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. 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.
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.
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.
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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