Solar Water Heating Market
Synopsis:
Solar
power water heater facilitates the conversion of sunlight into heat to boil
water. These heaters leverage the use of solar thermal collector. It is
installed under the sunlight and heats water during day time. This report
offered by Market Research Future (MRFR), the global Solar
Water Heating Market is supposed to strike 8.5% CAGR over the forecast
period 2016 to 2023.
Sun
water heaters are being deployed on a large-scale for both commercial and
residential applications. It facilitates cost savings which are anticipated to
drive the growth of the solar water heater market in the foreseeable future. In
addition, the industries are also poised to increase installation of these
heaters. Some industries require huge amount of water heating. Thus, in order
to manage optimum management of power & energy available, the industrial
applications of the product are seen to be on a rise. This, in turn, is poised
to drive the expansion of the solar water heater market in the coming years.
The
installation of residential solar water heater has gained a quick mileage in
recent times. The construction of large residential complexes is motivating the
installation of solar water heaters. It is presumed to influence the market
favorably. Similarly, commercial spaces such as hotels and malls are also
leveraging these heaters to induce efficient use of electricity. These factors
are likely to drive the proliferation of the solar water heater market in the
coming years.
The
intermittent power outages in urban areas due to shortage of electricity are
another major factors expected to propel expansion of the solar water heater
market. Also, the zero-emission benefit of the product over conventional
heaters is likely to encourage the growth of the market during the review
period.
Market Segmentation:
The
type-based segments of the solar
water heater market covered in the report are pumped and thermosyphon.
Among these, the thermosiphon segment has the largest share of the market and
is likely to perpetuate its dominance through the forecast period. Factors such
as easy installation and low pricing are anticipated to drive the growth of the
segment in the near future.
By
collector type, the solar water heater market has been segmented into flat
plate collector, evacuated tube collector, and unglazed water collector.
On
the basis of application, the solar water heater market has been divided into commercial,
residential, and industrial. Among these, the residential segment is projected
to register a relatively higher growth rate over the next few years.
Regional Analysis:
The
geographical evaluation of the global solar water heater market is covered for
five key regions. These regional segments profiled in the report are – Europe,
South America, Asia Pacific (APAC), the Middle East & Africa (MEA), and
North America. Asia Pacific is anticipated to register the highest CAGE across
the evaluation period. The region is likely to witness a rise in the
installation of these heaters due to its rising energy requirements. In light
of this, industrialization and urbanization are anticipated to accelerate
revenue generation in the solar water heater market over the next few years.
Also, the increasing residential complexes in the region owing to increasing
disposable income is projected to impact the market in the region positively.
Europe and North America are also expected to register moderate growth rate
during the assessment period. Increasing shift towards clean energy sources is
expected to drive the growth of the solar water heater market in these regions.
Competitive Dashboard:
Rheem
Manufacturing (US), SunTank (South Africa), A.O.Smith (US), Bradford White
Corporation (US), Honeywell Corporation (US),
Alternate energy Technologies (US), Bosch (Germany), Racold (India),
Viessmann Manufacturing (US), and Wagner Solar (UK) are some of the eminent
participants of the global solar water heater market.
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