A comprehensive overview of the Solar Water Heater market is recently added by UnivDatos Market Insights to its humongous database. The Solar Water Heater market report has been aggregated by collecting informative data of various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Solar Water Heater market. The Solar Water Heater market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Solar Water Heater market at the global and regional levels. Solar Water Heater Market is expected to grow at a CAGR of X% from 2021-2027 to exceed US$ X million by 2027.
Market Overview
The solar water heater systems market is expected to rise with a significant CAGR of X% in the coming years from US$ X million in 2020 to US$ X million in 2027. The key factors influencing the market growth include the increasing demand for cost-effective and ecofriendly solutions. As solar water heaters work on zero emissions and zero consumption of fossil fuels principle it is gaining traction among the eco aware consumers. Sun shining on a 1 m2 roof can replace 100 liters of heating oil or 100 m3 of natural gas. Additionally, government rebates on solar equipment’s including in solar water heating systems is also increasing the demand of solar water heaters. For example, In Victoria, Australia all residents and commercial areas can get rebate up to US$ 700 depending on the type and size of the system installed. In the long run, solar water heaters are even cheaper than other types of water heaters as they save on years of electricity and maintenance costs. Key drawback of solar water heaters is their working in cloudy weathers, however good backup systems can make that possible.
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COVID-19 Impact
The pandemic effected many industries including the energy industry. According to International Energy Agency (IEA), the energy demand decline in 2020 is the largest in the last 70 years. However, the overall percentage of renewable energy usage increased by 15% (15 GW) during this time, this is an opportunity for renewable energy to increase in dominance during the post covid recovery. This is probably because the pandemic made people realize about the importance of using renewable energy sources and the impact of global warming. Increased policy support caused many solar water heater markets to grow around the world as homeowners were spending more time in their home during the pandemic and so making improvements around the house.
Solar Water Heater market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Type, the market is primarily segmented into
Glazed
Evacuated Tube
Flat Plate
Unglazed
Amongst Type, the Glazed segment of the Solar Water Heater market was valued at US$ X million in 2020 and is likely to reach US$ X million by 2027 and is growing at a CAGR of X% from 2021-2027.
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By System, the market is primarily segmented into
Thermosiphon
Pumped
Amongst System, Inland segment accounted for a market valuation of US$ X million in 2020 and is expected to reach US$ X million by the year 2027, at a CAGR of X% over the analyzed period.
By End-User, the market is primarily segmented into
Residential
Commercial
Educational Institutes
Offices
Government Buildings
Others
Industrial
Amongst End-User, the Residential segment of the Solar Water Heater market was valued at US$ X million in 2020 and is likely to reach US$ X million by 2027 and is growing at a CAGR of X% from 2021-2027.
Solar Water Heater Market Geographical Segmentation Includes:
North America
Europe
Asia-Pacific
Rest of the World
Based on the estimation, the Asia-Pacific region dominated the Solar Water Heater market with almost X% revenue share in 2020. Asia-Pacific also saw the highest CAGR of X% in the forecast period due to the decreasing land availability.
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The major players targeting the market includes
Himin Solar Energy Group
V-Guard Industries Ltd
Ariston Thermo SpA
KODSAN
Solav Energy
Zhejiang JiaDeLe Solar Energy Co., Ltd.
Solahart
Jiangsu Sunpower Solar Technology Co., Ltd.
Smith India Water Products Pvt. Ltd.
Alternate Energy Technologies
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analysing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Solar Water Heater market. The leading players have been analysed by using research methodologies for getting insight views on global competition.
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Key questions resolved through this analytical market research report include:
What are the latest trends, new patterns, and technological advancements in the Solar Water Heater market?
Which factors are influencing the Solar Water Heater market over the forecast period?
What are the global challenges, threats, and risks in the Solar Water Heater market?
Which factors are propelling and restraining the Solar Water Heater market?
What are the demanding global regions of the Solar Water Heater market?
What will be the global market size in the upcoming years?
What are the crucial market acquisition strategies and policies applied by global companies?
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