The solar water heater is a device, which captures sunlight to heat water. It collects heat with the help of a solar collector, and the heat is passed to the water tank with the help of a circulating pump. It helps in energy consumption as solar power is free in contrast to natural resources such as natural gas or fossil fuels. The global solar water heater market is heading toward an expansion phase. This is attributed to a significant surge in demand from residential and commercial end users. In addition, a rise in concern from governments across emerging nations, such as China, India, and South Korea, regarding zero-emission norms is expected to drive market growth.
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The surge in demand for water heating systems in isolated and rural areas is anticipated to propel market growth. Small-scale solar water heaters are predominately used in rural areas due to their low cost and high efficiency in various climate conditions. For instance, China has around 5,000 small & medium-scale solar water heater manufacturers and most of them serve in rural areas. In addition, substantial government support in terms of rebates and energy schemes is expected to further attract new customers, thereby enhancing market growth.
Based on type, the glazed segment emerged as the market leader, owing to the high absorption efficiency of glazed collectors compared to unglazed collectors. However, the high price of glazed collectors may restrict their usage for small-scale applications.
Based on capacity, the 100-liter capacity segment accounted for a significant market share. This is attributed to rising demand in the residential sector. A low-cost solar water heater with a 100-liter capacity is sufficient for a family of 2-3 members in residential buildings.
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The residential solar water heater segment accounted for a significant market share, owing to robust investment in the construction sector for the re-establishment and refurbishment of buildings. Most of these new buildings have solar collectors installed on the roof, which are connected to the water tank by means of a circulating pump.
North America accounted for a significant market share, owing to favorable government measures to promote solar power technologies for residential and commercial places.
Major players have adopted product launches, business expansions, and acquisitions to sustain the intense market competition. The key players profiled in the report include Himin Solar Energy Group, V-Guard Industries Ltd, Ariston Thermo SpA, KODSAN Company, Solav Energy, Zhejiang JiaDeLe Solar Co., Ltd., SunPower Corporation, A.O. Smith, and Alternate Energy Technologies.
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Key findings of the study
- The glazed solar water heater is projected to grow at the highest CAGR of approximately 6.2%, in terms of revenue, during the forecast period.
- By capacity, the other segment is anticipated to grow with a CAGR of 8.2%, in terms of revenue, during the forecast period.
- The Asia-pacific dominated the market with around 55% revenue shares in 2019.
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