Solar Water Heater Market Size By Collector (Evacuated Tube, Flat Plate and Unglazed Water), By System (Thermosiphon, Pumped), By Application {Residential, Commercial (Educational Institutes, Offices, Government Buildings, Others), Industrial} Industry Analysis Report, Regional Outlook, Competitive Market Share & Forecast, 2019 – 2025

Published Date: May 2019  |  Report ID: GMI2219  |  Authors: Ankit Gupta, Aditya Singh Bais

Report Format: PDF   |   Pages: 340   |   Base Year: 2018

Summary Table of Contents Industry Coverage Methodology

Industry Trends

Solar Water Heater Market size in 2018 was valued over USD 1 billion and the annual installation is projected to exceed 3 million units by 2025.

Solar Water Heater Market

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Surging demand for ecofriendly, reliable and cost effective technology for water heating solutions across residential and non-residential establishments will drive the global solar water heater market size. The solar water heater has ability to offer low running cost i.e. 25% to 40% in winter and 75% in summer in comparison to conventional heating systems. Rising awareness toward the effective utilization of sustainable technologies along with increasing investments toward infrastructure sector are propelling the demand for energy efficient technologies. In addition, introduction of incentives including tax rebates, subsidies and tax credits to promote the adoption of sustainable technologies will further compliment the business outlook.

Favorable measures to limit GHG emissions from conventional systems along with rising focus to maintain fossil fuel sustainability will propel the market share. Policymakers have introduced several regulations and directives to attain renewable targets and thereby minimize carbon emissions. For instance, regulators across EU have set target to reduce GHG emissions by 20% by 2020 from 1990 levels, through promoting the utilization of renewable resources.

Solar Water Heater Market Report Coverage
Report Coverage Details
Base Year: 2018 Market Size in 2018: 1 Billion (USD)
Historical Data for: 2014 to 2018 Forecast Period: 2019 to 2025
Forecast Period 2019 to 2025 CAGR: 6.6% 2025 Value Projection: 3 Billion (USD)
Pages: 340 Tables, Charts & Figures: 749
Geographies covered (30): U.S., Canada, Mexico, Germany, Austria, Spain, Turkey, Denmark, Italy, Switzerland, UK, China, Thailand, Australia, India, Japan, South Korea, Egypt, Jordan, Israel, South Africa, Saudi Arabia, Kuwait, UAE, Qatar, Bahrain, Oman, Brazil, Barbados, Chile
Segments covered: Collector, System, Application and Region
Companies covered (15): A.O. Smith, Alternate Energy Technologies, LLC., Rheem Manufacturing Company, Viessmann, V-Guard Industries Ltd., Racold, SunTank, Chromagen Australia Pty Ltd, HiminSolar Co. Ltd., Wagner Solar UK Ltd, Bradford White Corporation, EMMVEE Solar, Bosch Thermotechnology, Rinnai, Linuo Ritter International Co. Ltd.
Growth Drivers:
  • North America
  • Growing demand for energy efficient water heaters
  • Europe
  • Rising demand for replacement of existing water heaters
  • Extreme climatic conditions
  • Asia Pacific
  • Government mandates pertaining to greenhouse gas emissions
  • Positive outlook toward renewable energy
  • Latin America
  • Replacement of conventional water heating systems
Pitfalls & Challenges:
  • Lack of consumer awareness
  • High Initial Investment

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Solar water Heater Market, By Collector

Australia Solar Water Heater Market By Collector

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Flat plate collector installations in 2018, accounted for over 70% of global solar water heater market share. These collectors are suitable for small commercial and residential embodiments. Cost effectiveness, simple design and ease of installation are key parameters enhancing the product adoption. In addition, ongoing technological innovation in the designing of collector to improve efficiency will further stimulate the product deployment.

Evacuated tube collector market will grow on account of growing demand for energy efficient solutions for hot water supply in commercial and industrial buildings. Low maintenance cost, high conversion efficiency (90%) and less space requirement are some of the prominent features which will encourage the product adoption. The product ability to significantly reduce heat loss to the surrounding atmosphere either through convection or radiation will make it preferable option over other alternates.

Solar Water Heater Market, By System

U.S. Solar Water Heater Market By System

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Suitability across hot climatic regions including Australia, Israel, Japan and India owing to its limited space requirement features will fuel the thermosiphon solar water heater industry growth. Ability to circulate volatile liquid & gas without utilizing mechanical pump in heating and cooling applications will further complement the industry landscape.

Pumped installation in 2018, accounted for over 30% of global market share. Ease of integration with existing system, winterization and less heat loss are some of the prominent features which will encourage the product adoption.

Solar Water Heater Market, By Application

Israel Solar Water Heater Market By Commercial Application

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Commercial installation is set to surpass an annual installation of 1 million units by 2025. Increasing spending from public and private financial institutions toward infrastructure development including government buildings, educational institutes and shopping center will stimulate the product adoption. Introduction of green building codes and standards to limit carbon emissions, promoting the utilization of clean technologies will further complement the business landscape.

Residential solar water heater market will grow subject to ongoing investment toward the re-establishment and refurbishment of buildings along with increasing disposable income. Ability to integrate with conventional units across new constructed and existing establishments make its adoption preferable over its counterparts. In addition, rising awareness toward energy savings along with growing demand for the replacement of conventional systems will further enhance product penetration.

Solar Water Heater Market, By Region

Middle East & Africa Solar Water Heater Market By Country

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The U.S. market will expand on account of ongoing investment toward multi and single housing infrastructure backed by strengthening purchasing power and rapid urbanization. Furthermore, favorable government measures to promote the adoption of solar technologies coupled with stringent regulations to reduce carbon emissions will augment the industry landscape. U.S. department of energy launched sun shot initiatives with an objective to reduce cost of solar electricity by 75%, through research and development efforts in collaboration with private and public partners.

Ongoing transition toward clean and renewable energy usage along with technological innovation to achieve energy efficiency at limited cost are few parameters which will stimulate the Indian market size. For instance, in May 2016, Racold Thermo Pvt. Ltd introduced alpha pro solar water heater with 1,800 mm high energy absorbing vacuum tube ensuring high efficiency and optimum energy absorption

Germany market will rise on account of growing demand for water heating solutions in commercial and residential establishments along with improving living standards. In 2016, as per the OECD, water heating accounted for 15%. of overall residential energy consumption. Growing focus to reduce import dependency along with increase in tax on fossil fuel are some of the key parameters positively influencing the product adoption.

South Africa solar water heater market will grow owing to increasing adoption of solar technologies in residential establishments along with upsurge in demand for replacement of high pressure electric systems with energy efficient systems.

Competitive Market Share

Notable industry players across solar water heater market include A.O. Smith, Alternate Energy, Rheem Manufacturing, Viessmann, V-Guard, Racold, SunTank, Chromagen, HiminSolar, Wagner Solar, Bradford White, EMMVEE Solar, Bosch Thermotechnology, Rinnai and Linuo Ritter amongst others.

Product differentiation, wide service & distribution network, cost competitiveness and regulatory conformance are the some of the key strategic assets for an industry participant to enhance competitiveness in the business. Eminent players are further pursuing mergers & acquisitions to reinforce their leadership in the industry.

Solar Water Heater Industry Background

Solar water heater is an energy efficient system that captures sunlight in order to heat the water in industrial, commercial and residential sector. They can be categorized by flat plate and evacuated tube collector. Less maintenance requirements, energy saving, lower emissions, and low running cost are some of the imperative features which will boost the product demand.

Frequently Asked Questions (FAQ) :

According to Global Market Insights, Inc. worldwide installation will surpass 3 million units by 2025.
Focus towards incorporating eco-friendly and sustainable water heating solutions across the residential and commercial sector and the striving efforts by the public and private entities to curtail GHG emissions will fuel the product adoption on a large scale.
A.O. Smith, EMMVEE Solar, Rheem Manufacturing, Bosch Thermotechnology, Bradford White, Wagner Solar,Alternate Energy, V-Guard, Viessmann, SunTank, Racold, Chromagen, HiminSolar, are some of the major manufacturers.

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Premium Report Details

  • Published Date: May 2019
  • Pages: 340
  • Tables: 721
  • Charts / Figures: 28
  • Companies covered: 15
  • Countries covered: 30

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