Solar Water Heater Market is expected to exceed the market valuation of more than US$ XX billion in 2027 and is expected to grow at a significant CAGR of XX% during the forecast period (2021-2027). Solar water heating is a reliable, clean, and cost-effective technology which can save utility bills for thousands of homes and businesses. This technology works by capturing sunlight to produce electrical and thermal energy. This alternative energy source can typically be converted into heat which provides hot water to heat homes and businesses. Solar water heating systems utilize solar thermal heating to deliver hot water in many countries around the world. The most important aspect of this technology is that it can reduce our reliance on fossil fuels. Solar water heating collectors are used to trap solar energy. These collectors are typically then connected to glazed on unglazed water systems. A typical solar water heating system can save up to 1500 units of electricity every year i.e., for every 100 liters of solar heating capacity per day.
The key factors influencing the market growth include the increasing demand for cost-effective and eco-friendly solutions. As solar water heaters work on zero emissions and zero consumption of fossil fuels principle it is gaining traction among the eco aware consumers. Sun shining on a 1 m2 roof can replace 100 liters of heating oil or 100 m3 of natural gas. Additionally, government rebates on solar equipment's including in solar water heating systems is also increasing the demand of solar water heaters. For example, In Victoria, Australia all residents and commercial areas can get rebate up to US$ 700 depending on the type and size of the system installed. In the long run, solar water heaters are even cheaper than other types of water heaters as they save on years of electricity and maintenance costs. Key drawback of solar water heaters is their working in cloudy weathers, however good backup systems can make that possible.
Himin Solar Energy Group, V-Guard Industries Ltd, Ariston Thermo SpA, KODSAN, Solav Energy, Zhejiang JiaDeLe Solar Energy Co., Ltd., Solahart, Jiangsu Sunpower Solar Technology Co., Ltd., A. O. Smith India Water Products Pvt. Ltd., Alternate Energy Technologies are some of the prominent players operating in the Solar Water Heater market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
"Amongst Type, Glazed segment holds the major share"
Based on type, the solar water heater market is segmented into glazed and unglazed. The glazed segment is further segmented into evacuated tube and flat plate. Amongst type, the glazed segment of the market was valued at US$ XX million in 2020 and is likely to reach US$ XX million by 2027 growing at a CAGR of XX% from 2021-2027. Glazed solar collectors have selective coating on them usually made up of aluminum plate or copper and they also have an iron tempered glass covering. This makes glazed solar water heaters 14% more thermal efficient than unglazed water heater according to a study comparing the two.
"Amongst System, Thermosiphon Segment holds the major share"
Based on system, the solar water heater market is segmented into thermosiphon and pumped. Amongst system, thermosiphon segment accounted for a market valuation of US$ XX million in 2020 and is expected to reach US$ XX million by the year 2027, at a CAGR of XX% over the analyzed period. A thermosiphon solar water heater relies on the phenomenon of rising warm water. Thus, it is installed above the solar collector and the water warms and rises to the tank which is then collected and flown down the pipes.
"Amongst End-User, Residential Segment holds the major share"
Based on end-user, the solar water heater market is segmented into residential, commercial, and industrial. the commercial segment is further divided into educational institutes, offices, government buildings, and others. The residential segment generated revenue of US$ XX million in 2020 and is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of US$ XX million by 2027F. Solar water heater can be used in residential homes for cleaning, washing, and bathing purposes. Typical capacity used in residential segments are the 100-300 liters solar water heaters. As compared to an electric geyser, solar water heaters typically save 1500 units of electricity per year and additionally prevent 1.5 tons of carbon-dioxide per year.
"Asia Pacific represents one of the largest markets of Solar Water Heater market"
For a better understanding of the market dynamics of the Solar Water Heater market, a detailed analysis was conducted for different regions across the globe including North America (the U.S, Canada, and the Rest of North America), Europe (Germany, France, Italy, United Kingdom, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC) and Rest of the World. Asia Pacific dominated the market and grabbed around XX% market share owing to the increasing awareness about renewable energy in the region.
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- The study includes market sizing and forecasting analysis validated by authenticated key industry experts
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- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
- The study comprehensively covers the market across different segments
- Deep dive regional level analysis of the industry
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Solar water heating is a reliable, clean, and cost-effective technology which can save utility bills for thousands of homes and businesses. This technology works by capturing sunlight to produce electrical and thermal energy. This alternative energy source can typically be converted into heat which provides hot water to heat homes and businesses. Solar water heating systems utilize solar thermal heating to deliver hot water in many countries around the world. The most important aspect of this technology is that it can reduce our reliance on fossil fuels.
Solar water heating collectors are used to trap solar energy. These collectors are typically then connected to glazed on unglazed water systems. A typical solar water heating system can save up to 1500 units of electricity every year i.e., for every 100 litres of solar heating capacity per day.
Solar Water Heaters can be used in homes for bathing, washing, and cleaning purposes. For domestic application, 100-300 litres capacity of solar water heaters are suited. For industrial applications larger systems can be used. Solar Water Heaters can obtain up to 60-80 C of hot water. Solar Water Heaters have a lifespan of 15-20 years and has the payback period of 3-4 years to replace electricity-based water heaters, 4-5 years to replace furnace oil and 6-7 years to replace coal.
Based on type, the solar water heater market is segmented into glazed, unglazed. The glazed segment is further segmented into evacuated tube and flat plate. Amongst type, the glazed segment of the market was valued at US$ XX million in 2020 and is likely to reach US$ XX million by 2027 growing at a CAGR of XX% from 2021-2027.
Based on system, the solar water heater market is segmented into thermosiphon and pumped. Amongst system, thermosiphon segment accounted for a market valuation of US$ XX million in 2020 and is expected to reach US$ XX million by the year 2027, at a CAGR of XX% over the analysed period.
Based on end-user, the solar water heater market is segmented into residential, commercial, and industrial. the commercial segment is further divided into educational institutes, offices, government buildings, and others. The residential segment generated revenue of US$ XX million in 2020 and is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of US$ XX million by 2027F.
For a better understanding of the market adoption of Solar Water Heater Industry, the market is analysed based on its worldwide presence in the countries such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. Asia-Pacific will dominate the Solar Water Heater market on account of increasing awareness about renewable sources and lower long-term cost of solar water heaters.
Some of the major players operating in the market include Himin Solar Energy Group, V-Guard Industries Ltd, Ariston Thermo SpA, KODSAN, Solav Energy, Zhejiang JiaDeLe Solar Energy Co., Ltd., Solahart, Jiangsu Sunpower Solar Technology Co., ltd, A. O. Smith India Water Products Pvt. Ltd., and Alternate Energy Technologies. Several M&As along with partnerships have been undertaken by these players to boost their presence in different regions.
Solar Water Heater Market was valued at US$ XX million in 2020 and is projected to expand significantly with a CAGR of XX% from 2021-2027F to US$ XX million in 2027. The Solar Water Heater Market is expected to witness a boost on account of its high adoption in the Asia Pacific region.
Table of Contents
1 MARKET INTRODUCTION
1.1. Market Definitions
1.2. Objective of the Study
1.3. Limitation
1.4. Stake Holders
1.5. Currency Used in Report
1.6. Scope of the Solar Water Heater Market Study
2 RESEARCH METHODOLOGY OR ASSUMPTION
2.1. Research Methodology for the Solar Water Heater Market
2.1.1. Main Objective of the Solar Water Heater Market
3 MARKET SYNOPSIS (INDUSTRY AT A GLANCE)
4 EXECUTIVE SUMMARY
5 SOLAR WATER HEATER MARKET REVENUE (US$ BN), 2021-2027F
6 COVID-19 IMPACT
7 MARKET INSIGHTS BY TYPE
7.1. Glazed
7.1.1. Evacuated Tube
7.1.2. Flat Plate
7.2. Unglazed
8 MARKET INSIGHTS BY SYSTEM
8.1. Thermosiphon
8.2. Pumped
9 MARKET INSIGHTS BY END-USER
9.1. Residential
9.2. Commercial
9.2.1. Educational Institutes
9.2.2. Offices
9.2.3. Government Buildings
9.2.4. Others
9.3. Industrial
10 MARKET INSIGHTS BY REGION
10.1. NORTH AMERICA SOLAR WATER HEATER MARKET
10.1.1. United States of America
10.1.2. Canada
10.1.3. Rest of North America
10.2. EUROPE SOLAR WATER HEATER MARKET
10.2.1. United Kingdom
10.2.2. Germany
10.2.3. France
10.2.4. Spain
10.2.5. Italy
10.2.6. Rest of Europe
10.3. ASIA-PACIFIC SOLAR WATER HEATER MARKET
10.3.1. China
10.3.2. Japan
10.3.3. India
10.3.4. Australia
10.3.5. Rest of Asia-Pacific
10.4. REST OF THE WORLD SOLAR WATER HEATER MARKET
11 SOLAR WATER HEATER MARKET DYNAMICS
11.1. Drivers
11.2. Challenges
11.3. Impact Analysis
12 SOLAR WATER HEATER MARKET OPPORTUNITIES
13 SOLAR WATER HEATER MARKET TRENDS
14 LEGAL AND REGULATORY FRAMEWORK
15 DEMAND AND SUPPLY SIDE ANALYSIS
15.1. Demand Side Analysis
15.2. Supply Side Analysis
15.2.1. Top Product Launches
15.2.2. Top Business Partnerships
15.2.3. Top Business Expansions, Investments and Divestitures
15.2.4. Top Merger and Acquisitions
16 VALUE CHAIN ANALYSIS
17 COMPETITIVE SCENARIO
18 COMPANY PROFILED
18.1. Himin Solar Energy Group
18.2. V-Guard Industries Ltd
18.3. Ariston Thermo SpA
18.4. KODSAN
18.5. Solav Energy
18.6. Zhejiang JiaDeLe Solar Energy Co., Ltd.
18.7. Solahart
18.8. Jiangsu Sunpower Solar Technology Co., Ltd.
18.9. A. O. Smith India Water Products Pvt. Ltd.
18.10. Alternate Energy Technologies
19 DISCLAIMER
Himin Solar Energy Group
V-Guard Industries Ltd
Ariston Thermo SpA
KODSAN
Solav Energy
Zhejiang JiaDeLe Solar Energy Co.
Ltd.
Solahart
Jiangsu Sunpower Solar Technology Co.
Ltd.
A. O. Smith India Water Products Pvt. Ltd.
Alternate Energy Technologies