Global solar water heater market is anticipated to witness a remunerative growth trend owing to the rising demand for cost competitive, ecofriendly and reliable water heating technologies in residential and commercial sectors.

Furthermore, the ability to lower consumption of electricity by 50% to 80% compared to alternate technologies, is likely to make its adoption more suitable. Key factors like rising capital expenditure towards the construction of residential establishments, strong economic growth, improvements in living standards, and migration of population to urban areas would further enhance the demand for product.

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Efforts for reducing greenhouse gas emissions from systems driven by fossil fuels coupled with growing focus to improve energy security and enhance environmental performance index would positively sway the industry outlook. The SWH systems have the ability to alleviate emissions of greenhouse gases by over 400 kg each year.

According to research report by Global Market Insights, Inc., global solar water heater market is estimated to surpass $3 billion by 2025.    

Moreover, introduction of various incentives, which also includes subsidies, financial assistance, tax credits and tax rebates to improve the adoption of sustainable technologies will further stimulate the dynamics of industry.

Furthermore, rising demand for sustainable technologies for hot water provision across commercial and industrial establishments would boost the market for evacuated tube collector. Few essential parameters such as high conversion efficiency, less space requirements and low O&M cost would further drive product demand.

With respect to system, the pumped solar water heater segment will witness growth owing to less heat loss and winterization coupled with easy integration with current system features. Unpredictability of fossil fuel prices and increasing efforts to cut consumption of electricity will further add to the business outlook.

Based on application, rising investments for refurbishment and construction of single as well as multi-family housing units and increasing level of purchasing power parity is anticipated to impel the market share for residential solar water heaters.

Moreover, rising implementation of zero emissions building regulations that focus on reducing greenhouse gas emissions, which stimulates the use of renewable technologies is also likely to strengthen the industry dynamics.

From a geographical frame of reference, efforts to reduce consumption of heat from traditional systems together with regulatory measures to improve utilization of renewable resources has been earmarked to accelerate the United States solar water heater market.

Citing an example, the United States department of energy rolled out the sun shot initiatives together with an aim of cutting solar-based electricity cost by approximately 75%, through research and development efforts in partnership with private and public participants.

Furthermore, efforts to eliminate trade deficit along with introduction of green infrastructure regulations to reduce carbon emissions will push the Italy solar water heater industry. As per Organization for Economic Co-operation and Development (OECD), water heating represents approximately 15% of the total consumption of electricity in residential establishments.

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Additionally, rising demand for hot water solutions throughout establishments along with increasing investment for refurbishment of current building infrastructure will further augment the business outlook.

The competitive landscape of solar water heater market includes companies like Chromagen, HiminSolar, V-Guard, Rheem Manufacturing Co., Wagner Solar, Linuo Ritter, A.O. Smith, Racold, Rinnai, Bosch Thermotechnology, Bradford White, Viessmann, EMMVEE Solar, SunTank, and Alternate Energy among others.

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