Solar Water Heater Market Size
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 5.50 % |
| Fastest Growing Market | Middle-East and Africa |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Solar Water Heater Market Analysis
The Solar Water Heater Market is expected to register a CAGR of more than 5.5% during the forecast period.
The market was negatively impacted by COVID-19 in 2020. Presently the market has now reached pre-pandemic levels.
- Over the medium term, factors such as reducing carbon footprint and increasing efficiency clubbed with the increase in usage of solar heaters due to the declining prices and growing adoption of glazed solar heaters are likely to drive the solar water heater market during the forecast period.
- On the other hand, the improved cost-effectiveness associated with batteries or modules is expected to restrain the Solar Water Heater Market during the forecast period, as the Solar Water Heater installation requires major modification to a building's plumbing systems and has relatively less life compared to solar PV.
- Nevertheless, governments are pushing for schemes to push for the solar water heater to reduce gas-powered water heater and district heating systems. Programs like the solar city in Seoul are being introduced to subsidize the solar water heater market and make them cheaper than their alternatives. This, in turn, is likely to create opportunities for the players involved in the market in the near future.
- The Middle-East and Africa region is expected to dominate the market, with the majority of the demand coming from countries such as Saudi Arabia, Turkey, and Israel.
Solar Water Heater Market Trends
This section covers the major market trends shaping the Solar Water Heater Market according to our research experts:
Glazed Thermal Collector Type to Dominate the Market
- A glazed collector is made from copper tubing on an aluminium plate and has an iron-tempered glass covering, which is why they are usually more expensive. In colder periods, glazed collectors with heat exchangers transfer fluids, enabling them to absorb sunlight more effectively than unglazed collectors. They can be used throughout the whole year and in many different climates.
- Glazed collectors are generally of two types, namely, evacuated tubes and flat plates. The evacuated collector, also known as a vacuum tube collector, consists of a number of rows of parallel transparent glass tubes connected to a header pipe and where the heat transfer fluid circulates and absorbs heat generated by tubes.
- Unlike flat panel collectors, water is not directly heated within the tubes in evacuated tube collectors. Instead, a vacuum is created in the space between the two tubes. This vacuum acts as an insulator, reducing heat loss significantly to the surrounding atmosphere through convection or radiation, making the collector much more efficient than the internal insulating that flat plate collectors offer.
- Solar capacity continued to proliferate in 2021 globally, increasing by 132.8 GW, close to the record increase of 125.6 GW seen in 2020. Also, the installed solar photovoltaic power capacity in North America, Europe, and Middle-East recorded as 104.4 GW, 191.1 GW, and 8 GW, respectively. The growing solar capacities will, in turn, aid the growth of the solar water heater market.
- Therefore, gazed collectors are expected to dominate the solar water heater market during the forecast period, owing to the advantages such as higher efficiency, low maintenance cost, etc.
Asia Pacific to Dominate the Market
- The international trend is growing toward replacing fossil fuel as a primary energy source with alternative energy sources, such as solar and wind, that are more environment-friendly and lower in cost compared to energy generated from fossil fuels.
- The region's large population and high rate of solar-powered device adoption are anticipated to be the key driving forces behind the market expansion for solar-powered water heaters. Additionally, it is anticipated that the economies of China and India would have a major impact on the expansion of the market for solar-powered water heaters in the Asia Pacific region.
- Solar thermal is one alternative solution that can be used in water heaters or for electric power generation. The utilization of such energy for water heating purposes can reduce end-consumer expenses related to electricity uses from the primary grid.
- In December 2022, The Asian Development Bank (ADB) and the Government of Mongolia signed a USD 2 million grant to increase efficient and renewable energy heating systems in remote areas in Mongolia. However, The majority of Mongolians still utilise coal as their primary source of heat, whether in home stoves, boilers, or coal-fired power facilities. High quantities of harmful air pollutants and greenhouse gas emissions have been caused by these techniques.
- Therefore, based on the above-mentioned factors, the Asia Pacific region is expected to dominate the solar water heater market during the forecast period.
Solar Water Heater Industry Overview
The Solar Water Heater Market is fragmented. Some of the major players include (not in a particular order) Himin Solar Energy Group, V-Guard Industries Ltd, Ariston Thermo SpA, KODSAN Company, and Solav Energy.
Solar Water Heater Market Leaders
Himin Solar Energy Group
V-Guard Industries Ltd
Ariston Thermo SpA
KODSAN Company
Solav Energy
*Disclaimer: Major Players sorted in no particular order
Solar Water Heater Market News
- September 2022: The Tunisian government distributed solar-powered water heaters to 4000 under-served families to optimize the nation's energy consumption. By 2030, Tunisia's Ministry of Energy, Mines, and Energy Transition intends to lower its usage of fossil fuels by 30%.
- June 2022: Sunerg Solar Srl, an Italian producer of solar modules, released a 1,500 W water heater solution in June 2022 that can be fueled by grid electricity and solar power simultaneously. A maximum power point tracking (MPPT) controller and an 80 L water boiler with two resistances, one of which is actuated by the photovoltaic panel, and the Frog Photovoltaic Water Heater are all offered by the company.
Solar Water Heater Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD billion, till 2027
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitute Products and Services
4.7.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Thermal Collector Type
5.1.1 Glazed
5.1.1.1 Evacuated Tube
5.1.1.2 Flat Plate
5.1.2 Unglazed
5.2 End User
5.2.1 Residential
5.2.2 Commercial and Industrial
5.3 Geography
5.3.1 North America
5.3.2 Asia-Pacific
5.3.3 Europe
5.3.4 South America
5.3.5 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Himin Solar Energy Group
6.3.2 V-Guard Industries Ltd
6.3.3 Ariston Thermo SpA
6.3.4 KODSAN Company
6.3.5 Solav Energy
6.3.6 Zhejiang JiaDeLe Solar Co. Ltd
6.3.7 A. O. Smith Corp.
6.3.8 Alternate Energy Technologies LLC
6.3.9 Jiangsu Sunpower Solar Technology Co. Ltd
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Solar Water Heater Industry Segmentation
A Solar Water Heater Generates hot water using solar heat energy. A solar collector attached to a water storage tank and positioned on the top of a building makes up a standard solar water heater. Solar water heaters are a significant step toward living more sustainably.
The Solar Water Heater Market is segmented by thermal collector type, end-user type, and geography. By thermal collector type, the market is segmented into glazed (evacuated tube and flat plate) and unglazed. The end-user type includes residential and commercial, and industrial. The report also covers the market size and forecasts for the solar water heater market across the major regions. For each segment, the market sizing and forecasts have been done based on revenue (USD Billion).
| Thermal Collector Type | ||||
| ||||
| Unglazed |
| End User | |
| Residential | |
| Commercial and Industrial |
| Geography | |
| North America | |
| Asia-Pacific | |
| Europe | |
| South America | |
| Middle-East and Africa |
Solar Water Heater Market Research FAQs
What is the current Solar Water Heater Market size?
The Solar Water Heater Market is projected to register a CAGR of greater than 5.5% during the forecast period (2024-2029)
Who are the key players in Solar Water Heater Market?
Himin Solar Energy Group, V-Guard Industries Ltd, Ariston Thermo SpA, KODSAN Company and Solav Energy are the major companies operating in the Solar Water Heater Market.
Which is the fastest growing region in Solar Water Heater Market?
Middle-East and Africa is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Solar Water Heater Market?
In 2024, the Asia Pacific accounts for the largest market share in Solar Water Heater Market.
What years does this Solar Water Heater Market cover?
The report covers the Solar Water Heater Market historical market size for years: 2021, 2022 and 2023. The report also forecasts the Solar Water Heater Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Solar Water Heater Industry Report
Statistics for the 2024 Solar Water Heater market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Solar Water Heater analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
