Global Solar Water Heater Market Report (2022 To 2027)
Global solar water heater market
Dublin, April 28, 2022 (GLOBE NEWSWIRE) — The “Global Solar Water Heater Market – Forecast 2022 to 2027” report has been added to from ResearchAndMarkets.com offer.
The global solar water heater market is valued 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 2027.
Solar water heater is an electronic device that helps to heat water for commercial and domestic purposes. Unlike conventional water heaters, solar water heaters use solar energy to operate the device. A solar water heater captures sunlight and uses this solar thermal energy to heat the water passing through it. The energy efficiency and low power consumption exhibited by the solar water heater is driving the growth of the solar water heater market in the global market. Fossil fuels that are expected to run out in the future also increase the need for an alternative energy source, for power supply.
Conventional water heaters that use fossil fuels and electricity as their energy source are being effectively replaced by solar water heaters, indicating the growth potential of the solar water heater market. Rising carbon emissions into the atmosphere also underscore the need for environmentally friendly systems and devices. The eco-friendly nature of solar water heaters is driving the demand for solar water heaters in the global market. The growing need for energy efficient technologies for the future is also pushing the growth of the solar water heater market over conventional water heaters. Support offered by international governments and environmental organizations in utilizing solar energy for various purposes is fueling the solar water heater market.
The recent outbreak of the COVID pandemic has severely affected the growth of the solar water heater market. The growth of the solar water heater market has been slowed, owing to the impact of the COVID pandemic on the market. The shutdowns and isolations imposed by the government as a preventive measure against the spread of COVID have hurt the solar water heater production sector. The shutdown of production units and manufacturing plants following the lockdowns leads to a drop in the production of solar water and components on the market. The application of solar water heaters for industrial purposes has also been stopped due to shutdown of industries. The impact of the COVID pandemic on industries and production sectors has negatively affected the solar water heater market. The shutdown and regulations in the solar water heater components supply chain sectors have also hampered the export and import rate of solar water heater components, leading to the downfall of the market.
There is a growing demand for environmentally friendly and energy efficient heating solutions
Growing 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 very energy efficient compared to conventional water heaters. According to IEA (International Energy Agency) reports, solar water heaters are expected to reduce the operating cost of the unit by approximately 25-50% compared to conventional water heaters. The zero carbon emission rate of solar water heaters is also expected to increase the demand for solar water heaters in the coming years. According to the “Kyoto Protocol”, which has been signed by international governments and limits the carbon emissions of industrial and commercial areas of each country, the ecological properties exhibited by solar water heaters make industry replace solar water heaters. conventional water by solar water heaters. The energy and economic efficiency offered by solar water heaters also increases the acceptability and popularity of solar water heaters for households and domestic purposes.
Support offered by international governments and government agencies is also driving the growth of the solar water heater market. The carbon limit given to each country means that the government must support and promote less carbon emitting devices and systems. 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 the pursuit of sustainable energy solutions is also driving the market for solar powered equipment and appliances in the market, contributing to the growth of the solar water heater market.
The Asia-Pacific region holds the majority of the market share.
Geographically, Asia-Pacific is the region exhibiting the most drastic growth in the market share of the solar water heater market. Growing government support and policies promoting solar equipment and systems are contributing to the growth of the solar water heater market in the Asia-Pacific region. The presence of major technological and industrial giants in the Asia-Pacific region is also increasing the market share of solar water heaters in the region.
Main topics covered:
2. Research methodology
3. Executive Summary
4. Market dynamics
4.1. Market factors
4.2. Market constraints
4.3. Analysis of the five forces of carriers
4.3.1. Bargaining power of end users
4.3.2. The bargaining power of buyers
4.3.3. The threat of new entrants
4.3.4. The threat of substitutes
4.3.5. Competitive rivalry in the industry
4.4. Industry Value Chain Analysis
5. Global Solar Water Heater Market Analysis, By Type
6. Global Solar Water Heater Market Analysis, By Capacity
7. Global Solar Water Heater Market Analysis, By End User
8. Global Solar Water Heater Market Analysis, By Geography
8.2. North America
8.2.1. UNITED STATES
8.3. South America
8.5. Middle East and Africa
8.5.1. Saudi Arabia
8.5.2. United Arab Emirates
8.6. Asia Pacific
8.6.4. South Korea
9. Competitive environment and analysis
9.1. Key Players and Strategic Analysis
9.2. Emerging players and market profitability
9.3. Mergers, acquisitions, agreements and collaborations
9.4. Supplier Competitiveness Matrix
10. Company Profiles
10.1. Himin Solar Power Group
10.2. V-Guard Industries Ltd
10.3. Thermo Spa Ariston
10.4. KODSAN Company
10.5. solar energy company
10.6. A. O. Smith
10.7. Alternative energy technologies
10.8. Solav Energy
For more information on this report, visit https://www.researchandmarkets.com/r/s6qyjr
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