LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global solar water heater market is expected to grow at a CAGR of close to 7% during the forecast period.
This research report titled ‘Global Solar Water Heater Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
Technavio analysts expect the global solar water heater market size to reach USD 8.98 billion by 2021. The push from governments of emerging economies for the adoption of solar water heaters is one of the key factors responsible for the growth of the market.
Governments in emerging economies are providing incentives and tax benefits to users who install solar water heaters. Several governments have also mandated the installation of solar heating units in all major cities. These heating systems are not only eco-friendly but also reduce the usage of non-renewable resources such as coal and gas.
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Based on end-users, the report categorizes the global solar water heater market into the following segments:
- Residential
- Commercial
- Industrial
Residential
“The residential sector is one of the largest adopters of solar heaters, generating over 84% of the total market revenue. The increasing number of solar water heater installations, driven by government initiatives, will have a positive impact on the growth of the market in the coming years,” says Poonam Saini, one of the lead analysts at Technavio for home, kitchen, and large appliances research.
Factors like the increasing energy crisis and government support in developing countries will positively impact this segment during the forecast period. India, for instance, is providing subsidies of up to 30% to general category states and up to 60% to special category states for installation of solar water heaters.
Commercial
Hotels, schools, salons, and hospitals are the primary end-users of solar water heating systems in the commercial segment. Currently, this segment holds the second-largest market share, and it is expected to increase during the forecast period owing to the increased adoption of solar water heaters mainly in the hospitality sector. The energy-saving aspect of these systems will have a positive impact on the global market, with countries such as China, India, and Japan taking steps to increase the awareness of the underlying advantages of solar water heaters.
Industrial
“The requirement of solar water heating systems in industries is dependent on the temperature requirements and applications where it is used. Industries such as dairy processing, food processing, beer, food and beverage, and pharma are the largest end-users from this segment,” says Poonam.
The increasing demand for solar water heaters from the industries mentioned above has been fueling the market's growth. With the advent of technology, solar heaters are expected to be more efficient, which will drive for its increased adoption through the forecast period.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Chromagen
- EMMVEE Solar Systems
- Genersys
- Jinyi Solar
- Rheem Manufacturing
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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