Market Analysis
The global Solar Water Heater Market is expected to
grow at a CAGR of 8.50% From 2018 To 2023. 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.
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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.
Key Players
The key players of the
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.
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.
Regional Analysis
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.
Scope of the Report
This report provides an in-depth analysis of
the global solar water heater market, tracking three market segments
across four geographic regions. The report studies key players, providing a
five-year annual trend analysis that highlights market size, and share for
North America, Asia-Pacific (APAC), Europe, and Rest of the World. The report
also provides a forecast, focusing on the market opportunities for the next
five years for each region. The scope of the study segments the solar
water heater market by its type, collector type, application, and by
region.
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