Solar Water Heater Market Overview The transition from fossil fuels to alternative fuel sources has led to the development of such systems and devices. Solar water heaters are devices which rely on natural sunlight to heat water rapidly by using a thermal collector. Benefits of these heaters such as low energy bills and reduction of carbon footprint are likely to benefit users. Market Research Future (MRFR) believes that the global Solar Water Heater Market Size to gain a CAGR of 8.50% during the forecast period (2016-2023). Top Drivers and Key Challenges The market’s superlative performance in recent years has been the result of surging energy prices and the expanding worldwide population. Mounting demand for energy-efficient water heaters also benefits the global market. Stringent government regulations to reduce greenhouse gas emissions, as well as the soaring demand for water heating systems in colder regions, is set to accelerate the market demand in the coming years. Robust demand for efficient water heaters and the hike in the number of measures to control energy consumption given the rapid depletion of non-renewable resources is said to be responsible for the massive business growth across the globe. As these systems are reasonably priced, they appeal to a wide spectrum of consumers considering their economic condition, which helps in boosting their demand and elevating the market position as well. Rising ecological awareness in developed and developing regions can lead to industry growth during the review period. Accelerated demand for dependable, affordable and eco-friendly technologies to heat water, particularly in residential and industrial sectors is expected to help the market advance at a fast pace. Apart from this, technological developments in design of thermal energy collectors for augmenting the efficiency can have a lucrative effect on the market. Market Segmentation Worldwide solar water heater market can be segmented on the basis of type, collector type and application. Considering the type segment, the market includes pumped and thermosyphon. Thermosyphon segment is at the top position in the market with the largest share, predominantly due to low pricing as well as ease of installation. Depending on the collector type, the market consists of evacuated tube collector, flat plate collector and unglazed water collector. The global solar water heater market, given the application segment, comprises commercial, industrial and residential. The residential segment is said to achieve the highest growth rate during the conjectured timeframe. Regional Framework Europe, North America, and Asia Pacific, Middle East & Africa (MEA) and South America are the top markets for solar water heater market, as identified in the MRFR report. These regions
have high concentration of the market and have been studied extensively in order to gain acute understanding of the latest trends.
With the fastest growth rate, APAC is predicted to gain immense prominence in the global solar water heater market during the forecast period. Growing economy along with large investments in research and development can do wonders for the regional market in the following years. The region is constantly making changes to its energy policy, in addition to reducing the use of fossil fuels and focusing more on renewable fuels to bring down pollution levels and maintain ecological balance. In North America, the Environment Protection Agency (EPA) recently implemented strict standards that analyzes the quality of solar water heaters manufactured. These regulations also aim to launch numerous technical and financial plans for protecting consumers against dangerous products that compromise on quality. Such trends are helping the market advance rapidly in the region. Also, government incentives such as tax credit, financial subsidies and tax rebates are elevating the adoption of these systems in the region. The Europe solar water heater market is gaining traction, on account of rising focus on energy security and enhanced environmental performance. Surge in number of initiatives to bring down heat consumption from traditional systems can also increase the solar water heater market size. The market growth in the region also depends on the increasing spending on renovation of existing building infrastructure and strict targets aimed at clean energy generation. Top Players The top players that influence the worldwide solar water heater market include Viessmann Manufacturing (US), Wagner Solar (UK), Racold (India), Bosch (Germany), Rheem Manufacturing (US), A.O.Smith (US), Alternate energy Technologies (US), SunTank (South Africa), Bradford White Corporation (US), Honeywell Corporation (US), to mention a few. 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. Contact: Market Research Future +1 646 845 9312 Email: sales@marketresearchfuture.com