The global solar water heater market is anticipated to grow at a steady rate and post a CAGR of close to 7% during the forecast period. The increasing number of innovations and advancements in terms of technology and durability will drive the growth prospects for the global solar water heater market until the end of 2021. This led to the development of next-generation solar water heaters, revolutionizing the market’s demand. The heat pipe technology used in these solar water heaters possess thermo-physical properties that transfers heat at a much higher rate in comparison with the conventional heat pipes in regular solar water heaters. Also, it has been observed that the manufacturers are increasingly encouraged to develop next-generation solar water heaters because of the increasing demand for high-quality solar water heaters, minimum energy requirements, and less installation space. Furthermore, these heaters are also used in food factories, shopping malls, clinics, and hotels for producing large volumes of hot water because they can withstand extreme weather conditions such as heavy rain and the wind.
In terms of geography, APAC accounted for the maximum market share during 2016 and will continue to dominate the market for the next few years. One of the major factors responsible for the market’s growth in the region is the increasing number of solar water heater installations in countries such as China and India.
Competitive landscape and key vendors
The global solar water heater market is highly competitive and diversified due to the presence of a large number of regional and international vendors across the globe. These players compete to gain maximum solar water heater industry share. The new vendors that are emerging in the market find it very difficult to compete against the established vendors in terms of quality, functionalities, and services. Furthermore, some of the major factors contributing to the growing competition in the market include an increasing number of product extensions, technological innovations, and focus on M&As.
Key vendors in this market are
EMMVEE Solar Systems
Other prominent vendors in the market include A. O. Smith, Alternate Energy Technologies, Apricus Solar, Heliodyne, HTP, Inter Solar Systems, Nuetech Solar Systems, SunEarth, and Vaughn Thermal.
Segmentation by end-user and analysis of the solar water heater market
The residential segment accounted for the maximum market share during 2016 and will continue to dominate the market for the next few years as well. Some of the major factors responsible for the market segment’s growth is the increasing government incentives and the implementation of regulations mandating the use of solar water heaters in various countries across the world.
Segmentation by retail distribution channels and analysis of the solar water heater market
Home improvement stores
Chain and Hardware stores
Plumbing supply stores
Local hardware stores
The home improvement stores segment accounted for the maximum market share during 2016 and will continue to dominate the market in the forthcoming years. Some of the major factors responsible for the market segment’s growth is the increasing number of investments in devising account management, supply chain management strategies, and enhancement of product assortment.
Key questions answered in the report include
What will the market size and the growth rate be in 2021?
What are the key factors driving the global solar water heater market?
What are the key market trends impacting the growth of the global solar water heater market?
What are the challenges to market growth?
Who are the key vendors in the global solar water heater market?
What are the market opportunities and threats faced by the vendors in the global solar water heater market?
What are the trending factors influencing the market shares of the Americas, APAC, and EMEA?
What are the key outcomes of the five forces analysis of the global solar water heater market?
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