The solar water heater market is projected to foresee substantial growth due to increasing demand for eco-friendly, and cost-effective water heating solutions. The capability of solar water heaters to decrease electricity consumption by about 50% to 80% in comparison with other industry alternatives would drive its traction in the residential and commercial sectors. The market would witness massive growth due to increasing urbanization, rising living standards, robust economic growth, and growing capital expenditure in the residential sector.
Reports claim that approximately 80% of sunlight gets converted into heat energy required to run solar water heater. With such higher efficiency and affordable cost of PV panels for domestic installations, the solar water heater market may record commendable growth over the years.
According to a research report by Global Market Insights Inc., the global solar water heater market is likely to exceed a valuation of $3 billion through 2025.
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Mentioned below are the 3 major trends fueling global solar water heater market size:
- Increasing popularity of pumped solar water heater
Based on system type, the pumped solar water heater market is projected to observe substantial demand over the coming years due to its extensive features such as less heat loss and winterization. These systems can easily be integrated with present system features which are adding up to their market demand. Rising fossil fuel prices coupled with increasing efforts to decrease electricity consumption would supplement product acceptance.
- Mounting deployment across Italy
Growing initiatives to decrease trade deficit coupled with the introduction of green building regulations to decrease carbon emissions would foster the Italy solar water heater industry. According to OECD (Organization for Economic Co-operation and Development), water heating ascribed for 15% of entire residential electricity consumption in the region. Growing investments towards the refurbishment of present building infrastructures would foster regional industry share through 2025. While growing need for hot water solutions across various industrial establishments would further product reach.
- Thriving demand across the residential sector
Increasing investments towards refurbishment as well as construction of multi and single-family housing spaces is expected to drive the installation of solar water heaters. Factors like rise in customer spending and stringent regulatory norms regarding zero-emissions to reduce GHG emissions would boost the purchase of renewable energy technologies like solar heaters.
Major product manufacturers and suppliers are adopting numerous business strategies like acquisitions, collaborations, and fundraising to gain an edge over competitors in the market. Citing an instance, in July 2019, renowned solar heater manufacturer, Rheem acquired residential boiler and water heater manufacturing firm Intergas to expand its presence in Europe.
The competitive landscape of the global solar water heater market is inclusive of players such as Wagner Solar, Racold, Linuo Ritter, EMMVEE Solar, HiminSolar, SunTank, Rinnai, Alternate Energy, A.O. Smith, Bradford White, Chromagen, Linuo Ritter, Viessmann, and V-Guard among others.
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