A detailed study on ‘Solar Water Heater market’ formulated by Market Study Report, LLC, puts together a concise analysis of the growth factors impacting the current business scenario across assorted regions. Significant information pertaining to the industry’s size, share, application, and statistics are also summed in the report in order to present an ensemble prediction. In addition, this report undertakes an accurate competitive analysis illustrating the status of market majors in the projection timeline, while including their expansion strategies and portfolio.
Solar Water Heater Market is predicted to surpass USD 3 billion by 2025. Surging demand for reliable, ecofriendly and cost competitive water heating technologies across commercial and residential establishments will drive the industry growth. Ability to reduce electricity consumption by 50% to 80% over alternate technologies, will make its adoption preferable. Population migration toward urban areas, strong economic growth, improve in living standards, increasing capital expenditure in construction of residential embodiments are some of key factors enhancing product demand.
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Major participants across solar water heater industry are V-Guard, Bosch Thermotechnology Viessmann, Linuo Ritter, Chromagen, Bradford White, A.O. Smith, Rheem, Alternate Energy, Rinnai, SunTank, HiminSolar, EMMVEE Solar, Linuo Ritter, Racold and Wagner Solar amongst other.
Growing efforts to reduce GHG emissions from fossil fuel driven systems along with increasing focus to enhance energy security and improve environmental performance index will positively influence the solar water heater market. The SWH systems has ability to curtail GHG emissions by about 400kg every year. Furthermore, introduction of several incentives including tax credits, subsidies, tax rebates and financial assistance to enhance renewable technologies adoption will augment the industry dynamics.
Surging demand for sustainable technologies for hot water provision in industrial and commercial establishments will propel the evacuated tube collector solar water heater market. Less space requirements, low O&M cost and high conversion efficiency are some of indispensable parameters which will boost the product demand.
Pumped solar water heater market will witness growth on account of less heat loss & winterization along with ease of integration with existing system features. Volatility in fossil fuel prices along with growing efforts to reduce electricity consumptions will further complement the business outlook.
Growing investment toward construction and refurbishment of single and multi-family housing units along with increasing purchasing power parity will accelerate the residential solar water heater market share. Introduction of zero emissions building norms to curb GHG emissions, promoting the usages of renewable technologies will further augment the industry dynamics.
Growing efforts to reduce heat consumption from conventional systems along with favorable regulatory measures to enhance utilization of renewable resources will stimulate the U.S. solar water heater market. For instance, in 2011, the U.S. department of energy introduced sun shot initiatives with an aim to reduce solar electricity cost by 75%, through R&D efforts in collaboration with public & private participants.
Growing efforts to reduce trade deficit along with introduction of green building norms to minimize carbon emissions will drive the Italy solar water heater market. According to Organization for Economic Co-operation and Development (OECD), water heating contributed 15% of total residential electricity consumption. In addition, surging demand for hot water solutions across establishments along with increasing investment toward refurbishment of existing building infrastructure will complement the business outlook.
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