Solar Water Heater Market Analysis
The global solar water heater market is estimated to exhibit 8.50% CAGR from 2018 to 2023. According to the U.S. Energy Information Administration (EIA), solar is the third most trustworthy source of renewable energy which has led to influx of capital from Italy, China, India, U.S., and other countries. High demand by consumers to cut down on energy bills is expected to drive market demand till 2023. This is exemplified by the Panama project which has attained a funding of USD 10 million for installation of solar water heaters.
Rising demand for replacement of existing water heaters combined with supportive government policies of renewable energy technologies.
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The transition from fossil fuels to alternative fuel sources has led to the development of such systems and devices. Solar water heaters are devices which rely on natural sunlight to heat water rapidly by using a thermal collector. Benefits of these heaters such as low energy bills and reduction of carbon footprint are likely to benefit users.
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.
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.
Geographically, the solar water heater market considers the regions of Asia Pacific (APAC), South America, North America, Europe, and the Middle East & Africa (MEA).
The APAC region is predicted to showcase the most robust growth rate over the forecast period due to significant investments in solar plants by China, India, and Japan. Increase in ceiling tariffs to stave off competition from global players and support domestic production can drive the regional solar water heater market growth. Subsidies given to private players coupled with attractive schemes to entice customers can bode well for the market.
The European region can command a significant market share due to the inclination towards clean and renewable sources of energy. Improved living standards coupled with demand for solar water heaters in residential and commercial establishments and reduced dependence on fossil fuel imports.
The North America region is touted to enjoy a significant growth rate during the assessment period due to investments by governments and utility providers. According to the EIA, solar can generate close to 290,000 MWh/d in 2019.
The MEA region can surprise the solar water heater market due to highest sun irradiation rates enjoyed by the United Arab Emirates (UAE), one of the largest countries in the region. Diversification from oil-based businesses, rapid industrialization and urbanization, and demand for water desalination techniques. Solar water heaters have enjoyed tremendous growth due to its rapid adoption by counties and government policies mandating the use of such devices.
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