The global solar water heater market is evaluated at US$2.613 billion for the year 2020 and is expected to grow at a CAGR of 7.51% to reach the market size of US$4.338 billion by the year 2027.
The solar water heater is an electronic device that helps in heating water for commercial and domestic purposes. Differing from conventional heaters, solar water heaters utilize solar power for the operation of the device. A solar water heater captures sunlight and uses that solar thermal energy for the heating of water passing through it. The energy efficiency and lower energy consumption showcased by the solar water heater, are driving the market growth of solar water heaters, in the global market. The fossil fuels that are expected to exhaust in the future are also increasing the need for an alternate energy source, for the power supply.
Conventional water heaters that use fossil fuels and electricity as a power source are efficiently replaced by solar water heaters, indicating the potential for solar water heater market growth. The rising carbon emissions in the atmosphere are also pointing to the need for eco-friendly systems and devices. The eco-friendly nature showcased by solar water heaters is boosting the demand for solar water heaters in the global market. The increasing need for energy-efficient technologies for the future is also pushing the market
Global Solar Water Heater Market Report (2022 to 2027)
growth of solar water heaters over conventional water heaters. The support offered by international governments and environmental organizations in utilizing solar energy for various purposes is fuelling the market for solar water heaters.
The recent outbreak of the COVID pandemic has severely affected the market growth of solar water heaters. The market growth of solar water heaters has been slowed down, due to the impact of the COVID pandemic on the market. The lockdowns and isolations imposed by the government as a preventive measure against the COVID spread have adversely affected the production sector of solar water heaters. The shutdown of production units and manufacturing plants as a result of lockdowns leads to less production of solar water and components in the market. The application of solar water heaters for industrial purposes has also been stopped due to the shutdown of industries. The impact of the COVID pandemic on industries and production sectors has adversely affected the market for solar water heaters. The stoppage and regulations in supply chain sectors of solar water heater components also hindered the export and import rate of solar water heater components resulting in the downfall of the market.
There is a rising demand for eco-friendly and energy-efficient heating solutions
The rising demand for eco-friendly and energy-efficient heating solutions is driving the market for solar water heaters in the global market. Solar water heaters are considered highly energy-efficient compared to conventional water heaters. According to the reports of the IEA (International Energy Agency), solar water heaters are expected to decrease the running cost of the device by about 25 to 50% compared to conventional water heaters. Solar water heaters' zero-carbon emission rate is also expected to drive up demand for solar water heaters in the coming years. According to the "Kyoto Protocol," which was signed by international governments and limits carbon emissions from each country's industrial and commercial areas, The eco-friendly properties showcased by solar water heaters are making the industry, replace conventional water heaters with solar water heaters. The energy and cost efficiency offered by solar water heaters are also increasing the acceptability and popularity of solar water heaters for households and domestic purposes.
Support offered by the government
The support offered by international governments and governmental agencies is also boosting the market growth of solar water heaters. The carbon limit given to each country means the government must support and promote fewer carbon emission devices and systems. The policies and regulations imposed by governments on industries and production plants to reduce carbon emissions are also increasing the demand for solar water heaters for industrial applications. The investment given by the government for new developments and research in sustainable energy solutions is also driving the market for solar-powered equipment and devices in the market, contributing to the market growth of solar water heaters.
The Asia-Pacific region holds the majority of the market share.
Geographically, the Asia-Pacific region is the region showing the most drastic growth in the market share of the solar water heater market. The increasing government support and policies for promoting solar equipment and systems are contributing to the market growth of solar water heaters in the Asia Pacific region. The presence of large tech and industrial giants in the Asia-Pacific region is also increasing the market share of solar water heate