According to a recent study from market research firm Global Market Insights, the solar water heater market is set to grow from its current market value of more than $1 billion to over $3 billion by 2025, gaining remarkable traction over 2020 to 2025 period.
Growing demand for cost-effective, advanced, and energy-efficient water heating solutions would expand the solar water heater industry landscape in the forthcoming years. Solar water heaters, also known as solar domestic hot water systems, are a cost-effective way to generate hot water in any climate. These solar water systems are comprised of two major components, which are storage tanks and solar collectors.
The installation of solar water heating systems usually costs more than conventional heating systems. However, incorporation of these systems in domestic and industrial settings minimizes fuel and gas bills by up to 50% – 80% and reduces carbon emission produced by other water heater systems.
Growing awareness towards sustainable sources of energy will substantially augment the adoption of solar water heaters. According to a Global Market Insights, Inc., forecast, the global solar water heater market size is estimated to surpass $3 billion by 2025.
Flat plate collectors are used to collecting solar energy, which is further used to heat water in the home for washing, bathing, and heating water pools and others. The benefits of the product such as low cost, simple design, and comparatively easier installation than other hot water heating systems will augment its demand for most residential and small commercial hot water applications.
Increasing demand for energy-efficient water heating systems in commercial and household settings would boost the adoption of flat plate collectors.
Evacuated tube collectors are comprised of transparent glass tubes and metal absorbers which increases absorption of solar energy and reduces heat loss. On account of such features, these collectors are broadly used in commercial applications across the U.S.
The thermosyphon system is the commonly known solar-heated hot water system. These commercially available solar hot water systems work by combining a storage tanker and roof-mounted flat plate collector. Growing demand for cost-effective, nature-friendly, energy-efficient, and capacity solar water heater solutions from commercial establishments will increase their deployment in the coming years.
The European solar water heater industry is expected to witness significant growth owing to several government initiatives to increase the adoption of renewable sources of energy. Such initiatives include priorities set by the European Union in the energy field for the development of energy production from renewable resources. The renewable resources development targets reducing the dependence on scarce fossil fuels and minimizing CO2 emissions.
Reportedly, the adoption of energy-efficient water heaters and household spaces can save European people over €60 billion by 2020, including electricity saving of nearly 600 TWh and reduction of CO2 emission up to 135 million tons. In several northern European countries, hot water and space heating systems are jointly used to provide 15 to 25% of home heating energy.
China leads the global industry in terms of solar water heaters installations which accounts for nearly 30 million in Chinese households. The widespread product deployment is mainly due to its functional effectiveness in cloudy weather and at even low temperatures. In several climates, these systems can render up to 85% of domestic hot water energy.