Market
Highlights:
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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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.
Based on application, the market is
segmented as residential, commercial, and industrial. Residential segment is
estimated to dominate the market during the forecast period due to the
increasing demand for energy efficient water heater and rising investment in
construction activities. The installation is majorly taking place in Europe,
North America, and Asia Pacific. Considering the type, the market is segmented
as pumped and thermosyphon. Thermosyphon accounts for largest share in the
solar water heater market due to affordable pricing and convenient usage.
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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.
Regional
Outlook
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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