Solar Water Heater Market Trends 2018-2024 | Industry Participants SunTank, A.O. Smith, Alternate Energy Technologies, Rheem manufacturing, Bosch, Linuo Ritter, Rinnai, Racold, Viessmann, Wagner Solar, Bradford White, EMMVEE, V Guard Industries, Chromagen

The shifting trend toward the adoption of renewable energy sources is one of the pivotal factors propelling solar water heater market share. In recent times, the depletion level of fossil fuels has led to growing concerns about carbon emissions, which has emerged as a crucial driving factor for solar water heater market. In fact, several regional governments are taking initiatives to encourage the masses to deploy renewable energy systems for daily applications.

For instance, recently, the Government of India has implemented a series of specific norms to enhance the nation’s dependency on renewable energy sources. In addition, Germany, it is observed, is also stepping forward to become a completely renewable energy dependent country. Initiatives such as the aforementioned, undertaken by regional governments to implement renewable energy facilities is likely to have a positive influence on solar water heater industry outlook.

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Taking into account the several benefits of deploying renewable energy, numerous countries have been implementing small-scale programs that have considerably increased the demand for the product. African countries such as Kenya and South Africa for instance, have made noteworthy contributions toward impelling Africa solar water heater market size. For instance, in 2012, the Energy regulatory commission of Kenya had issued a legal notice to install solar water heaters across the residential, commercial, and industrial domains.

Post the deployment of this regulation, the demand for solar water heaters across Kenya has increased tremendously. Solar heaters were then prominently deployed across commercial buildings such as clubs, cafeteria, hotels, laundries, and restaurants as well as medical facilities such as clinics, health centers, and hospitals. Through this initiative, the Government of Kenya had made an attempt to encourage its populace to use renewable energy facilities, in order to curb the load on the national grid.

It is prudent to mention that the usage of solar water heaters also enables the minimization of greenhouse gases, owing to reduced dependency on fossil fuel-based electricity, which contributes toward the growth of solar water heater market. These systems are also gaining popularity across Kenya pertaining to their durability and simplicity, which would considerably stimulate solar water heater industry trends.

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For the record, the South Africa government has deployed the ETA Solar Water Heater Programme to enhance the use of solar water heaters for residential applications. In order to successfully implement this program, the government of the Republic of South Africa is providing considerable financial support to consumers, in addition to supplying and mounting SWHs (solar water heaters). Furthermore, the government has been encouraging people to replace existing water heating systems with SWHs.

This step forward is certain to reduce fossil fuel consumption and the usage of grid-based electricity, resulting in minimized carbon emissions, which would subsequently propel solar water heater market share. The replacement of conventional water heaters with solar water heating facilities thus, is a pivotal factor that will drive solar water heater industry share in the years ahead.

The initial costs of a solar-powered system are one of the major hindrances for solar water heater market. In consequence, most of the giants in solar water heater market including A.O. Smith, Himin Solar Energy, Wagner Solar, Linuo Ritter, and Viessmann have been attempting to effectively combat these restraints and impel the business expansion.

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The rising awareness to reduce carbon dioxide emissions will be one of the key factors pushing solar water heater market size over the years ahead. In addition, the changing construction and building norms and robust technological developments are certain to generate lucrative opportunities for players in solar water heater industry. According to Global Market Insights, Inc., solar water heater market size will surpass a revenue collection of USD 4 billion by the end of 2024.

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