Solar Water Heaters Market to Witness an Outstanding Growth by 2026

Posted by Priyanka Thakare on March 4th, 2020

Global Solar Water Heaters Market: Overview

A 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. A 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. The collectors are thermal devices responsible for absorbing solar radiation. This radiation is used to heat water. As hot water has a lower density, 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 a 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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Global Solar Water Heaters Market: Drivers & Restraints

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 in several countries and regional regulatory bodies have been emphasizing on substituting non-renewable energy sources with renewable ones. Nowadays, builders and construction giants provide solar water heater systems in residential complexes and commercial complexes such as hotels, hostels, lodges, etc. as a part of the extra 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 driving forces for 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 the seasons when there is unavailability of direct sunlight. Moreover, the system requires additional rooftop space to install solar heaters. These are some of the factors expected to restrain the growth of the solar water heaters market in the near future.

Global Solar Water Heaters Market: Key Segments

In terms of product, the solar water heaters market can be segmented into flat plate collectors-based and evacuated tube collectors-based. Flat plate collectors-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. Moreover, with evacuated tube collector-based heaters there are fewer chances of freezing at sub-zero temperatures. In flat plate collector-based solar water heaters, the chances of freezing at sub-zero temperatures can be negated with appropriate measures, change in construction, and an addition to the overall cost of the solar water heating systems. 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 collectors-based solar heaters market is likely to expand at a rapid pace in the near future.

In terms of end-use, the solar water heaters market can be segmented into residential, commercial, and industrial. Currently, the market is dominated by the residential end-use segment, followed by the commercial end-use segment. Solar water heaters are yet to fully penetrate the residential end-use segment, especially in the Asia Pacific region. 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, Philippines, etc.. Governments in 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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Global Solar Water Heaters Market: Regional Outlook

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

Global Solar Water Heaters Market: Key Players

Key players operating in the global Solar Water Heaters market include Honeywell International Inc., MegaSun, SOLE S.A., HELIOAKMI S.A., and SunEarth Inc.