Global
solar water heater market is expected to witness substantial growth during the
forecast period owing to increase in the demand for cost efficient technology
for heating water. Asia Pacific is expected to be the fastest-growing market,
by region, during the forecast period. This is due to the significant
investments in solar power in China, Japan, and India. For instance, the
country is introducing extensive changes to its energy policy and shifting its
dependence from fossil fuels to renewable fuels in a bid to curb pollution and
maintain ecological balance.
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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Industry 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.
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Regional Outlook:
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.
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.
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