Published Date : 21 Jul 2023
The global solar water heaters market size surpassed USD 6.51 billion in 2022 and is projected to rise USD 14.3 billion by 2030, anticipated to grow at a strong CAGR of 10.34 percent during the projection period from 2022 to 2030.
Because solar water heaters use less energy and are more energy efficient, the global market for them is growing. The anticipated exhaustion of fossil fuels as a source of power is increasing demand for an alternate energy source. The market for solar water heaters can grow because solar water heaters can efficiently replace conventional water heaters that use fossil fuels as well as electricity as a power source. The rise in atmospheric carbon emissions is also highlighting the need for eco-friendly equipment and systems.
Due to its eco-friendliness, solar water heaters are becoming more and more popular on the global market. The market for solar water heaters is developing faster than that of conventional water heaters because to the future's increasing need for energy-efficient technologies. The encouragement given by international governments and environmental organizations to use solar energy for a variety of purposes is fueling the market for solar water heaters.
The current COVID pandemic epidemic has had a significant negative impact on the market expansion for solar water heaters. The COVID pandemic's effects on the market have hampered the expansion of the solar water heater industry. The manufacture of solar water heaters has been negatively impacted by the lockdowns and isolations that the government implemented as a preventative measure against the COVID spread. Lockdowns cause production units and manufacturing facilities to shut down, which reduces the amount of solar water and component manufacture available on the market.
Due to the suspension of companies, solar water heater use for commercial applications has also been halted. The market for solar water heaters has suffered as a result of the COVID pandemic's effects on several manufacturing sectors and industries. The market collapsed as a result of restrictions and stoppages in the supply chain sectors for solar water heater components, which also slowed down the rate of export and import of these components.
Solar Water Heaters Market Report Scope:
|Market Revenue in 2023||USD 7.18 Billion|
|Projected Forecast Revenue in 2030||USD 14.3 Billion|
|Growth Rate from 2022 to 2030||CAGR of 10.34%|
|Largest Market||Asia Pacific|
|Forecast Period||2022 To 2030|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa|
43% of the market was accounted for by the Asia Pacific region in 2022. Due to the high growth rates, good economic performance, and significant expenditures in R&D, the area is predicted to advance during the next ten years. The nation is implementing big changes to its energy strategy, shifting its reliance from fossil fuels to renewable fuels, in order to minimize pollution and preserve ecological balance. During the projection period, the European area is anticipated to expand significantly at a CAGR of 6.4%. Demand for dependable and high-quality systems from a variety of end customers, mainly in the industrial and commercial sectors, is driving the region's expansion.
The support given by foreign governments and governmental organizations is also helping the market for solar water heaters grow. The carbon limit that has been given to each country requires the government to support and promote systems and gadgets that emit less carbon. Government rules and laws requiring enterprises and manufacturing facilities to reduce their carbon emissions are driving up demand for solar water heaters for industrial applications. Additionally, the market for solar-powered equipment and appliances as well as the demand for solar water heaters are growing as a result of the government's sponsorship of cutting-edge initiatives and research into renewable energy sources.
A simple technology is the solar water heater. In this sector, there is a clear need for increased R&D. Additionally, there are many advantageous uses for the solar water heater. The market's most popular technologies right now are mostly smart-solar water heaters. The dual water heater may require additional time to heat the water. The typical greater turns on the electricity and then warms the water. The lengthy installation process for solar water heaters is a significant business barrier. Another innovative technique is the solar water heater. During the predicted period, increased product awareness is crucial. The market may face difficulties because of the low level of product knowledge and the technology's high power requirements.
The global market for solar water heaters is being driven by the growing need for green and energy-efficient heating solutions. Comparing solar water heaters to traditional water heaters, the former are said to be far more energy-efficient. The operating costs of solar water heaters are predicted to be between 25 and 50 percent lower than those of conventional water heaters, according to studies from the IEA (International Energy Agency).
In the upcoming years, demand for solar water heaters is anticipated to increase due to their zero carbon emission rate. According to the "Kyoto Protocol," which is signed by governments from across the world and restricts carbon emissions from each nation's industrial and commercial zones, solar water heaters are forcing the industry to replace conventional water heaters. Solar water heaters are becoming more widely accepted and used for domestic purposes in homes because to their energy and financial efficiency.
The aid offered by foreign governments and governmental organizations is also helping to expand the market for solar water heaters. Due to the carbon limit that has been allocated to each country, the government is compelled to support and promote reduced carbon emission systems and gadgets. As a consequence of government regulations and legislation requiring enterprises and manufacturing facilities to reduce their carbon emissions, the demand for solar water heaters for industrial applications is increasing. The market for solar-powered equipment and appliances is growing, and there is a rise in demand for solar water heaters as a result of the government's backing of creative initiatives and research into renewable energy sources.
Major Key Players:
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