Industry Insights
The Environment Protection Agency (EPA) has introduced regulatory standards to effectively assess the quality of solar water heaters manufactured. It also aims to implement several technical and financial plans to protect consumers against substandard products that can be potentially dangerous to use. These trends have augmented industry growth in U.S. over the past decade and is expected to continue over the forecast period.
Introduction of stringent regulations, coupled with government incentives such as tax rebates, tax credit, and financial subsidies, will boost the adoption of these systems. The U.S. federal government has introduced a corporate tax credit system for effective adoption of solar products, including space heat, thermal electric, water heater, photovoltaic, and thermal process heat. Credit limit has been ascertained at 30% of the production cost and the program validity is up till 2022. Technological advancements in design of thermal energy collectors to boost efficiency and curb costs will further augment industry growth.
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Technology Insights
In terms of volume, flat plate collector (FPC) is expected to reach 863.6 thousand units by 2025. Simplistic design coupled with affordable price and convenience in installation and usage are among the important attributes like to boost the adoption of these products. FPC units are highly preferred in smaller commercial and residential sectors.
System Insights
Pumped systems have witnessed large-scale adoption in Europe and North America, chiefly due to effective functioning of these systems, coupled with adaptability to frigid weather conditions in countries. The segment was pegged at 676.9 thousand units in 2016.
Application Insights
The commercial segment comprises small and large commercial institutions, sports and healthcare facilities, transportation facilities, and educational institutions. In terms of revenue, this segment is expected to exhibit a CAGR of 9.1% through the forecast period. Substantial growth in commercial construction is anticipated to contribute significantly to industry growth.
Regional Insights
Asia Pacific is predicted to lead the global industry, in terms of revenue, over the forecast period. High growth rate, coupled with positive economic performance, is predicted to propel China over the next decade, as large investments in research and development are expected to augment growth. The country is introducing extensive changes to its energy policy and shifting its dependence from fossil fuels to renewable fuels in a bid to curb pollution and maintain ecological balance.
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Report Scope
Attribute & Details
Base year for estimation
2016
Actual/Historical data
2014 and 2015
Forecast period
2017 - 2025
Market representation
Volume in Thousand units, Revenue in USD Million, and CAGR from 2017 to 2025
Regional scope
North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa
Country scope
U.S., Canada, Mexico, U.K., Germany, Italy, Russia, Spain, France, China, India, Japan, South Korea, Australia, Brazil, Colombia, Paraguay, Saudi Arabia, South Africa, Egypt, and UAE
Report coverage
Volume forecast, revenue forecast, competitive landscape, growth factors, and trends
15% free customization scope (equivalent to 5 analyst working days)
If you need specific information, which is not currently within the scope of the report, we will provide it to you as a part of customization