About Solar Water Heater
A solar water heater comprises solar collectors and storage tanks. It uses sunlight to heat water and is generally installed on the roof of a building. Two types of solar water heaters are available in the market: active and passive. While the active type uses pumps to circulate water, the passive type does not require any pumps or control units to circulate water. Unlike other conventional water heaters, solar water heaters are cost-effective and reduce the dependence on fossil fuels.
Technavio’s analysts forecast the global solar water heater market to grow at a CAGR of 6.78% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global solar water heater market for 2017-2021. To calculate the market size, the report considers the revenue generated from the sales of solar water heaters.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Solar Water Heater Market 2017-2021
Technavio recognizes the following companies as the key players in the global solar water heater market: Chromagen, EMMVEE Solar Systems, Genersys, Jinyi Solar, and Rheem Manufacturing
Other Prominent Vendors in the market are: A. O. Smith, Alternate Energy Technologies, Apricus Solar, Heliodyne, HTP, Inter Solar Systems, Nuetech Solar Systems, SunEarth, and Vaughn Thermal
Commenting on the report, an analyst from Technavio’s team said: “Hybrid water heaters are a combination of solar water heaters and traditional water heaters, which are designed to overcome some of the drawbacks of solar water heaters. The technology is registering a wide acceptance in recent times. Hybrid water heaters are more energy-efficient in comparison to conventional water heaters and are more effective in comparison to standard solar water heaters. Hybrid water heaters use the latest technology and consume less energy. Owing to these advantages, the demand for hybrid water heaters is increasing at a rapid rate, which will have a positive impact on the growth of the global solar water heater market during the forecast period.”
According to the report, the global solar water heater market is incentivized by various governments across the world. Also, through campaigning, various government agencies are educating consumers about the benefits of using solar water heaters over conventional methods, which either use electricity or non-renewable energy sources such coal and gas. To counter the environmental threats arising from the excessive use of fossil fuels, government authorities across the world have started working on policies to increase the adoption of alternatives like solar water heaters. In many countries, such as China, Germany, and Japan, the respective governments have mandated the installation of solar water heaters in new buildings and constructions.
Further, the report states that the initial cost of installing a solar water heater is very high when compared to conventional electric water heaters. Again, installing solar water heaters requires specific skills and not enough manpower is available in this sector. Maintenance costs associated with solar water heaters are also relatively higher than their alternatives, which eliminate long-term cost benefits, making it difficult to convince users to adopt the same.
Chromagen, EMMVEE Solar Systems, Genersys, Jinyi Solar, Rheem Manufacturing, A. O. Smith, Alternate Energy Technologies, Apricus Solar, Heliodyne, HTP, Inter Solar Systems, Nuetech Solar Systems, SunEarth, Vaughn Thermal.