This has led to increased investment in the countries such as India, China, US, Italy, and others globally to install solar water heaters.
Need for reducing energy bills is also likely to drive the solar water heater market. Solar power is widely used as it is an affordable source of electricity and helps to reduce energy bills along with cutting down the CO2 emissions that affect our environment. For instance, in Panama project (Central America), USD 10 million would be contributed for solar water heaters through means of international and national financing. The Ministry of Environment, Panama Green Building Council, the Technological University of Panama, the UN and the General Bank would contribute USD 8.1 million and the Global Environment Fund would contribute USD 1.9 million. This would promote the use of water heaters that use solar energy through means of international and national financing.
The global solar water heater market is projected to grow at a high rate during the forecast period, mainly due rising demand for replacement of existing water heaters and policy support from government to enable adoption of renewable technologies. As per European Commission, it is estimated that USD 28.44 billion is required to be invested in renewable sources by the government between 2020 and 2050. This would lead to increase in the use of solar water heaters across Europe.
Global solar water heater market has been segmented based on type, collector type, application, and region. Based on type, the market is classified into pumped and thermosyphon. Thermosyphon segment is leading the market and has the largest market share, mainly due to low pricing and ease of installation and usage of the product. The global solar water heater is further segmented based on application, including residential, commercial, and industrial. Residential segment of the global solar water heater market is estimated to register the highest growth rate during the forecast period.
The global solar water heater market is expected to grow at ~8.50 % CAGR during the forecast period.
Global Solar Water Heater Market:
Global solar water heater market is expected to witness substantial growth during the forecast period owing to increase in the demand for cost efficient technology for heating water. Asia Pacific is expected to be the fastest-growing market, by region, during the forecast period. This is due to the significant investments in solar power in China, Japan, and India. For instance, the country is introducing extensive changes to its energy policy and shifting its dependence from fossil fuels to renewable fuels in a bid to curb pollution and maintain ecological balance.
The key players of global solar water heater market are Rheem Manufacturing (US), A.O.Smith (US), SunTank (South Africa), Bradford White Corporation (US), Bosch (Germany), Honeywell Corporation (US), Racold (India), Alternate energy Technologies (US), Viessmann Manufacturing (US), and Wagner Solar (UK), among others.
Frequently Asked Questions (FAQ) :
Due to increased investment in the countries such as India, China, US, Italy, and others are ready to lead to the market’s share lead in the years to come.
The need for reducing energy bills is likely to drive the solar water heater market
The market will be growing in the years between 2020 and 2050.
The market would grow at 8.50 % CAGR.
A.O.Smith (US), SunTank (South Africa), Rheem Manufacturing (US), Bosch (Germany), Honeywell Corporation (US), Bradford White Corporation (US) key players of the market.