The growing demand for solar water heater market is
attributed to the stringent government regulations to curb greenhouse gas
emissions and growing focus on increasing renewable energy share in the total
power generation mix. Moreover, the Environment Protection Agency has
introduced regulatory standards to assess the quality of solar water heaters
and implement financial plans for consumers. One of the major restraints for
the global solar water heater market is the high upfront cost. The global solar
water heater market is estimated to expand at 8.50% CAGR during the forecast
period.
Solar water heater is used to heat water with the help
of solar energy. It absorbs and converts sun light into heat and store it.
Solar water heaters consist of two major components which include sun solar
collector and storage tank. A solar based water heater is a source of renewable
water heating system and requires less maintenance and operates at low cost.
Industry Segmentation
The solar water heater
market has been segmented based on collector type into evacuated tube
collector, flat plate collector, and unglazed water collector. Among these
types, evacuated tube collector is the fastest growing segment due to various
factors such as they have a greater surface area exposed to the sun with higher
efficiency in transferring the heat. It performs better compared to other types
of collector and it can also be used in subzero temperature.
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.
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.
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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