The global solar water heater market is likely to drive growth from recent product advancements. According to a report by Fortune Business Insights, titled “Solar Water Heater Market Size, Share and Global Trend By Collector Type (Flat Plate, Evacuated Tube, Unglazed Water), By System (Thermosiphon, Pumped), By Application (Residential, Commercial, Industrial), and Geography Forecast Till 2026,” the market will grow considerably driven by the emphasis on harnessing solar energy.
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Key Market Driver – Growing demand for energy-efficient water heaters
Key Market Restraint – High initial investment and climatic conditions
A few of the prominent market companies are:
- Apricus Solar Co., Ltd
- V-Guard Industries Ltd.
- Havells India Limited
- Jiaxing Passion New Energy Technology Co., Ltd
- Sole S.A.
- Your Home Tech Limited
- American Water Heaters
- Solar Hot USA, Versol Ltd
- SolarPeak New Zealand Limited
- The Alternative Energy Company
- O. Smith Water Products Company B.V.
- Azuma Solar Corporation
- Haining Onosi New Energy Co., Ltd
- GREENoneTEC Solarindustrie GmbH.
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The growing emphasis on conservation of energy has created an emphasis on developing ways to harness non-conventional energy sources. The need to harness solar energy will create a subsequent demand for solar devices. Additionally, the emphasis on solar energy will give rise to innovations in the ways to harness solar energy. The introduction of advanced technologies will lead to an increase in the overall efficiency of the system. The growing awareness regarding global warming and environmental preservation will aid the growth of the global solar water heaters market in the coming years.
The report on solar water heaters provides a detailed analysis of leading companies operating in the market. The competitive landscape is discussed in detail and based on extensive research methods, forecast values have been drawn for the global solar water heaters market. Besides the competitive scenario, factors such as growth drivers and leading segments are analyzed briefly. The benefits of solar water heaters have enabled the wide adoption of these products across the world. Strict regulations regarding the use of electricity and awareness programs initiated to encourage the use of solar energy are among several factors that have contributed to market growth. The report encompasses several such factors that have made a positive influence on the growth of the global solar water heaters market in recent years.
1. By Collector Type
- Flat Plate
- Evacuated Tube
- Unglazed Water
2. By System
3. By Application
4. By Geography
- North America (the USA and Canada)
- Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, and Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of the Middle East & Africa)
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Due to a Massive Potential for Growth, Companies are Focused on Introducing Solar-driven Products
The global solar water heaters market will derive growth from recent advancements in products and technologies integrated with solar devices. The increasing number of product launches will aid the expansion of businesses at almost all scales, including SMEs and large scale enterprises. The increasing demand for solar water heaters will emerge as a catalyst for market growth. In February 2016, Racold Thermo announced the launch of a new water heater, integrated with an advanced concept to ensure optimum energy use. Racold’s latest product will have a direct impact on the global market. The report identifies several major products of recent times and gauges their impact on the growth of the global market.
Accelerated Solar-harnessing Activities Will Favor the Growth of the Market in North America
Based on regional demographics, the global solar water heater market is classified into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among these regions, Fortune Business Insights labels North America as the region that will emerge dominant in the coming years. The rapid adoption of solar-integrated devices, combined with the availability of these products at reduced costs will contribute to market growth. The United States has installed around 2.7 GW of solar PV in 2019. Besides North America, the Asia Pacific is likely to witness considerable growth in the coming years due to the growing adoption of solar water heaters in emerging countries such as China, Japan, and India.
Key Industry Developments
- In June 2019, the Irish Government announced to retrofit around 500,000 homes to make them more energy efficient. The projected is expected to include renewable energy systems such as solar water heating panels, heat pumps, and solar photovoltaic panels
- In February 2019, the Environmental Court to the State of Hawai’i upheld the mandate for the usage of solar water heaters. This decision of the court is expected to promote the environment and climate safety
- In February 2016, Racold Thermo, solar water heater manufacturer announced the launch of its Vacuum Tube Collector solar water heater in the April-June quarter of the year.
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Major Table of Content For Solar Water Heater Market:
- Executive Summary
- Market Dynamics
- Key Insights
- Global Solar Water Heater Market Analysis, Insights and Forecast, 2026
- North America Solar Water Heater Market Analysis, Insights and Forecast, 2026
- Europe Solar Water Heater Market Analysis, Insights and Forecast, 2026
- Asia Pacific Solar Water Heater Market Analysis, Insights and Forecast, 2026
- The Middle East and Africa Solar Water Heater Market Analysis, Insights and Forecast, 2026
- Latin America Solar Water Heater Market Analysis, Insights and Forecast, 2026
- Competitive Landscape
- Company Profile
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