Solar Water Heater Market - Global Comprehensive Research & Forecast, 2019 – 2027

Overview

The type of water heaters that uses natural sunlight as the source of energy to heat the water to be used for household and industrial purpose is called the solar water heaters. A simple solar water heater is made of collector panels and water storage tank. Solar water heaters provide hot water for different applications in household, hotels, hospitals and public institutions. Solar water heaters are generally installed at the rooftop to capture enough sunlight to heat the water in order to provide hot water throughout the year. Different research and development activities in the field of solar water heater are driving the solar water heater market.

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Growth Factors

Solar energy is the most abundant and cost-efficient as compared to other renewable resources. The Solar water heaters are robust in construction that can last for more than 20 years with very low maintenance. Rising demand for affordable solar water heaters, hot water demand from residential and commercial segments such as hospitals, hotels and, institutions, rising government initiatives to promote solar energy are the key market drivers fuelling the growth of the global solar water heater market. The solar water heater is an environmentally friendly, cost-effective and reliable technology which became the first choice of consumers. Rapidly exhausting fossil fuel sources, research & development activities in thermal energy collector design to boost its efficiency, raising public awareness towards energy conservation, stringent government regulations, different government initiatives and incentive schemes in tax credit and subsidies will further drive the adoption of solar water heaters. For instance, U.S. federal government has extended corporate tax credit (fixed at 30%) till 2022, for solar products including water heater, thermal electric, space heat, and photovoltaic. Further, according to the Environment Protection Agency (EPA), regulatory guidelines have been introduced that indicate some technical and financial plans to avoid low quality solar products.

Segmentation

Solar water heater market is classified on the basis of technology, type, system, end-user and region. On the basis of technology, the solar water heater market is divided into Evacuated Tube Collector (ETC), Flat Plate Collector (FPC), and Unglazed Water Collector (UWC). Evacuated tube collectors (ETC) segment is the largest one, owing to low maintenance cost, lesser storage requirement, and ability to preserve the high amount of energy. Flat plate collectors (FPC) are simple in design, can be installed at much lower cost and easy to install and handle. FPC heaters are most preferred solar heaters in residential segments. By type, the global solar water heater market is segmented into direct solar water heaters, indirect solar water heaters, active solar water heaters, and passive solar water heaters. Direct solar heaters are relatively cheap that pump potable water through the collectors. Indirect solar heaters use a heat exchanger that separates the hot water and circulates through the collector. Passive water heaters use heat pipes for circulating water in the heater. It has low to no maintenance. Active solar water heaters use pumps to circulate water in the heater. On the basis of the system, the market is bifurcated into thermosyphon system and pumped system. Thermosyphon systems segment accounts for the largest share in the solar water heaters market because they are cheaper and easy to install and use. Pumped systems are generally preferred in cold and freezing regions of the world such as Europe and North America. By end user, the global solar water heater market is bifurcated into residential and commercial.

Regional Analysis

The global solar water heater market is segmented into North America, Latin America, Europe, Asia-Pacific, and the Rest of the World.Asia-Pacific is the largest and the fastest growing market for global solar water heaters. China and India are the biggest markets in Asia-Pacific solar water heaters owing to growing population, the rising investments from government and private players in the field of solar energy, large investments in research and development and rising concerned of shifting from fossil fuels to renewable fuels such as solar and wind.Europe is the second largest market owing to rising adaption of green energy from industrial and residential segments.

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Major Players
Top players in solar water heater market are Euro Multivision, Jupiter Solar Power,Indosolar, Azure Power India, Tata Power Solar Systems, Photon Energy Systems, Mahindra Solar One, Central Electronics, Chemtrols Solar, Lanco Solar Private, Emmvee Solar Systems, PLG Power, XL Energy,Surana Ventures, VikramSolar, Websol Energy System, and Moser Baer Photovoltaic.In order to gain the market share and competitive advantage, different strategies are being adopted by these players like the expansion, new product launch, product differentiation, and merger & acquisition.

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This release was published on openPR.