Solar Water Heaters Market Size to Cross $9.25 Billion Revenue by 2030

Solar Water Heaters Market Overview

“The Global Solar Water Heaters Market is expected to grow rapidly at a 5.4% CAGR consequently, it will grow from its existing size of from $5.90 Billion in 2023 to $9.25 Billion by 2030.”

What is a solar water heater?

Solar water heaters don't make use of grid energy to heat water, unlike conventional water heaters. Instead, solar collectors that are located on your roof are used to gather solar energy to power these high-efficiency devices. The solar energy is then collected and utilized to heat the water in your home. The most common application of solar energy is heating of water. A well-designed Solar water heater could help save as much as 1600 units energy annually.

It is a space heater. Solar heaters is, however regulates the temperature of water instead of making the air warmer. A sensor inside each solar heater checks the temperature of the water flowing through a circulating pump system. If the system finds water that is cooler than the one you've selected it will continue to circulate it till you have the panels is installed and the water that is passing through has absorbed enough heat.

What's the difference between Solar water heaters and traditional Systems?

Conventional water heaters run on gas or electricity and solar-powered water heaters get sunlight's energy. Solar water heaters utilize renewable energy to heat water, as opposed to fossil fuels or coal used by gas or electric water heaters. Solar collectors, however, can only heat water, and they can't provide power to appliances as traditional systems. To power appliances with solar energy, you'll need to install the photovoltaic (PV) solar energy system, typically offered from firms that produce solar power to generate electricity.

What are the advantages from solar-powered water heaters?

The main benefit of the solar water heater at home heating is that your energy requirements will become self-sufficient. If there's enough sunshine it won't be necessary to find a different method to heat the water, and your heating expenses decrease. This isn't a optimal solution, and you must keep a spare heater at hand in case. But, having that added autonomy can save you a lot of time and money over the long run. With minimal maintenance an solar water heater can function for up to 20 years. They are less expensive than conventional installations. They also work in the event of abrupt power outages. They are beneficial in reducing the carbon footprint of your home.

Solar water heaters can also are compatible with all existing solar energy source. It's simple to adapt a solar panel system to the form of a solar water heater so in the event that you have enough room for pumps, piping, or roof-mounted attachments.

How efficient can solar heaters be?

The development of solar technology has advanced to the point that you can utilize almost any solar equipment to produce heat. Solar heating can also connect your house to a wonderful alternative source of energy and offers the other benefits. Solar energy is environmentally efficient and economical. In terms of price it's comparable to (or perhaps less expensive than) other options for heating.

The performance of the collector and the overall design of the system determine the performance of a solar hot-water system. Solar power is accessible all time and is much more stable as wind energy. Be aware that not all regions are blessed with suns throughout the year, therefore having an alternative heating system to complement the solar heat during more cloudy, darker seasons of the year could be advantageous. The price of your water heating bill will drop by 60-70 percent if the solar-powered water heaters have been used. Additionally, the sun's energy is completely free, which means you are protected from price hikes in the future as well as shortages.

The solar water heater is a device that heats water by using solar energy. Solar heaters are made up of an element of thermal which is responsible for capturing sunlight that is then used to warm water. The device transfers the heat into a storage tank, where the water is kept. The solar water heater comprises three major components including a solar collector, heated storage tank that is insulated and a cold water tank that is insulated with hot water pipelines and other accessories. Collectors are thermal devices that are responsible to absorb sunlight.

The radiation used by collectors is used to create heat for water. The density of hot water is lower so it will move up in the tank. On the other hand, cold water with higher density, moves downwards because of gravity. The configuration of the collectors' bank is a significant aspect that determines the quantity that hot water is available. A common series-parallel configuration aids in obtaining a greater amount of hot water. Heating systems for solar use operate in three temperatures which include low temperature to heat water between 60 and 80 degrees Celsius middle temperature that allows drying between 80degC-140degC and high temperature for power generation and cooking at 140degC.

Key Takeaway:

• The demand for solar-powered water heaters has been growing because of their energy efficiency as well as the lower use of energy.
• Since fossil fuels are expected to run out in the near future, there will be an increasing demand to find alternative fuel sources to power the grid of electricity.
• It is predicted that the market will grow because of the significant investments made by the major companies in the solar heater industry throughout the time frame forecasted.
• There is a growing need for efficient reliable, green, and durable water heating solutions, especially in commercial and residential sectors.

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Market Dynamics

Growth Factors

The marketplace for solar water heaters is expected to grow due to the rising demand for environmentally friendly, reliable and cost-effective technology for water heating solutions for residential and non-residential markets. Comparatively to traditional heating systems solar water heater is able to offer lower operating costs, which is 25 40 to percent in winter, and 75% during summer. The demand for energy efficient solutions is stimulated by the increasing understanding of how to utilize sustainable technologies efficiently and the increase in expenses for infrastructure.

Implementing incentives such as subsidies, tax breaks and tax credits could aid in the promotion of green technology that will improve the future prospects of the business. The demand for efficient water heaters is predicted to increase each year because of the rising depletion of renewable resources, as well as the increased efforts to manage energy usage. This will accelerate the growth of the market over the course of the forecast. To appeal to more customers regardless of their financial situation, these systems are priced at a reasonable cost. It is expected that a increased awareness of the environment will drive the growth of industry in both emerging and developed nations.

The growth in the market is expected to be driven by the rising demands for affordable, reliable and eco-friendly water heating systems, particularly in the industrial and residential sectors. It is expected that the capacity of the system to run at a lower cost--up to 75% less expensive in summer and between 30% - 40% less in the winter -- will encourage customers to pick it over rival products already available being offered. To install solar heating, government agencies around the world provide incentives and rebates.

For instance, based on the type and size of the system installed the reimbursement ranges from $600 to $700 can be obtained in Victoria the country's commercial and residential areas. However solar water heating requires an extensive roof space and exposed to sunlight since it cannot perform on cloudy or rainy days. However, advances in energy backup systems that work even in cloudy weather are anticipated to provide lucrative economic opportunities.

Growth Drivers

Solar water heaters are proven to beneficial, since they heat water using sunlight without the use for any fuel other than solar. Utilizing solar energy can save lots of non-renewable energy required to heat water. Authorities of a variety of countries and local regulatory authorities have been insisting the need to replace non-renewable energy sources in favor of renewable sources. These days, big construction and building companies offer solar water heaters to commercial and residential complexes, such as hotels lodges and hostels as a component of the facilities.

The demand for energy-efficient solar heaters is expected to grow within the near term because of the limited supply and the high cost of alternative energy sources. This is among the main factors driving the market for solar water heaters. But, the correct functioning in solar-powered water heaters is dependent to the appropriate climate. Solar water heaters are found to not be efficient in the rainy season because of the lack of direct sunlight. The additional space on the roof is vital to set up solar heaters. These are just some of the elements that could limit the solar water heater market in the near future.

Innovations in technology for solar panels, in terms of design specifications and other innovations like solar tracking mounts, as well as thin film technology are predicted to increase the popularity for solar-powered water heaters over the forecast period.

Trends

The growing awareness of people about the impact of their actions on the environment drives market's development

The market CAGR of solar water heaters is driven by the growing consciousness of people regarding the environmental issues. As energy costs continue to increase, people are seeking ways to cut down on their energy costs. Solar water heaters offer an ideal solution to this issue since they utilize the sun's power to heat water which is a cost-free and renewable source of energy.

In addition, as more people are aware of the negative impact that traditional sources of energy have had on the environment, they are searching for sustainable alternatives. Solar water heaters can be a fantastic method to cut carbon emissions while also helping to save the natural environment.

Furthermore, a number of governments across the globe are providing incentives and guidelines to encourage the use for solar-powered water heaters. These incentives can include rebates, tax credits or even subsidies to pay for the installation. In certain instances, governments may demand the use of solar heaters on certain kinds of structures. Technology advancements has made the solar heaters much more effective as well as less expensive than ever. Innovative materials and techniques for manufacturing have resulted in improvements to the design and efficiency in solar-powered water heaters which makes them more appealing for buyers.

The increasing demand for eco-friendly and energy efficient homes is a major reason behind the growing popularity in solar heaters. A lot of homeowners are searching for ways to lower their carbon footprint as well as reduce their energy bills solar water heaters can be a fantastic option to meet both of these objectives.

For example, China has been a leading promoter use of solar heaters. The Chinese government has enacted a variety of policies to promote the use for solar-powered water heaters such as tax incentives, subsidies as well as regulations that require that solar heaters be installed in new construction. This has led to the fact that over 70% of the households in China utilize the solar-powered water heaters. Therefore, driving Solar Water Heater market revenue.

Challenges

“In areas that are less developed where there is less information about solar water heaters”

The inability to support and expand the utilization of renewable energy sources especially the solar energy systems causes an absence of understanding among consumers of its environmental and economic benefits. Since solar-powered systems remain rather new and innovative technology people aren't aware of the basics about the benefits of solar power. 

In particular, because of the limited amount of sunlight certain consumers might think that renewable energy options are insecure. They may not realize of the fact that technologies with intermittent power, employed together with other solutions, like hybrid PV/thermal, are as reliable as traditional options. In addition, private and public electricity providers may not know about the benefits that solar power technology can provide. So, a major obstacle is consumers' awareness of the benefits of adopting solar power.

Opportunities

“Assistance provided by the government”

The market growth in solar heaters for water heating is getting a boost from the assistance offered by international governments as well as governmental organisations. The government is expected to help and encourage less emissions-producing devices and systems in order to meet the carbon limitation which has been set for each country. Demand of solar-powered water heaters designed for industrial use is increasing because of legislation and policies of the government that force manufacturers and companies to reduce their carbon emissions. The government's support of new projects and studies on renewable sources of energy is driving the market for solar-powered equipment and tools and driving the demand of solar-powered water heaters.

Solar Water Heaters Market Segment Analysis

Collector Insights

In 2022 the installations for flat-plate collectors comprised more than 71 percent of global solar water market heaters. In the next five years the flat plate collectors (FPC) market is expected to increase significantly, with an increase of 6.5 percent. One of the main factors that will assist these devices be popular is their easy appearance, which is coupled with a lower cost as well as ease of installation and use.

FPC devices are extremely sought-after for smaller businesses and residential areas. These collectors are ideal for both residential or SMEs installations. Simple design, low cost and ease of installation are crucial to the device. In addition, the constant developments in the design of collectors that are aimed at increasing efficiency will boost the popularity and spread.

The market for evacuated tube collectors is expected to grow as a result of the growing demand to install hot-water distribution system for commercial and industrial structures which are efficient in energy use. A smaller footprint, high conversion efficiency, and lower maintenance costs are a few of the primary characteristics that encourage the use of the product. The product will be favored over alternatives due to its ability to significantly minimize losses of heat into the environment around it, whether through radiation or convection.

System Insights

Because of their small requirement for space thermosiphon solar water heaters are ideal for hot climates like Australia, Japan, Israel as well as India. This will accelerate the growth of the industry. The ability to circulate liquids that are flammable and gases in cooling and heating applications, without the requirement for mechanical pumps could boost the competitiveness of the market.

In 2018, pumping installations accounted for over 30 % of world market. The main advantages that will encourage acceptance of the product include the ease of connection to the system and lower heat loss.

Application Insights

The help of both private and public financial institutions to build of infrastructures, like schools, governmental offices and retail centres, will boost the use of products. Through promoting the use of green technology and decreasing carbon emissions as well as green building standards and norms will enhance the working environment for businesses.

In light of increasing investment in the repair and renovation of buildings and the rise in earnings, the demand of solar-powered water heaters for residential regions will grow. Because of its ability to work with traditional units, both in new and established companies the adoption rate is over those of its competitors. The increased awareness of the benefits of energy and the growing necessity to replace older technology will also increase adoption.

Competitive Landscape of the Solar Water Heaters Market

• Moser Baer Photovoltaic
• Photon Energy Systems
• PLG Power
• Surana Ventures
• Tata Power Solar Systems
• Vikram Solar
• Websol Energy System
• XL Energy
• SunTank
• O. Smith
• Alternate Energy Technologies
• Rheem manufacturing
• Viessmann
• Wagner Solar
• Azure Power India
• Central Electronics
• Chemtrols Solar
• Euro Multivision
• Indosolar
• Jupiter Solar Power
• Lanco Solar Private
• Mahindra Solar One

Recent Developments in Solar Water Heaters Market

Aug 13, 2023: Egypt: The start up providing locally manufactured solar water heater

• Mohamed Zaki Makhlouf is a 62-year-old retiree who heads an eleven-member household in an Egyptian village in the province of Fayyoum.

In May 2023, Uttarakhand Renewable Energy Development Agency (UREDA) introduced solar water heater scheme in India. The scheme will provide 30%-60% subsidy for installing 100-800 liters of water heaters in residential & commercial properties. It also aims to develop water heater plant of about 75,000 liters which will save up to 1,500 units of power each year. The government initiative will reduce electricity bills & promote the use of renewable energy in the state.

 In April 2023, Green Innov Industry Investment announced the construction of first solar water heater plant in Morocco. The project is significantly integrated with the country’s energy efficiency guidelines allowing the development of green industrial sector and is expected to be operational by second half of 2023. It will produce about 40,000 units of solar water heaters. The plant will support in strengthening the position of the country and enhancing the portfolio across the solar water heater industry.

October 2022: Tata power deployed solar power cell in a decentralized manner that it has several applications including lighting, heating, water filtration, and productivity. Solar lighting, for instance, negates the use of kerosene lamps and all hazards associated with them.

September 2022: The Tunisian government distributed solar-powered water heaters to 4000 under-served families to optimize the nation's energy consumption. By 2030, Tunisia's Ministry of Energy, Mines, and Energy Transition intends to lower its usage of fossil fuels by 30%.

June 2022: Sunerg Solar Srl, an Italian producer of solar modules, released a 1,500 W water heater solution in June 2022 that can be fueled by grid electricity and solar power simultaneously. A maximum power point tracking (MPPT) controller and an 80 L water boiler with two resistances, one of which is actuated by the photovoltaic panel, and the Frog Photovoltaic Water Heater are all offered by the company.

A scalable water series for the commercial market was introduced by SunEarth and Nyle Water Heating System in January 2022. SunEarth's scalable Solar Series Heat Pump Water Heater may give up to a 90% decrease in system operation cost over conventional water heating systems by utilizing solar water heating and heat pump efficiency.

Gujarat had a more than two-fold increase in yearly solar water heater installations between March 2018 and March 2020, going from 1,00,000 square meters to 2,53,000 square meters (m2). Currently, 19.84% of India's anticipated 12,75,000 installations in 2019 were in Gujarat. Five years ago, the state's market share was under 10%.

Regional Insights

It is expected that the United States market will grow because of the ongoing infrastructure investments for multi-family and single-family homes, which is aided by the increasing buying power and the growing urbanization.

In addition, the overall landscape is enhanced through encouraging government initiatives to promote the usage of solar technology, as well as strict regulations to reduce carbon emissions. A steady shift toward the utilization of renewable and clean energy sources as well as technological advances to improve energy efficiency with a low cost are just a few of the factors which will influence what size India's market. Indian market.

Due to the growing demand for solutions to heat water for both residential and commercial locations, and the increasing standards of living The German market is expected to grow. It is estimated by the OECD reports that, in the year 2016, 15% of household energy consumption was utilized to heat water.

The increasing focus on reducing dependence on imports and higher tax rates for fossil fuels is two significant elements that will have an positive influence on the rate of adoption of new products. Solar water heaters are a hot commodity in South Africa will expand as the result of increasing use of solar technology in the residential sector and an increasing demand for energy-efficient systems that replace the high pressure electric system.

Segments Covered in the Solar Water Heaters Market

Solar Water Heaters Market By Collector 

• Evacuated tube collector
• Flat Plat collector
• Unglazed water collector

Solar Water Heaters Market By System

• Thermo siphon 
• Pumped

Solar Water Heaters Market By Application

• Educational Institutes
• Offices
• Government
• Others

Solar Water Heaters Market By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)

Frequently Asked Questions:

What is the solar water heaters market size?

The Global Solar Water Heaters Market is expected to grow rapidly at a 5.4% CAGR consequently, it will grow from its existing size of from $5.90 Billion in 2023 to $9.25 Billion by 2030.

Who are the prominent players operating in the solar water heaters market?

The major players operating in the solar water heaters market are Azure Power India, Central Electronics, Chemtrols Solar, Euro Multivision, Indosolar, Jupiter Solar Power, Lanco Solar Private, Mahindra Solar One, Moser Baer Photovoltaic, Photon Energy Systems, PLG Power, Surana Ventures, Tata Power Solar Systems, Vikram Solar, Websol Energy System, XL Energy, SunTank, A.O. Smith, Alternate Energy Technologies, Rheem manufacturing, Viessmann, Wagner Solar.

Which are the driving factors of the solar water heaters market?

The increasing demand for ecological and energy-efficient heating options is the primary driving factor of the solar water heaters market.

Which Opportunities Enhance the Scope of Market Players?

Assistance provided by the government have good opportunities in the Solar Water Heaters