Solar Water Heater Market Expected to Secure Notable Revenue Share Between 2022 and 2030 – Designer Women

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According to the Market Statsville Group (MSG), the global solar water heater market size was estimated at $4.6 billion in 2021 and should reach $7.8 billion by 2030increasing to one 6.1% CAGR during the forecast period (2022-2030). An increase in the demand for cost-effective energy solutions for water heating is expected to drive the market growth. The zero emissions of solar water heaters makes them a suitable choice over conventional gas water heaters. In addition, solar water heaters do not consume any natural resources such as oil and gas. For example, the sun shining on 1m² of roof replaces 100 liters of fuel oil or 100m³ of natural gas.

In addition, the growing concern of governments regarding the installation of solar products is expected to have a positive impact on the growth of the market. Governments around the world are implementing new discounts and incentive programs to attract new customer segments. For example, depending on the type and size of system installed, rebates of up to $700 are available in all residential and commercial areas of Victoria, Australia. Solar water heating, on the other hand, requires a large roof area and direct exposure to the sun, as it will not work on cloudy or foggy days.

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Global Solar Water Heater Market Definition

A solar water heater is primarily used as a cost effective means of producing hot water for commercial, industrial and residential end users. It is also known as solar hot water systems. A solar collector and a water tank make up the system. There are two types of solar collectors: glazed and unglazed. Due to their high absorption efficiency, glazed solar collectors are frequently used for large applications.

Global Solar Water Heater Market Dynamics

Drivers: Increase in demand for cost-effective and environmentally friendly energy solutions

An increase in the demand for cost-effective energy solutions for water heating is expected to drive the market growth. Solar water heaters operate with zero emissions and zero consumption of natural resources (natural gas and oil). For example, the sun shining on 1 m² of roof replaces 100 m³ of natural gas or 100 liters of heating oil. Additionally, installing a solar water heater can reduce monthly energy bills by up to 60-80%.

Constraints: Large roof area for solar water heating

Solar water heating used in residential and commercial areas requires a large roof area and direct exposure to sunlight. The availability of a large roof area is a major problem for small and medium residences. Also, the solar water heater may not work on cloudy or foggy days due to lack of solar radiation. These factors can have a negative impact on the growth of the market.

Opportunities: Advances in energy backup systems for solar water heaters

Lack of solar radiation and foggy weather may not be effective for solar water heaters. However, the backup system that is part of the solar collector helps with additional storage of solar heat in foggy or cloudy weather. It retains the same performance as the solar water heater, even in cloudy weather and in foggy weather. Hence, it creates lucrative opportunities for market growth.

Scope of the global solar water heater market

The study categorizes the solar water heater market based on type, capacity, end users, and region.

By Outlook type (Sales/Revenue, billion USD, 20172030)

By capacity outlook (Sales/Revenue, billion USD, 20172030)

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From End User Perspectives (Sales/Revenue, billion USD, 20172030)

  • Residential
  • Commercial
  • Industrial

Outlook by region (Sales/Revenue, billion USD, 20172030)

  • North America
  • Europe
    • Germany
    • Italy
    • France
    • UK
    • Spain
    • Poland
    • Russia
    • The Netherlands
    • Norway
    • Czech Republic
    • The rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Indonesia
    • Malaysia
    • Thailand
    • Singapore
    • Australia and New Zealand
    • Rest of Asia-Pacific
  • South America
    • Brazil
    • Argentina
    • Colombia
    • Rest of South America
  • The Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • South Africa
    • North Africa
    • Rest of MEA

The vitreous segment is expected to account for the largest market share, by type

On the basis of type, the solar water heater market is classified into glazed and unglazed. In 2021, Glazed held the largest market share of 91.5% in the global solar water heater market. Glazed solar water heaters have glazed collectors with copper tubes on an aluminum plate. Additionally, these glazed collectors have an iron-tempered glass coating, which makes them more expensive than unglazed solar collectors. Most glazed collectors have heat transfer fluids to more effectively absorb heat from the sun.

The high absorption efficiency of glazed solar water heater is expected to increase product demand in large-scale applications. Solar water heaters with glazed collectors can absorb around 90-95% of radiation and maintain the same efficiency in different climatic conditions, making them suitable for commercial and industrial sectors. However, the high cost of glazed solar collectors and the availability of other alternatives, such as photovoltaic cells, may negatively impact the market growth in the residential sector for small-scale applications.

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Europe represents the highest CAGR over the forecast period

Based on region, the global solar water heater market has been segmented into North America, AsiaPacific, Europe, South America, Middle East and Africa. Globally, Europe is estimated to hold the highest CAGR of 6.8% in the global solar water heater market during the forecast period. Jhe European market includes Germany, Spain, Italy, Austria and the rest of Europe. Europe has the presence of major players, such as Wagner & Co. Solartechnik and LZT Group, offering a wide range of solar water with a capacity of 100 liters, 200 liters and 300 liters. Growing government concerns and new energy programs are expected to influence the market growth. The commercial sector can benefit from an energy investment tax reduction (EIA), which represents 15% of investment costs.

Germany holds a significant market share in Europe, thanks to the presence of leading manufacturers and distributors such as Reneworld Ltd and Wagner & Co. Solartechnik. The market is strongly supported by pre-existing support programs such as the Market Incentive Program (MAP). According to the new adjustments to the basic subsidy scheme, domestic hot water systems should once again be subsidized at $60/m², capped at $605 per system (at least 3 m² and 200 litres). In contrast, the subsidy level for combined hot water and space heating systems up to 14 m² is expected to increase from $1,816 to $2,421. Such developments are expected to positively boost the market growth over the forecast period.

Key Market Players in Global Solar Water Heater Market

Most of the companies in the market are focused on expanding operations in all regions, increasing their capabilities, and building strong partnership relationships. Leading companies in the Solar Water Heater Market are:

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