The global solar water heaters market is expected to rise by 8.5% during the forecast period (2018-2023). Solar water heaters provide hot water for several sectors like industrial, commercial, and residential applications. The system stores solar energy using flat-plate collector, evacuated tube collector, and unglazed water collector and the process saves energy bills.
Solar water heater is a device which provides hot water for industrial, commercial, and residential applications. A solar water heater comprises of an array of collectors to collect and store solar energy. There are mainly three types of solar collectors that are used in residential applications such as flat-plate collector, evacuated tube collector, and unglazed water collector.
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The market is primarily getting driven by government initiatives to curtail carbon production and save non-renewable resources. Increasing applications in the construction sector is expected to push the global solar water heaters market forward. Advanced technology is further easing the process of solar water heater integration in different industries. The technology is gaining traction due to its ability to reduce cost and bill for housing sectors which is why, the global solar water heaters market is expected to grow rapidly.
Global Solar Water Heater Market Segmentation Analysis:
The global solar water heater market is segmented by type, collector type, and application.
By type, the market comprises pumped and thermosyphon. The thermosyphon segment can enjoy the largest market share till 2023 due to ease of installation, low product price, and high usage of the product.
By collector type, the solar water heater market is segmented into unglazed water collector, flat plate collector, and evacuated tube collector. Flat plate collectors can gain a significant market share till 2023 due to its effectiveness, simple design, and ease of installation. Technological breakthroughs to enhance the efficiency of collectors can drive the segment growth. On the other hand, evacuated tube collectors can enjoy strong growth due to need for energy-efficient heating solutions in commercial and industrial buildings.
By application, it is segmented into industrial, commercial, and residential. The residential segment can register the highest growth rate over the forecast timespan.
Regional Analysis:
MRFR in its region-specific analysis of the global solar water heater market delves deep into the market demography of five regions like North America, Asia Pacific (APAC), Europe, Middle East & Africa (MEA), and South America.
The APAC market has the maximum market coverage and the regional market is gaining pace due to the happening residential sector that is following the smart home and eco-friendly housing models. The region has the highest number of people living here and the residential market is not going to plummet in any time soon. Rise in renewable energy can also be witnessed and government regulations are helping the regional residential and commercial sector substantially to take the market forward.
Europe is doing well in the market as the region has pro-environment policies in place now for a long time. This has helped the regional housing sector implement latest technologies to ensure the solar water heater methods. North America is also walking on the same line owing to which high growth is possible in the coming years.
Competitive Landscape
Prime players include Viessmann Manufacturing (US), Wagner Solar (UK), Honeywell Corporation (US), Bosch (Germany), Alternate energy Technologies (US), Racold (India), A.O.Smith (US), Bradford White Corporation (US), SunTank (South Africa), Rheem Manufacturing (US), and others in the solar water heater market.
Industry Related News
In 2019, Rosario, the third largest city in Argentina, announced that they are introducing the solar water heater plans. The ordinance that they have passed talked about integrating solar water heater systems in all new or upgraded buildings, this plan would include sports facilities and community centers as well. This is to meet the growing demand for electricity in the burgeoning city.
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