Global Solar Water Heater 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 heater 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.
Global Solar Water Heater 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 Global 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.
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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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 & 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.
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