Solar Water Heater Market to grow at an 8.50% CAGR through 2027 - Report by Market Research Future (MRFR)
/EIN News/ -- New York, June 17, 2021 (GLOBE NEWSWIRE) -- Solar Water Heater Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Solar Water Heater Market - Information by, Collector Type, Application, and Region – Global Forecast till 2027” the market is expected to grow at ~8.50 % CAGR during the forecast period (2020 – 2027).
COVID-19 Analysis
The global solar water heater market has faced the brunt of the COVID-19 pandemic. Social distancing norms and shortage of manpower has delayed installations of new solar water heater. The sharp decline in consumer expenditure has highly impacted the demand. Consumers reduced expenditure during the lockdown has highly affected the market for solar products which also includes solar collectors and solar panels. Moreover, the downstream and upstream channels have been impacted owing to restrictions on movement that led to rise in the amount of inventories. Besides, the high dependency on Chinese exports for solar module and solar cell negatively affected the market. India imports about 80% solar modules and cells from China. Since the manufacturing firms in China were idle for the past 6-7 months, it has highly impacted the production process in India. Also, halt in production capacity of photovoltaic equipment has raised concerns regarding logistics and material supply. This in turn is hampering the solar water heater production.
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Dominant Key Players on Solar Water Heater Market covered are:
- Rheem Manufacturing (US)
- A.O.Smith (US)
- SunTank (South Africa)
- Bradford White Corporation (US)
- Bosch (Germany)
- Honeywell Corporation (US)
- Racold (India)
- Alternate energy Technologies (US)
- Viessmann Manufacturing (US), and
- Wagner Solar (UK), among others.
Market Segmentation
The MRFR report highlights an inclusive analysis of the global solar water heater industry based on type and application.
By type, the global solar water heater market is segmented into thermosyphon and pumped. Of these, the thermosyphon type segment will lead the market over the forecast period.
By application, the global solar water heater market is segmented into industrial, commercial, and residential. Of these, the residential application segment will dominate the market over the forecast period.
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Regional Takeaway
APAC to Rule Solar Water Heater Market
Geographically, the global solar water heater market is classified into North America, Europe, South America, the Asia Pacific, as well as the Middle East and Africa (MEA). Of these, the APAC region will rule the market over the forecast period. Increasing demand for cost effective technology for heating water, significant investments in solar power in India, Japan, and China, the country introducing extensive changes to its energy policy & shifting its dependence to renewable fuels from fossil fuels to maintain ecological balance and curb pollution, favorable government measures and policies to promote solar power technologies for commercial and residential places, scarcity of resources, and growth of population are adding to the global solar water heater market growth in the region.
North America to Have Admirable Growth in Solar Water Heater Market
In North America, the global solar water heater market is predicted to have admirable growth over the forecast period. Ongoing investment towards single and multi housing infrastructure, rapid urbanization, and strengthening purchasing power in the US, favorable government measures for promoting the adoption of solar technologies, stringent regulations to reduce carbon emissions, and the sun shot initiatives launched by the US department of energy to reduce solar electricity through research and development efforts in collaboration with public and private partners are adding to the global solar water heater market growth in the region.
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Europe to Have Admirable Growth in Solar Water Heater Market
In Europe, the global solar water heater market is predicted to have admirable growth over the forecast period. The demand for superior quality and reliable quality systems from various end users especially commercial and industrial sectors, growing demand and improving living standards in Germany, growing focus to reduce import dependency, increase in tax on fossil fuel, and import dependency are adding to the global solar water heater market growth in the region.
In the MEA, the global solar water heater market is predicted to have sound growth over the forecast period with the maximum demand coming from Israel and Turkey.
In South America, the global solar water heater market is predicted to have steady growth over the forecast period.
The solar water heater market is fragmented as well as competitive due to the presence of several international and domestic industry players. These players have encompassed an array of strategies to remain at the vanguard and also suffice the burgeoning needs of the consumers, including partnerships, collaborations, contracts, partnerships, launches, geographic expansions, joint ventures, and new product launches, and more. Additionally, they are also making big investments in R&D for strengthening their portfolios and also creating a hold in the market.
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Segmentation of Market covered in the research:
Information by Type (Integral Collector Storage and Thermosyphon), Collector Type (Evacuated Tube Collector, Flat Plate Collector, Unglazed Water Collector), Application, and Region
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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