Coronavirus Energy

Solar Water Heater Market Size 2020: COVID – 19 Analysis, Business Strategy and Forecast to 2023

Solar water heater is used to heat water with the help of solar energy. It absorbs and converts sun light into heat and store it. Solar water heaters consist of two major components which include sun solar collector and storage tank. A solar based water heater is a source of renewable water heating system and requires less maintenance and operates at low cost. A detailed analysis report of COVID-19 impact on Solar Water Heater Market Size is provided with the report.

The growing demand for solar water heater market is attributed to the stringent government regulations to curb greenhouse gas emissions and growing focus on increasing renewable energy share in the total power generation mix. Moreover, the Environment Protection Agency has introduced regulatory standards to assess the quality of solar water heaters and implement financial plans for consumers. One of the major restraints for the global solar water heater market is the high upfront cost. The global solar water heater market is estimated to expand at 8.50% CAGR during the forecast period.

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Industry Segmentation

The solar water heater market has been segmented based on collector type into evacuated tube collector, flat plate collector, and unglazed water collector. Among these types, evacuated tube collector is the fastest growing segment due to various factors such as they have a greater surface area exposed to the sun with higher efficiency in transferring the heat. It performs better compared to other types of collector and it can also be used in subzero temperature.

Key Players

The key players of the global solar water heater market are Rheem Manufacturing (US), A.O.Smith (US), SunTank (South Africa), Bradford White Corporation (US), Bosch (Germany), Honeywell Corporation (US),  Racold (India), Alternate energy Technologies (US), Viessmann Manufacturing (US), and Wagner Solar (UK), among others.

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Scope of the Report

This report provides an in-depth analysis of the global solar water heater market, tracking three market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, and share for North America, Asia-Pacific (APAC), Europe, and Rest of the World. The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the solar water heater market by its type, collector type, application, and by region.

Regional Outlook

Region wise, Asia Pacific held the largest market share of the global solar water heater market in 2017. It is estimated that Asia-Pacific region would be the fastest growing market during the forecast period, mainly due to the rising investment in renewable energy sources and high demand for solar water heaters by the residential and commercial complexes. The solar water heater market would be mainly driven by the favorable government regulations against greenhouse gas emissions.

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