The solar water heater market is driven by a number of factors, including:
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Rising demand for energy-efficient and sustainable technologies: With increasing concerns about climate change and the need for more sustainable energy sources, there is a growing demand for energy-efficient and sustainable technologies like solar water heaters.
Government incentives and policies: Many governments around the world are offering incentives and policies to encourage the adoption of solar water heaters, including tax credits, rebates, and subsidies.
Increasing energy costs: As the cost of traditional energy sources like gas and electricity continues to rise, solar water heaters are becoming a more attractive option for homeowners and businesses looking to save money on their energy bills.
Growing awareness and education: As people become more aware of the benefits of solar water heaters, there is a growing demand for these products. This is due in part to increased education and awareness campaigns by governments, non-profit organizations, and the media.
Technological advancements: Advances in solar technology are making solar water heaters more efficient and cost-effective, further driving demand for these products.
Growing construction and infrastructure development: As the construction industry continues to grow, the demand for energy-efficient technologies like solar water heaters is also increasing. This is especially true in developing countries where infrastructure development is a priority.
Solar Water Heater Market Highlights:
Solar Water Heater Market share is projected to exceed USD 7 billion by 2027, growing at a CAGR of 8.5% during the forecast period.
Solar water heater is a device which provides hot water for industrial, commercial, and residential applications. 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. 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.
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. Considering the type, the market is segmented as pumped and thermosyphon. Thermosyphon accounts for largest share in the solar water heater market due to affordable pricing and convenient usage.
Market Research Analysis:
Asia Pacific accounts for the largest market share in the Solar Water Heater Market
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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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.
