According to a new report published by K D Market Insights, “Solar Based Water Heater Market Insights, Trends, Opportunity & Forecast, 2020–2025,” the global solar based water heater market size is anticipated to witness moderate growth during the forecast period i.e. 2020-2025. The solar-based water heater’s ability to offer renewable water heating and environment friendly properties, the less maintenance required by solar based water heaters and the emerging need across various regions across the globe to beat the power crisis and to save electricity are the major factors driving the growth of the global solar based water heater market.

Additionally, the escalating number of technological innovations and advancements in solar energy use, the growing awareness regarding green energy utilization among people and the increasing efforts by the governments of various regions to encourage populations to adopt renewable energy technologies such as solar water heater are further anticipated to create ample growth opportunities for the solar based water heater market during the forecast period.

The Asia Pacific region accounted for highest revenue share and highest market growth in the global solar based water heater market in 2020 and is expected to further continue to dominate in the market during the period of forecast. China is estimated to possess the largest market share in the Asia-Pacific solar based water heater market. This is mainly attributed to the fact that China is the biggest user and producer of solar water heating systems in the Asia-Pacific region. On the other hand, India is expected to observe highest growth rate during the forecast period in the region.

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According to type, the direct solar water heating systems segment observed the largest share in the market in 2020 and is expected to further continue with the trend during the forecast period i.e. 2020-2025. However, the indirect solar water heating systems segment is projected to attain the highest CAGR over the forecast period of 2020-2025. According to end use, the residential segment is estimated to hold the largest share of the solar based water heater market during the forecast period. This is attributed to the increasing investments in the construction sector for the refurbishment and the re-establishment of residential buildings. The commercial segment however, is anticipated to witness growth at the highest CAGR during the forecast period.

The global solar based water heater market is segmented into type, end-use, component and region. Based on type, the market is bifurcated into indirect solar water heating systems, direct solar water heating systems, active solar water heating systems and passive solar water heating systems. Based on end-use, it is classified into residential, commercial and industrial. Based on component, it is classified into storage tank, solar collector, heat exchangers, controls & monitoring and pump group.

The global solar based water heater market is analyzed across North America (U.S. & Canada), Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Rest of Europe), Asia Pacific (China, India, Japan, South Korea, Indonesia, Thailand, Australia, New Zealand, and Rest of Asia Pacific), Latin America (Brazil, Mexico, and the Rest of Latin America) and Middle East & Africa (GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, and Rest of Middle East & Africa).

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Key Insights of Solar Based Water Heater Market

  • On the basis of type, the direct solar water heating systems segment observed the largest share in the market in 2020 and is expected to further continue with the trend during the forecast period.
  • On the basis of type, the indirect solar water heating systems segment is projected to attain the highest CAGR over the forecast period of 2020-2025.
  • On the basis of end-use, the residential segment is estimated to hold the largest share of the solar based water heater market during the forecast period.
  • On the basis of end-use, the commercial segment is anticipated to witness growth at the highest CAGR during the forecast period.
  • On the basis of region, Asia Pacific accounted for highest revenue share and highest market growth in the global solar based water heater market in 2020 and is expected to further continue to dominate in the market during the period of forecast.

Some of the major solar based water heater companies profiled in the report include China Hitek Solar Co. Ltd., SunPower, Inter Solar System, Azuma Solar Co. Ltd., Photon Energy Systems, Chiryu Heater, GreenTek India Pvt. Ltd., EMMVEE, CHOFU Seisakusho Co. Ltd. and Solahart PV.

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