Solar Water Heater Market to Reflect a Holistic Expansion during 2021-2030

According to the Market Statsville Group (MSG), the global solar water heater market size was valued at USD 4.6 billion in 2021 and is projected to reach USD 7.8 billion by 2030, growing at a CAGR of 6.1% during the forecast period (2022-2030). An increase in demand for cost-effective energy solutions for water heating is expected to boost the market growth. Zero-emission from solar water heaters makes it a suitable choice over conventional gas water heaters. In addition, solar water heaters consume zero natural resources such as oil and gas. For instance, the sun shining on 1m² of roof replaces 100 liters of heating oil or 100m³ of natural gas.

Furthermore, the rise in concern from governments on installing solar products is anticipated to impact market growth positively. Governments across the globe implement new rebates and incentive schemes to attract new customer segments. For instance, depending on the type and size of the 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, necessitates a large roof area and direct sunlight exposure, as it will not work on cloudy or foggy days.

Global Solar Water Heater Market Definition

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

Get Full PDF Sample Copy of Report@ https://www.marketstatsville.com/request-sample/solar-water-heater-market

Global Solar Water Heater Market Dynamics
Drivers: Surge in demand for cost-effective and eco-friendly energy solutions
A rise in demand for cost-effective energy solutions for water heating is expected to drive market growth. Solar water heaters work on zero-emission and zero consumption of natural resources (natural gas and oil). For instance, the sun shining on 1m² of roof replaces 100m³ of natural gas or 100 liters of heating oil. Additionally, applying a solar water heater can reduce monthly energy bills by up to 60-80%.

Restraints: Large roof area for solar water heating
Solar water heating used in residential and commercial areas needs a large roof area and direct exposure to sunlight. Availability of large roof area is a major issue for small & medium-sized residences. In addition, solar water heater may not function on cloudy or foggy days due to lack of sun's radiation. Such factors may negatively impact market growth.

Opportunities: Advancements in energy backup systems for solar water heater
Lack of solar radiation and foggy weather may not be effective for solar water heaters. However, the backup system as part of the solar collector aids in the additional solar heat storage during foggy or cloudy weather. It maintains the same performance as solar water heater, even on cloudy days and foggy weather. Therefore, this creates lucrative opportunities for market growth.

Make an Enquire before Purchase @ https://www.marketstatsville.com/buy-now/solar-water-heater-market?opt=2950

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 Type Outlook (Sales/Revenue, USD Billion, 2017-2030)
Glazed
Unglazed
By Capacity Outlook (Sales/Revenue, USD Billion, 2017-2030)
100 L
150 L
200 L
Others
By End-Users Outlook (Sales/Revenue, USD Billion, 2017-2030)
Residential
Commercial
Industrial
By Region Outlook (Sales/Revenue, USD Billion, 2017-2030)
North America
US
Canada
Mexico
Europe
Germany
Italy
France
UK
Spain
Poland
Russia
The Netherlands
Norway
Czech Republic
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Indonesia
Malaysia
Thailand
Singapore
Australia & New Zealand
Rest of Asia Pacific
South America
Brazil
Argentina
Colombia
Rest of South America
The Middle East & Africa
Saudi Arabia
UAE
South Africa
Northern Africa
Rest of MEA
The glazed segment is projected 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 had the largest market share of 91.5% in the global solar water heater market. Glazed solar water heaters have glazed collectors with copper tubing on an aluminum plate. In addition, such glazed collectors have an iron-tempered glass covering, which makes it more expensive than unglazed solar collectors. Most glazed collectors have heat exchanger transfer fluids to absorb heat from sunlight more effectively.

The high absorption efficiency of glazed solar water heater is expected to increase the product demand in large-scale applications. Solar water heaters with glazed collectors can absorb around 90-95% of radiation and maintain the same efficiency under different climate conditions, making them suitable for the 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.

Request for Complete TOC and Figures & Graphs @ https://www.marketstatsville.com/table-of-content/solar-water-heater-market

Europe accounts for the highest CAGR during the forecast period

Based on the regions, the global solar water heater market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Globally, Europe is estimated to hold the highest CAGR of 6.8% in the global solar water heater market during the forecast period. The Europe market comprises 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 liter, 200 liter, and 300 liter. Growing concerns from the government and new energy schemes are expected to influence the market growth. The commercial sector can get tax reduction for energy investment (EIA), which accounts for 15% of the investment costs.

Germany has a major market share in Europe, owing to the presence of prominent manufacturers and distributors such as Reneworld Ltd and Wagner & Co. Solartechnik. The market is highly supported by pre-existing support schemes such as market incentive programme (MAP). According to the new adjustments in the basic subsidy scheme, the domestic hot water systems are expected to be again subsidized at $60/m², capped at $605 per system (at least 3m² and 200 liter). In contrast, the subsidy level for combi systems of hot water and space heating of up to 14m² is expected to increase from $1,816 to $2,421. Such developments are projected to positively boost market growth during the forecast timeframe.

Key Market Players in the Global Solar Water Heater Market
Most companies in the market are focused on expanding operations across regions, augmenting their capabilities, and building strong partner relations. Major companies in the solar water heater market are:

A.O. Smith
Solahart
Jiangsu Sunpower Solar Technology Co., Ltd.
Alternate Energy Technologies.
Himin Solar Energy Group
V-Guard Industries Ltd
Ariston Thermo SpA
KODSAN Company
Solav Energy
Zhejiang JiaDeLe Solar Co., Ltd.
Sunpower Corporation

Request For Report Description @https://www.marketstatsville.com/solar-water-heater-market

Market Statsville Groups
416, East standsberry street,
Perkins, Oklahoma 74059, US
USA: +1-580-205-2707 | India: +91-702-496-8807
Email: sales@marketstatsville.com
MSG Blog https://marketstatsvilleblogs.com
Web: https://marketstatsville.com
LinkedIn | Facebook | Twitter

Market Statsville Group (MSG) partners with companies and society to confront their essential risks and challenges to capture the enormous opportunities for them. MSG initiated its work in 2017, and since then, the brand is moving to become a pioneer in business advisory and market research services.
We the leading market research and strategy builder with the depth and breadth of solutions that perfectly suit your every need. MSG provides solutions in a wide range of industry verticals in market sizing, analysis, and incisive business insights. MSG experienced research analysts are proficient at digging deep and providing various customizable data that help you make decisions with clarity, confidence, and impact.

This release was published on openPR.