The market for solar water heaters is expected to grow at a CAGR of more than 5.5% from 2022 to 2028. When COVID-19 spread around the world in the first quarter of 2020, different countries shut down their borders, which caused problems in the supply chain. The effect on the global economy is also likely to be a big reason why this use of technology will hurt the world. But the effects of the virus seem to be under control in many places. The economies of these countries are helped by big recovery plans now that the lockdowns are over. But it looks like other countries are still in the middle of the crisis. During the next few years, the solar water heater market is likely to be driven by factors like lowering carbon emissions and increasing efficiency, as well as a rise in the use of solar heaters due to their falling prices and a rise in the use of glazed solar heaters. During the forecast period, this technology is also likely to be driven by good government policies and growing environmental concerns. But the improved cost-effectiveness of batteries or modules is likely to slow down the solar water heater market over the next few years. This is because installing a solar water heater requires major changes to a building’s plumbing system and lasts less than solar PV.
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During the forecast period, the market for glazed solar water heaters is expected to be the largest. This is because they are more efficient and cost less to maintain.
Governments are trying to get people to use solar water heaters instead of gas-powered ones and heating systems for whole neighbourhoods. Programs like Seoul’s Solar City are being used to subsidise the market for solar water heaters and make them cheaper than other options. This, in turn, is likely to give players in the market more chances to make money in the near future.
The Middle East and Africa are expected to make up most of the market, with countries like Saudi Arabia, Turkey, and Israel making up most of the demand.
Solar Water Heater Market Dynamics:
As nonrenewable resources are used up more and more, people are likely to want more energy-efficient water heaters and take more steps to control how much energy they use. This is expected to help the market grow over the next few years. These systems are priced in a way that makes them appealing to a wider range of customers, no matter how much money they have. The industry is expected to grow because people in both developed and developing countries are becoming more aware of environmental issues.
Market growth is likely to be driven by the growing demand for safe, reliable, and affordable water heating technologies, especially in the residential and industrial sectors. The system’s ability to work for 30% to 40% less in the winter and up to 75% less in the summer is likely to make it more popular than other products on the market right now.
Governments all over the world offer rebates and other benefits to people who put in solar water heating systems. For example, depending on the type and size of the system installed, residents and business owners in Victoria, Australia, can get refunds of up to $700. A strong investment in the solar water heater business by market players is also expected to grow the market over the next few years. On the other hand, solar water heating needs a large roof surface and direct sunlight. It may not work on cloudy or foggy days. Still, improvements in backup energy systems that keep running even when it’s cloudy are likely to lead to profitable business opportunities.
The Environmental Protection Agency (EPA) has made rules about how to judge the quality of solar water heaters. It also tries to come up with many technological and financial ways to protect customers from low-quality products that could be dangerous to use. In the last ten years, these changes have helped the U.S. economy grow, and they are likely to keep doing so in the future.
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