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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.
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
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.
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.
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.
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PART 01: Executive summary
PART 02: Scope of the report
PART 03: Research Methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Market segmentation by end-user
PART 07: Market segmentation by retail distribution channels
PART 08: Geographical segmentation
PART 09: Key leading countries
PART 10: Market drivers
PART 11: Impact of drivers
PART 12: Market challenges
PART 13: Impact of drivers and challenges
PART 14: Market trends
PART 15: Vendor landscape
PART 16: Key vendor analysis
PART 17: Appendix
PART 18: Explore Technavio
Tags: electric water heater, smart water heater, home appliances, domestic appliances, solar water heater market size, large appliances market share,
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