Australia Solar Water Heater Market to Grow at a Substantial CAGR until 2025
Increasing awareness about sustainable development is driving
the market growth through the forecast period.
According to
TechSci Research report, “Australia Solar
Water Heater Market By Technology
(Active Solar Water Heating System and Passive Solar Water Heating System), By
Collector Type (Flat-Plate Solar Collector and Evacuated-Tube Solar Collector),
By End Use (Residential, Commercial and Industrial), By Region, Forecast &
Opportunities, 2025”, Australia
solar water heater market is anticipated to grow at a substantial CAGR in the
upcoming five years. Standard electrical water heaters are a major cause of
greenhouse gases in Australian homes. Therefore, to curb or reduce the
emissions as well as to save energy to a large extent, electrical water heaters
are now being replaced with solar water heaters which reduce the emissions by approximately
2.4-3 tonnes. Thus, rising need of sustainable development can be held
responsible for the growth of market in Australia. Besides, another factor that
can be held for the market growth in the region is that they are also
cost-effective and thus, support ample number of Australian jobs and domestic
manufacturing businesses. In 2019, roughly 63000 solar water heaters were
installed in the country taking the total units of installations to 1.23
million. Solar water heaters (SWH) occupy about 13% of all water heating
systems installed in the country.
Australia possesses a high
potential in the solar water heater market as it receives high annual sunlight.
According to a group leader of solar technology at Commonwealth Scientific and
Industrial Research Organisation or CSIRO, sunlight falling on 0.03% of
Australian land is enough to provide electricity to the entire Australia. This
abundant natural supply of sunlight when coalesced together with the
consistently advancing technology can produce extremely lucrative results and
vast opportunities for the Australian solar water heater market. However, the
extra costs during the installation of solar water heaters are expected to pose
as a barrier in the growth of the market. These extra costs include the costs
of roof strengthening, plumbing, and repairing when it comes to valves, pumps,
tanks and pumps. Furthermore, lack of awareness in context to the utility of solar
water heaters and their capabilities to save energy and cost is also expected
to hamper the market growth in Australia.
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Australia solar water heater
market is segmented based on technology, collector type, end use, company and
region. Based on collector type, market is bifurcated into flat-plate solar
collector and evacuated-tube solar collector among which flat-plate solar
collector dominated the market in the year 2019 as they are the most suitable water
heaters for small residential and commercial bodies. Furthermore, expedition of
the product adoption and deployment is assisted by the advancing technology, less
complex design and cost effectiveness of the product.
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Some of
the leading players in Australia solar water heater market include Rheem Manufacturing Co Proprietary Ltd.,
Viessmann Australia, V-Guard Industries, Racold, Suntanks, Chromagen Australia
Pty Ltd, Himin Solar Co.,Ltd, Bosch Thermotechnology, Rinnai Australia Pty.
Ltd., Linuo Ritter International and many others.
“Australia solar
water heater market is anticipated to witness significant growth during the
next five years as the people are becoming more aware about the importance of
saving more and more energy for future generations. Keeping in mind the
sustainable development, Australian government has also initiated the promotion
of solar water heaters to reduce carbon emissions as well as eased the flow of
money in this industry”, said Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
“Australia
Solar Water Heater Market By Technology (Active Solar Water Heating System and
Passive Solar Water Heating System), By Collector Type (Flat-Plate Solar
Collector and Evacuated-Tube Solar Collector), By End Use (Residential,
Commercial and Industrial), By Region, Forecast & Opportunities, 2025”
has
evaluated the future growth potential of Australia solar water heater market and
provided statistics & information on market size, shares, structure and
future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges and opportunities in Australia solar water heater
market.
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