Global Solar
Water Heater Market Scenario
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. The global solar
water heater market is estimated to expand at 8.50% CAGR during the
forecast period.
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. A solar based water heater
is a source of renewable water heating system and requires less maintenance and
operates at low cost. Solar water heater is a device which provides hot water
for industrial, commercial, and residential applications.
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.
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.
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.
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.
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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