Solar Water Heater Market - Overview
The
global solar water heater market is expected to grow at a 8.50% CAGR during the
forecast period. Solar water heater is a device which provides hot water for
industrial, commercial, and residential applications. A solar water heater
comprises of an array of collectors to collect and store solar energy. There
are mainly three types of solar collectors that are used in residential applications
such as flat-plate collector, evacuated tube collector, and unglazed water
collector. Solar water heater is majorly used to save energy bills. Moreover,
the domestic and commercial consumers are entitled to claim renewable heat
incentive for generating heat energy.
The
global solar water heater market is projected to grow at a high rate during the
forecast period, mainly due rising demand for replacement of existing water
heaters and policy support from government to enable adoption of renewable
technologies. As per European Commission, it is estimated that USD 28.44 billion
is required to be invested in renewable sources by the government between 2020
and 2050. This would lead to increase in the use of solar water heaters across
Europe.
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Key Players:
The
key players of global solar water heater market are Rheem Manufacturing (US),
A.O.Smith (US), SunTank (South Africa), Bradford White Corporation (US), Bosch
(Germany), Honeywell Corporation (US),
Racold (India), Alternate energy Technologies (US), Viessmann
Manufacturing (US), and Wagner Solar (UK), among others.
Market Segmentation:
Global
solar water heater market has been segmented based on type, collector type,
application, and region. Based on type, the market is classified into pumped
and thermosyphon. Thermosyphon segment is leading the market and has the
largest market share, mainly due to low pricing and ease of installation and
usage of the product. The global solar water heater is further segmented based
on application, including residential, commercial, and industrial. Residential segment of the global solar water
heater market is estimated to register the highest growth rate during the
forecast period.
Asia Pacific accounts for the largest market share
in the Solar Water Heater Market
Region
wise, Asia Pacific held the largest market share of the global solar water
heater market in 2017. It is estimated that Asia-Pacific region would be the
fastest growing market during the forecast period, mainly due to the rising
investment in renewable energy sources and high demand for solar water heaters
by the residential and commercial complexes. The solar water heater market
would be mainly driven by the favorable government regulations against
greenhouse gas emissions.
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