Date: Jun 2022
Solar Water Heater Market worth USD 7.8 billion by 2030
The Market Statsville Group (MSG) publishes the new report on the "Solar Water Heater Market by Type (Glazed and Unglazed), by Capacity (100 L, 150 L, 200 L, and Others), by End-Users (Residential, Commercial, and Industrial), by Region – Global Share and Forecast to 2030".
The global solar water heater market size is expected to grow from USD 4.6 billion in 2021 to USD 7.8 billion by 2030, growing at a CAGR of 6.1% during the forecast period. A solar water heater is a device that uses the sun's energy to heat water. It uses a solar collector to collect heat, which is then transferred to the water tank via a circulating pump. Unlike natural resources such as natural gas or fossil fuels, solar power is free, which aids in energy consumption.
The market is anticipated to grow due to increased demand for water heating systems in remote and rural areas. Due to their high efficiency and low cost in various climate conditions, small-scale solar water heaters are commonly used in rural areas. In China, for example, there are approximately 5,000 small and medium-scale solar water heater manufacturers, with the majority of them serving rural areas. Furthermore, significant government support in the form of rebates and energy schemes is expected to attract new customers, boosting market growth.
Global Solar Water Heater Market Segmentation
The overall solar water heater market has been segmented into the type, capacity, end-users, and region.
- By Type (Glazed and Unglazed)
- By Capacity (100 L, 150 L, 200 L, and Others)
- By End-Users (Residential, Commercial, and Industrial)
- By Region (North America, Europe, Asia Pacific, South America, and the Middle East & Africa)
200L, by capacity, is estimated to hold the largest market share during the forecast period
Based on capacity, the global solar water heater market is categorized into 100 L, 150 L, 200 L, and others. The 200 L segment generated the highest revenue of 55.9% of the global solar water heater market in 2021. Some of the major players offering 200-liter solar water heaters include Himin Solar Energy Group, Ariston Thermo Spa, and V-Guard Technology Solutions. Such solar water is compatible with a big family of 4-6 persons. The average cost of a 200-liter solar water heater is around $338.
The rise in demand for eco-friendly energy solutions in urban and rural areas is expected to positively impact market growth. 200-liter solar water heaters can provide enough water for domestic cleaning and washing activities for small as well as big residences. In addition, such water heater is also used in small hotels, education institutions, and restaurants for commercial applications. However, these are not suitable for industrial or large commercial spaces due to limited capacity.
Asia Pacific accounts for the largest market share in the solar water heater market
Based on the regions, the global solar water heater market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2021, Aisa Pacific accounted for the highest market share of 41.5% in the global solar water heater market and was anticipated to maintain its dominance throughout the forecast period. The Asia-Pacific region consists of China, India, Australia, Turkey, and the rest of Asia-Pacific. China largely dominates the market for solar water heaters due to large demand in the global export market. Further rise in the renewable power sector is expected to steer the market growth during the projected timeframe. Countries such as India and China are actively investing in solar power sectors, enhancing market growth.
The Asia-Pacific solar water heater market is expected to witness significant market growth, owing to increasing demand. The growth is attributed to the number of real estate and construction projects. Moreover, China, the largest producer of solar products, has significant market growth for solar water heaters in various commercial and industrial sectors. Furthermore, implementing new energy incentive schemes and subsidies is expected to escalate market growth further.
This research report includes a study on the development and marketing strategies, along with a study on the product portfolios and winning strategies of the leading companies operating in the solar water heater market. It also consists of the profiles of leading companies such as A.O. Smith, Alternate Energy Technologies., Himin Solar Energy Group, Solahart, Jiangsu Sunpower Solar Technology Co., Ltd., KODSAN Company, Solav Energy, Zhejiang JiaDeLe Solar Co., Ltd., V-Guard Industries Ltd., Ariston Thermo SpA, and Sunpower Corporation.
Browse the complete report: https://www.marketstatsville.com/solar-water-heater-market
About Market Statsville Group
Market Statsville Group (MSG) is a business research and consulting platform of Statsville Consulting Private Limited, based in Oklahoma, USA. MSG is the leading market research and strategy builder with the depth and breadth of solutions that perfectly suit your every need. MSG provides solutions in a wide range of industry verticals in market sizing, analysis, and intelligent business insights. MSG has experienced research analysts who are proficient at digging deep and providing various customizable data that help you make decisions with clarity, confidence, and impact. Furthermore, Market Statsville Group already benefited more than 1,000 companies each year for their revenue planning. It helped them take their disruptions/innovations early to the market by providing them research ahead of the curve.
MSG has an entire repository of research reports on more than 1,000 niche industries, 3,000 high-growth potentials markets, 5,000 data sets, and more than 12,000 company profiles.
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