Published on : Apr 03, 2017
Albany, New York, April 03, 2017: The study examines the growth of the market followed over the last few years and the prospects of growth in the near future. The research report details out the causes accountable for the variations in the market and analyses them thoroughly. The impact of certain trends has also been discussed in the report. It further provides data on the market shares, strategies, and products of leading companies.
Solar water heater includes storage tanks and solar collectors. It employs the sunlight in order to heat water and is basically deployed on the roof of a structure. Two types of solar water heater include passive and active solar water heaters. The active type employs pumps for circulating water and the passive type does not need any pump or control units for circulating water. Unlike other traditional water heaters, these solar water heaters decrease the dependence on fossil fuels and are also cost effective.
According to the report, the global market for solar water heater is anticipated to rise at a CAGR around 7% during the forecast period of 2017-2021. The market is expected to be driven by the growing number of advancements and innovations in terms of durability and technology in solar water heaters. This has further led to the development of high-end, next generation solar water heaters, keeping in mind the demand of consumers. Furthermore, these heaters are also put in use in hotels, clinics, shopping malls, and food factories as they can produce large quantities of hot water during extreme weather conditions.
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Based on end user, the market is segmented into residential, industrial, and commercial. The residential sector emerged dominant in 2016 with the leading share in the same year. The growth of this segment can be attributed to the growing initiatives by governments in the form of investments and the implementation of rules and policies mandating the use of solar water heaters in several countries across the globe.
On the basis of retail distribution channels, the market is classified into online stores, local hardware stores, plumbing supply stores, chain and hardware stores, and home improvement stores. The segment of home improvement stores accounted for the leading share in 2016 and is likely to retain dominance owing to improvement in product assortment. Region-wise, Asia Pacific led the market in 2016 and will continue its lead owing to growing installation of solar water heater in India and China. Some of the leading participants in the market are Rheem Manufacturing, Jinyi Solar, Genersys, EMMVEE Solar Systems, and Chromagen.
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