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Solar Water Heater Market 2017 by Grade, Application, End use Industry, and Region – Global Forecast 2024
MaketStudyReport.com adds a New Solar Water Heater Market Research Report for the period of 2017 - 2024 that shows the growth of the market is rising at 2024.
Solar Water Heater Market will cross USD 4 billion by 2024, according to a new research report.
Rising concern to maintain fossil fuel sustainability along with stringent government norms to reduce carbon emissions will stimulate the solar water heater market growth. Introduction of several targets to reduce carbon emissions and encourage the development of renewable energy will further complement the industry growth. In 2016, the government of UK sets target to reduce carbon emissions up to 57% by 2030 from 1990 levels.
Growing demand for environment friendly, cost effective and reliable systems for water heating purposes across commercial, industrial, and residential sector will augment the solar water heater market. Ability to reduce electricity bill by 50% to 80% will encourage the product penetration over the forecast timeline.
Increasing investment toward renewable energy development will augment the Jordan solar water heater market. In 2016, the EU invested USD 170.56 million to support the development of green energy including Renewable Energy and Energy Efficiency II program in Jordan under the 2014-2017 bilateral strategy.
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China solar water heater market is predicted to exceed 45GWth by 2024. Introduction of green building regulations and standards to curb greenhouse gas emissions will positively impact the business landscape. Technological innovation in evacuated tube collector design to reduce the cost and improve efficiency of solar thermal system will further boost the product demand.
Thermosyphon solar water heater market is predicted to witness strong growth owing to its wide application across commercial and residential buildings. Cost effectiveness, ease of installation and simple design are some of the primary benefits which will boost the product penetration.
Favorable measures to encourage the deployment of solar energy along with strict government regulations to reduce greenhouse gas emissions will propel the U.S. solar water heater market share. Under the Obama administration, the country set target to reduce GHG emissions up to 28% by 2025 from 2005 level. Positive outlook towards housing sector will further complement the business growth.
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Growth drivers:
North America: Growing demand for energy efficient water heaters
Europe: Rising demand for replacement of existing water heaters and Growing measures to reduce energy bill
Asia Pacific: Regulation to reduce greenhouse gas emissions and Increasing demand for water heating systems
Latin America and Middle East & Africa: Replacement of conventional water heating systems, Industry pitfalls & challenges, High upfront cost, Lack of consumer awareness.
Solar Water Heater Market, By Collector: Evacuated Tube, Flat Plate, Unglazed Water.
Solar Water Heater Market, By Product: Thermosyphon, Pumped.
Solar Water Heater Market, By Application: Swimming Pool Heating, Domestic Water Heating, Large Domestic Water Heating, Others.
The above information is provided on a country basis for the following:
North America: U.S., Canada.
Europe: UK, Germany, Austria, Spain, Turkey, Denmark, Italy, Switzerland, France.
Asia Pacific: China, Australia, India, Japan, South Korea.
Middle East and Africa: Israel, South Africa, Saudi Arabia, UAE, Jordan.
Latin America: Brazil, Mexico.
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Italy in 2016, accounted for over 5% of the Europe solar water heater market share. Introduction of building code with an aim to reduce the overall emissions will further boost the product demand. In March 2011, the government of Italy introduced law number 28 according to which all new building and buildings that are under construction have been required to fulfil up to 50% of hot water demand with renewable energies since June 2012.
Revamp of social housing program for lower income families will drive the Brazil solar water heater market. In August 2016, the United Nation relaunched the Minha Casa, Minha Vida, a social housing program for lower income group which mandated installation of SWH in new buildings.
Industry giants across solar water heater market include Wagner, Bosch, Alternate Energy Technologies, V Guard Industries, Himin Solar Energy, SunTank, Viessmann, EMMVEE, Rinnai, Chromagen, Linuo Ritter, A.O. Smith, Rheem, Racold and Bradford White.
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