Solar Water Heaters Market Latest Report with Forecast 2021-2031

Solar Water Heaters: Introduction

• Solar water heater is a device used to heat water with the help of energy received from the sun. Solar heaters consist of a thermal device that is responsible for capturing solar radiation from the sun, which is used to heat water. The device then transfers the energy to a storage tank where the water is stored. Solar water heater has three main components: solar collector, insulated hot water storage tank, and a cold water tank, with insulated hot water pipelines and accessories. Collectors are thermal devices responsible for absorbing solar radiation. This radiation is used to heat water. Hot water has lower density; therefore, it moves upward in the tank, and the cold water with a higher density moves down due to gravity. The arrangement of the bank of collectors is an important factor that determines the quantity of hot water. A typical series-parallel combination helps in getting higher quantity of hot water. Solar water heating systems are employed at three temperature ranges: low temperature for heating water at 60°C-80°C, medium temperature for drying at 80°C-140°C, and high temperature for cooking and power generation at 140°C.

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Key Drivers of Global Solar Water Heaters Market

• Solar water heaters prove to be advantageous, as they heat water solely on the basis of solar radiations without the requirement of any other fuel. Use of solar energy saves a lot of non-renewable energy required for heating water. Governments of several countries and regional regulatory bodies have been emphasizing on substituting non-renewable energy sources with renewable ones. Nowadays, large builders and construction companies provide solar water heater systems in residential complexes and commercial complexes such as hotels, hostels, and lodges as a part of the amenities. The use of solar water heaters is anticipated to increase in the near future, owing to the scarcity and high price of other energy sources. This is one of the major factors boosting the solar water heaters market. However, proper functioning of solar water heaters is subject to appropriate climatic conditions. Solar water heaters prove to be inefficient in rainy seasons due to unavailability of direct sunlight. Additional rooftop space is also essential to install solar heaters. These are some of the factors expected to restrain the solar water heaters market in the near future.

•  Technological innovations in solar panels with respect to design specifications and other developments, such as solar tracking mounts and thin film technology, are anticipated to augment the adoption of solar water heaters during the forecast period

COVID-19 Impact Analysis

• The Government of China enforced a nationwide lockdown as part of measures to limit the spread of COVID-19. As a result, photovoltaic equipment manufacturers had to halt their production.

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• China is the major hub for companies involved in manufacture of photovoltaic equipment. Majority of the top 10 solar photovoltaic manufacturers in terms of module shipments are based in China.

• Halt in production capacity of photovoltaic equipment has raised concerns regarding material supply and logistics. This, in turn, hampering the production of solar water heaters.

Residential End-user Segment Expected to Hold Major Share of Global Market

• The global solar water heaters market can be segmented based on product, end-user, and region

• Based on product, the global solar water heaters market can be divided into flat plate collector-based and evacuated tube collector-based. Flat plate collector-based solar water heaters have a metallic construction and a longer life as compared to the evacuated tube collector-based heaters. Evacuated tube collectors are made up of glass and are fragile in nature. Therefore, utmost care needs to be taken while handling evacuated tube collectors. Evacuated tube collector-based heaters are cheaper than flat plate collector-based heaters and perform better in colder regions. Currently, the evacuated tube collectors are used more, especially in areas with low temperatures, owing to their low cost and several advantages. The evacuated tube collector-based segment is likely to expand at a rapid pace in the near future.

• Based on end-user, the global solar water heaters market can be divided into residential, commercial, and industrial. Currently, the market is dominated by the residential segment, followed by the commercial segment. Solar water heaters are yet to fully penetrate the residential end-use segment, especially in Asia Pacific. However, awareness about the use of solar heaters for residential purposes is increasing in Asia Pacific, especially in countries such as China, India, Indonesia, Vietnam, and the Philippines. Governments of these countries are adopting several measures to promote the use of solar water heaters. The residential end-use segment is expected to expand at a rapid rate in the near future.

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North America to Constitute Major Share of Global Solar Water Heaters Market

• In terms of region, the global solar water heaters market can be classified into Middle East & Africa, Latin America, Asia Pacific, Europe, and North America

• Asia Pacific is likely to dominate the global solar water heaters market during the forecast period. Countries such as China, India, and ASEAN are expected to provide significant potential for the market in the near future. Growth of population and scarcity of resources in the region are expected to be driving factors of the market during the forecast period. The solar water heaters market in Asia Pacific is expected to expand at a substantial pace during the forecast period.

Key Players Operating in Global Market

Leading companies operating in the global market are:

• Honeywell International Inc.

• MegaSun

• SOLE S.A.

• HELIOAKMI S.A.

• SunEarth Inc.

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