27 December 2018 – The Global Solar Water Heaters Market is expected to witness a lucrative growth on account of rising number of domestic housing projects across the world. Rising disposable income and shifting trend for a tank less water heaters are expected to fuel the market. Factors including improved environment sustainability, energy efficiency and temperature control for a longer period are projected to stimulate the demand for these products over the forecast period. Growing requirements for a broad range of domestic applications which include cleaning, cooking, bathing and space heating is expected to escalate the product demand. Increasing implementation in the commercial and industrial sector is expected to drive the industry growth. Moreover, increasing demand for hot water from hospitals and hotels is anticipated to be a key stimulating factor for the solar water heaters sector growth. In addition, extensive applications of water heaters in manufacturing industry include food & beverage processing, thermal power plants and chemical industries is likely to drive the growth over the forecast period.
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Growing consumer awareness regarding the heater benefits is expected to escalate the market progress significantly over the upcoming years. In addition, technological innovations are leading for cost efficient water heaters and are expected to influence the development of the sector positively over the forecast period. Furthermore, changing trends regarding the implementation of safe water heaters are likely to impel product demand. Additionally, inclination towards consumer quality standards and energy efficiency are expected to open new opportunities over the forecast period. Frequent outages and electricity shortage may act as significant constraints in the usage of solar heaters.
Rising demand in a wide range of domestic applications including bathing, cleaning, and cooking, also from commercial sectors including hospitals and hotels is expected to impel the solar water heaters market growth. Developed infrastructure in rural areas is expected to open new market opportunities players. The solar water heaters sector is categorized by increased energy efficiency, quality standards, and safety awareness. Electricity shortages and fluctuation are expected to propel the market growth. The popularity of alternate fuels such as electrical power product and adoption of hybrid products is expected to restrain the product demand over the forecast period. Hybrid water heater operates on more than two energy sources which in turn offer switching option to customers. Rising electricity prices, changes in government regulations, and volatile raw material prices are estimated to impel the product demand.
The key market players operating in the market include Siemens AG, Rheem Manufacturing Co., A.O. Smith Corp, and GE Co. led the solar water heaters market share in 2015. Reduction, material loss, delay and cancellation in the purchase by large customers is expected to hinder growth over the upcoming years. Rising number of participants from the unorganized sector is expected to reduce on account of increasing awareness amongst the population for safety. Market participants focus on offering energy-efficient and cost-effective products
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Market Segment:
On the basis of product, this report displays the production, revenue, price, market share and growth rate of each type, primarily split into
- Compact Type
- Split Type
On the basis of the end users/applications, this report focuses on the status and outlook for major applications/end users, consumption (sales), market share and growth rate for each application, including
- Home Use
- Commercial Use
- Industrial Use