Global Solar 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.
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. Adapting to the recent novel COVID-19
pandemic, the impact of the COVID-19
on Solar Water Heater Market
is included in the present report.
The 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 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.
About Market Research Future:
At
Market Research Future (MRFR), we enable our customers to unravel the
complexity of various industries through our Cooked Research Report (CRR),
Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed
Research (CFR), and Market Research & Consulting Services.
NOTE: Our team of researchers are studying
Covid19 and its impact on various industry verticals and wherever required we
will be considering covid19 footprints for a better analysis of markets and
industries. Cordially get in touch for more details.
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