Solar Hot Water Heater
Market Overview:
Solar
water heaters provide hot water for several sectors like industrial,
commercial, and residential applications. The system stores solar energy using flat-plate
collector, evacuated tube collector, and unglazed water collector and the
process saves energy bills. The global solar water heaters market is expected
to rise by 8.5% during the forecast period (2018-2023). Market Research Future
(MRFR) claims that the CAGR attained during the period would help the global solar
water heaters market in crossing the estimated market valuation.
The
Solar
Hot Water Heater Market is primarily getting driven by government
initiatives to curtail carbon production and save non-renewable resources.
Increasing applications in the construction sector is expected to push the
global solar water heaters market forward. Advanced technology is further
easing the process of solar water heater integration in different industries.
The technology is gaining traction due to its ability to reduce cost and bill
for housing sectors which is why, the global solar water heaters market is
expected to grow rapidly.
Solar Hot Water Heater
Market Segmentation:
The
global solar water heater market, as per the reports published by MRFR, is
segmented by type, collector type and application. The segmentation aims at
unraveling details of the market for a better analytical approach that would
help in gaining overview of the market for the upcoming days.
Based
on the type, the solar water heater market includes pumped and thermosyphon. The
thermosyphon segment has the maximum market coverage and generates the highest
revenue between the two. The credit goes to low pricing and easy installation &
usage of the product.
Based
on the application, the solar water heater market comprises residential,
commercial, and industrial. The residential segment is expected to record
the highest growth rate during the forecast period. Increasing number of
construction and initiatives taken to promote smart buildings are expected to
promote the market extensively.
Regional Analysis:
MRFR
in its region-specific analysis of the global solar water heater market delves
deep into the market demography of five regions like North America, Asia
Pacific (APAC), Europe, Middle East & Africa (MEA), and South America.
The
APAC market has the maximum market coverage and the regional market is gaining
pace due to the happening residential sector that is following the smart home
and eco-friendly housing models. The region has the highest number of people
living here and the residential market is not going to plummet in any time
soon. Rise in renewable energy can also be witnessed and government regulations
are helping the regional residential and commercial sector substantially to
take the market forward.
Europe
is doing well in the market as the region has pro-environment policies in place
now for a long time. This has helped the regional housing sector implement
latest technologies to ensure the solar water heater methods. North America is
also walking on the same line owing to which high growth is possible in the
coming years.
Competitive Landscape:
Influential
companies are making a strong road for the global solar water heater market by
deploying innovative strategies which boosted not just their production but
ensured growth for the market as well. MRFR enlisted several companies of high
importance and profiled them for a better understanding in the coming years.
These companies 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), Wagner Solar (UK), and others.
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