Global solar water heater market outlook changed with Europe’s decarbonization efforts & the increasing power demands across the APAC region.
solar water heater market, in tandem with the subsequent rise in the cost of energy harvested through conventional sources. According to a study by The City of Cape Town’s Energy Directorate, using a solar water heater or a heat pump to heat water, rather than using an electric heater, could save up to 25% on energy bills.— Dwindling fossil fuel sustainability has been touted to be a major factor that would help drive the global
In a typical household, comprising four members, the savings made trough the use of solar water heater would pay back the total cost of solar water heater installation within two to four years. Coupling this with the average lifespan of solar water heaters (approximately 15-20 years), would mean that the household has ZAR65,000 (approximately $4,608) of free electricity.
According to the International Renewable Energy Agency, in nations like Israel, Barbados and Cyprus, nearly 80% to 90% residential complexes have a domestic solar water heating unit on their rooftops. Globally, however, just 1.2% of water & space heating in buildings is covered by solar thermal systems such as solar water heaters.
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With heating requirements across residential complexes in colder climates accounting for 60% to 87% of the energy demands, and 30% to 40% for residential buildings in warmer climates, there is a significant amount of potential for the solar water heater market from domestic space & water heating.
Impact of Europe’s decarbonization efforts on the solar water heater market
The Conditions: According to the European Commission, in 2018, the European Union’s revised renewable energy directive entered into force under the clean energy for all Europeans package. The package is aimed at ensuring that the EU remains a global leader in the field of renewables and, more specifically, helping the EU accomplish its emissions-reduction commitments as a part of the Paris agreement.
The Numbers: According to the European Commission, energy efficient residential solar water & space heaters could possible save consumers across Europe more than €60 billion in energy costs by 2020. A study conducted by the Climate Technology Center & Network (CTCN) also claims that in terms of solar water heater adoption, Europe is one of the fastest growing in the world.
The Potential: Attributing to the relatively untapped potential of solar water heater market across Europe and the EU’s clean energy targets, the global solar water heater is slated to witness significant growth in the forthcoming years.
Effects of APAC’s increasing power demands on solar water heater market
The Conditions: According to The World Bank, the APAC is home to more than 60% of the world’s population, generates approximately 32% of the global GDP, consumes more than 50% of the world’s energy supply and creates over 55% of the world’s carbon emissions from fuel combustion.
Now, with the projected decline in fossil fuel availability, energy generated through conventional fuel sources is getting too expensive to support sustainable growth of the region.
The Potential: Given the fact that heating water through conventional means is extremely inefficient & costly, the demand for solar water heater systems across this region is substantially high. The growth is primarily driven by the issue of affordability & adoption of renewable energy under the United Nations 2030 Sustainable Development Goals (2030 SDG 7).
The Market Scenario: According to the Climate Technology Center & Network (CTCN), solar water heating market in APAC, specifically in countries like New Zealand, Australia, Taiwan, Japan and China, is growing at a rate that is significantly faster than other regions such as the North America & Europe. Indeed, the CTCN claims that China & Taiwan to be at the forefront of this growth, closely followed by New Zealand & Australia.
As per estimates, China solar water heater market size is anticipated to surpass 45 GWth by 2024, mainly driven by the rapid introduction of green building regulations in a bid to curtail greenhouse gas emissions. Not to mention, the regional solar water heater industry growth is also fueled by the launch of technological advancements in evacuated tube collector designs, aimed at cost reduction and enhanced efficiency in solar thermal systems. Fueled by the robust demand for solar heating in some of the untapped regions of the APAC, the region is projected to become one of the biggest revenue grounds for the global solar water heater market.
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According Global Market Insights, Inc., worldwide, the solar water heater market is governed by a stringent regulatory landscape. Aided by a spate of strict norms and the expansive demand for cost effective, reliable systems for water heating, solar water heater market valuation is expected to cross the renumeration mark of $4 billion by 2024.
Name: Arun Hegde
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Organization: Global Market Insights, Inc.
Release ID: 507002