Solar Water Heater Market Size By Collector (Evacuated Tube, Flat Plate and Unglazed Water), By System (Thermosyphon, Pumped), By Application (Swimming Pool Heating, Domestic Water Heating, Large Domestic Water Heating) Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, Austria, Spain, Turkey, Denmark, Italy, Switzerland, France, China, Australia, India, Japan, South Korea, Israel, South Africa, Saudi Arabia, UAE, Jordan, Brazil, Mexico), Competitive Market Share & Forecast, 2017 – 2024

Published Date: Nov 2017 | 250 Pages | Report ID: GMI2219 | Authors: Ankit Gupta, Aditya Singh Bais Report Format: PDF

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Industry Trends

Solar Water Heater Market size for 2016 was valued over USD 2 billion and is predicted to surpass 2.5 million units by 2024.

                Germany Solar Water Heater Market, By Collector, 2016 (GWth)
 Germany Solar Water Heater Market, By Collector, 2016 (GWth)

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Increasing demand for reliable, environment friendly and cost-efficient technology for hot water preparation across residential, private and public buildings and industrial sectors will drive the global solar water heater market size. The system ability to offer low running cost i.e. 75% in summer and 25% to 40% in winter will make its adoption preferable over other available counterparts.

Fossil fuel depletion along with rising concerns toward energy conservation will augment the solar water heater market share. Introduction of regulations and incentives including subsidies, tax credit and tax rebate will encourage the adoption of these products. In the U.S., federal government extended corporate tax credit for solar products including thermal electric, space heat, thermal process heat, water heater and photovoltaic. The credit is fixed at 30% and is valid till 2022.

Technological advancement in development of thermal collector design to enhance efficiency and reduce cost will propel the solar water heater market share. High upfront cost along with lack of government policies may act as industry restraint.


Solar Water Heater Market, By Collector

Flat plate solar water heater market size is predicted to exceed 15 GWth by 2024. Ease of installation, simple design and cost effectiveness are some of the key underlined parameters which will stimulate the product penetration. It finds wide applications across residential and small commercial establishments.

Less space requirement, high conversion efficiency (90%) and low maintenance cost are some of the key benefits which will foster the evacuated tube collector solar water heater market growth. These collectors are suitable for commercial and industrial applications across cold climatic regions.

Solar Water Heater Market, By System

Thermosyphon in 2016 accounted for over 70% of solar water heater market share. Ability to circulate volatile gases and liquid without utilizing mechanical pump in heating and cooling applications will make its adoption preferable. It finds wide applications across hot climatic region. These systems are commonly used in Australia, Israel, Japan and India due to its less space requirement features.

Ability to offer less heat loss, ease of integration with existing system and winterization will propel the pumped solar water heater market growth. Suitability across mild and moderate climatic regions and limited space requirement are the prominent features which will further complement the industry landscape.

Solar Water Heater Market, By Application

Swimming pool heating application in 2016 accounted for over 7% of solar water heater market share. Product ability to offer low operating cost over other conventional system will stimulate the industry growth. Growing demand for cost effective system for water heating purpose will further complement the industry landscape. Introduction of government incentives to promote adoption of renewable technologies along with rising concern to save electricity bills among consumers will propel domestic water heating applications. Positive outlook towards tourism sector and increasing investment towards construction of public and private buildings will foster the large domestic water heating.

Solar Water Heater Market, By Region

The U.S. solar water heater market size is predicted to exceed 50 thousand units by 2024. Introduction of government initiatives to encourage adoption of solar technologies along with growing concern to reduce greenhouse gas emission will embellish the industry landscape. In 2011, the U.S. department of energy introduced sun shot initiatives with an aim to reduce solar electricity cost through R&D efforts in collaboration with private and public partners. In 2017, the sun shot initiatives invested USD 46.2 million to promote the adoption of solar technologies.

Increasing adoption of solar thermal system in residential sector along with growing demand for replacement of high pressure electric systems with renewable system will positively impact the South Africa solar water heater market share. Increasing installation of swimming pool will further complement the business growth.

Europe solar water heater market size is predicted to witness growth over 6% owing to introduction of several directives including energy performance building 2010/31/EU to reduce CO2 emissions and total EU energy consumptions. The aim of the directive is to ensure that all new public buildings must be nearly zero energy by 2018. The EU has also set target to meet 20% of its energy needs with renewable resources by 2020.

Competitive Market Share

Key players in solar water heater market include SunTank, A.O. Smith, Alternate Energy Technologies, Rheem manufacturing, Viessmann, Wagner Solar, Bradford White, EMMVEE, Bosch, Linuo Ritter, Rinnai, Racold, V Guard Industries, Chromagen and Himin Solar Energy.

Several merger and acquisition strategies has been witnessed in the industry to enhance its market penetration. In September 2016, Rheem and Fujitsu General Limited entered in strategic collaboration to expand its heating and cooling product portfolio across North America.

Solar Water Heater Industry Background
Solar Water Heater Market Segmentation

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Solar water heater system is cost effective collector which convert radiant into heat to generate hot water utilizing solar thermal collector. It consists of water storage tank and collector. The collector absorbs sun light and transfers it to the water stored in the tank. The system is suitable for residential, commercial and industrial applications. Its ability to reduce carbon emission by 30% makes its adoption preferable over other alternates.

What Information does this report contain?

Historical data coverage: 2013 to 2016; Growth Projections: 2017 to 2024.
Expert analysis: industry, governing, innovation and technological trends; factors impacting development; drawbacks, SWOT.
6-7 year performance forecasts: major segments covering applications, top products and geographies.
Competitive landscape reporting: market leaders and important players, competencies and capacities of these companies in terms of production as well as sustainability and prospects.

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