Solar Water Heater Market projected to garner significant revenues by 2027 according to a new research report
The residential solar water heater segment had a significant market share for solar water heaters due to robust investment in the construction sector for the refurbishment and refurbishment of buildings. Most of these new buildings have solar panels installed on the roof that are connected to the water tank via a circulation pump.
The increasing demand for low cost and environmentally friendly energy solutions and different government policies for various discount and energy schemes are driving the growth of the global solar water heater market. However, the need for a large roof area for solar water heating is a hindrance to market growth. On the other hand, advances in energy security systems offer new opportunities in the years to come.
Due to the high absorption efficiency of glazed collectors compared to unglazed collectors, the glazed segment developed into the market leader for solar water heaters, depending on the type. However, a high price for glazed collectors can limit their use for small applications.
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In terms of capacity, the 100 liter capacity segment made up a significant market share for solar water heaters. This is due to the increased demand in the living area. An inexpensive solar water heater with a capacity of 100 liters is sufficient for a family of 2-3 members in residential buildings.
North America had a significant market share due to favorable government measures promoting solar technologies for residential and commercial areas.
Key players have introduced product launch, business expansion and acquisition to keep the intense competition in the market. Major players listed in Solar Water Heater Market report include Himin Solar Energy Group, V-Guard Industries Ltd., Ariston Thermo SpA, KODSAN Company, Solav Energy, Zhejiang JiaDeLe Solar Co., Ltd., the SunPower Corporation, AO Smith, and Alternate Energy Technologies.
Main results of the study
The glazed Sola water heater is expected to grow with the highest CAGR of around 6.2% of sales in the forecast period.
In terms of capacity, the Other segment is expected to grow with a CAGR of 8.2% based on sales in the forecast period.
The Asia-Pacific region dominated the solar water heater market in 2019 with a sales share of around 55%.
Production activities were hampered by the lockdown, resulting in a shortage of raw materials and labor. In addition, the supply chain was interrupted.
Installation and maintenance work has been postponed due to lockdowns and labor shortages. However, these activities began in the aftermath of the lockdown.
Due to the high dependency on exports from China for solar cells and solar modules, the ban on export activities had an impact worldwide. As India imports almost 80% of its solar cells and modules from China, production activities in the country were affected.
The report provides detailed segmentation of the global Solar Water Heater Market by type, capacity, end user and region.
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