ID: MRFR/E&P/5666-HCR | 111 Pages | Published By Priya Nagrale on April 2023
Solar Water Heater Market share is projected to exceed USD 7 billion by 2027, growing at a CAGR of 8.5% during the forecast period.
Solar Water Heater Market Size to grow at 8.50% CAGR during the forecast period 2022-2030, due to increasing measures to control energy consumption.
The solar water heater technology can heat water with the help of sunlight through a thermal collector. The thermal heater is installed in an area that is exposed to sunlight. During the day, the insulated water storage tank heats up and warm the water. There are plenty of applications and advantages of using the solar water heater. The energy sources are depleting at a rapid pace. The use of solar energy for these operations reduces the consumption of energy.
Also, there is a backup power source in this technology if there is no proper heat. The solar water heater is an affordable and energy-efficient technology. The use of the solar water heater is massive in the residential, commercial and industrial sectors. The high demand for cost-effective heating solutions is the crucial driver of the market. Also, the Market Trends for the forecast period looks impressive. Also, the Solar Water Heater Market Value is estimated as 28.44 billion for the forecast period. The positive trend of the market will continue over the forecast period.
The global industries are facing plenty of challenges during the covid 19. However, this is not the same for the market. There is no significant impact on the solar water heater market. The conventional heater market is facing plenty of difficulties during this situation. Also, the solar water heaters market is witnessing a smooth production rate in this period.
The market losses are less for the solar water heaters. The shortage of workers is a slight drawback in this market. The lack of manpower has caused difficulties in the production facilities. However, the market is following the social distancing norms to smoothly run the market procedures. The installation rate of solar water heaters also reduced. These factors do not have a massive impact on the overall market growth. Further, the key players are of the market are trying to increase the production post covid 19.
The demand for cost-effective energy solutions is a crucial driver for the solar water heater market. The surging equipment for energy-efficient and cost-efficient technologies constantly boosts the demand for solar water heaters. Also, the solar water heaters work with zero power and zero harmful emissions. It is a technology that saves costs as well as the environment. These water heaters are suitable for roof places that have exceptional sunlight and heat. During the day, the insulator tank consumes high heat and keeps the water hot.
Further, the governmental initiative is another factor that changes the Market Outlook. Global warming is a worldwide issue. It is an issue that leads to climate problems and other drastic environmental issues. Several governments promote and encourage more investments in the solar industry. Also, the government offer subsidiaries and rebate in the installation of solar water heaters. This initiative by the government expands the market. Furthermore, the customer's preference to purchase eco-friendly technology is propelling the demand for solar water heaters. The changing customer preference is a crucial driver for the market. These are the drivers of the market that boost demand and Solar Water Heater Market Revenue in the forecast period.
The solar water heater comes with plenty of benefits. These benefits of the product provide plenty of growth opportunities for the market. Also, the customer preference for cost-efficient solar technology provides growth prospects. Also, the solar water heater runs with zero electricity. Even if there is any need for backup electricity the utility bill is lesser than the conventional solar water heater. This benefit attracts the consumer base to this technology. Further, the use of this solar water heater is highly advantageous in the long run. The additional costs such as maintaining, electricity and other repair costs are less in this technology. These entire factors provide development opportunities and expansion possibilities for the market.
The solar industry has external limitations that can act as resistant in the market. The solar water heaters are effective only if there is proper sunlight. The technology specifics the amount of sunlight required to heat the water. These technologies may not work effectively in cloudy or chilly regions. The operations of the solar water heater are not suitable for some regions. The market expansion rate is hindered due to these market restraints. In the long run, the profitability of the market may get affected due to the unsuitability of the weather condition.
The solar water heater is an easy to use technology. There is a serious requirement for more R&D in this market. Also, there is plenty of beneficial operation of the solar water heater. Especially the smart-solar water heaters are the trending innovations of this market. It can take more time for the dual water heater to heat water. The conventional greater heats water after turning on the electricity. The time-consuming process of solar water heaters acts as a major restraint to the market. Also, the solar water heater is a unique technology. More awareness regarding the product is essential during the forecast period. The less product awareness and high power consumption to use the technology can be a challenge to the market.
The Solar Water Heater Industry will witness steady growth in the forecast period. Also, the crucial demand driving factors will raise the Solar Water Heater Market Growth rate. Product awareness is a much-required aspect in this market. The overall growth depends more on the research and development. Further, governmental support for energy-efficient technology provides ample market development opportunities. The climatic changes may suit the operations of the solar water heater. It remains a serious challenge in this market. Also, this challenge can lead to less market expansion and recognition. However, amidst these factors, the market growth remains positive for the forecast period.
The Asia Pacific will hold the maximum Solar Water Heater Market Share. It is a region that will witness exceptional market trends during the forecast. The governmental policies to promote energy effect technology will drive more demand for the market. China, South Korea and China are the key contributors to this market. Asia is known for its flourishing solar energy sector. These solar markets will promote the market. The adoption rate of the technology is exceptional in these regions. Also, product awareness and innovation will increase during the forecast period. Asia pacific will market the highest demand rate in the forecast. There are plenty of market expansion opportunities in Asia pacific.
By Collector Type
Asia pacific solar water heater market is fragmented into Asia Pacific, North America, Europe and Latin America. The global market growth rate is more favourable in the Asia Pacific region. The rising need for energy efficiency is causing this rapid growth in this region. Also, the governmental backing in the Asia Pacific market is high. The governmental policy to promote the solar industry is also higher. These factors continuously encourage the slow water heater market in Asia pacific.
North America is another crucial market. The spending power and investments are higher in this market. Also, the market has plenty of market growth and expansion potential. However, solar water energy is only used in an area that has more sunlight. The weather condition is a major restraint to the market. However, the key players in North America expand the market in other regions. Europe is known for its energy-efficient technology. The governmental support for these technologies is high in this area. Also, the prevalence of solar technologies drives customers to slow water heaters. All these regions will have an exceptional growth rate in the forecast period.
|Market Size||2030: Significant Value|
|CAGR||8.50% CAGR (2022-2030)|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type , Collector Type , Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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.|
|Key Market Opportunities||
|Key Market Drivers||
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.
The market will be growing in the years between 2022 and 2030.
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