Market Analysis

The global Solar Water Heater Market is expected to grow at a CAGR of 8.50% From 2018 To 2023. 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.

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The global solar water heater market is projected to grow at a high rate during the forecast period, mainly due rising demand for replacement of existing water heaters and policy support from government to enable adoption of renewable technologies. As per European Commission, it is estimated that USD 28.44 billion is required to be invested in renewable sources by the government between 2020 and 2050. This would lead to increase in the use of solar water heaters across Europe.

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.

Segmentation

Global solar water heater market has been segmented based on type, collector type, application, and region. Based on type, the market is classified into pumped and thermosyphon. Thermosyphon segment is leading the market and has the largest market share, mainly due to low pricing and ease of installation and usage of the product. The global solar water heater is further segmented based on application, including residential, commercial, and industrial. Residential segment of the global solar water heater market is estimated to register the highest growth rate during the forecast period.

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Regional Analysis

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.

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.

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