Solar Water Heater Market Size
Increasing demand for hot water across residential, private and public buildings and industrial sectors are one of the major drivers for boosting the growth of the global solar water heaters market. Also, the cost-effectiveness and the reduced dependence on other fossil fuels have further impacted the growth of the market positively. The increasing depletion of fossil fuels along with the growing concerns towards energy conversion is expected to augment the demand for solar water heaters during the forecast period.
The introduction of government regulations and incentives including subsidies, tax credit, and tax rebate is expected to result in the widespread adoption of solar water heaters, globally. For instance, the federal government in the US had extended the corporate tax credit for solar products (fixed at 30%) that includes thermal electric, space heat, thermal process heat, water heaters, and photovoltaic. Moreover, the increasing government focus to encourage the development of renewable energy to reduce the carbon emissions is expected to further complement the growth of solar water heaters. Furthermore, the ability to reduce electricity bill by 50% to 80% is expected to encourage the product penetration during the forecast period.
Government Initiatives to Support the Solar Water Heater Market
The increasing concerns to maintain fossil fuel sustainability along with the stringent government norms to reduce carbon emissions is expected to stimulate the growth of global solar water heater market. Solar water heater market is in its nascent stage, and it is the government initiatives, which is driving the market as the government is increasingly focusing on decarbonizing the economy. In the US, under the Obama administration, the country had set a target to reduce GHG emissions by up to 28% by 2025 from 2005 level. Similarly, in countries, such as Brazil and Italy, the revamp of the social housing program for lower-income families is expected to drive the demand for solar water heaters. For instance, in August 2016, the UN had relaunched the Minha Casa, Minha Vida, a social housing program for lower income group, which mandates the installation of SWH in new buildings. Similarly, in Italy, according to law number 28, all new buildings and buildings under-construction are required to install the solar water heater and use solar energy for around 50% of the power needed to heat the water. Therefore, these government initiatives are expected to drive the demand for SWH across the globe.
UAE has huge Potential for Growth
UAE has huge potential for renewables as the country has one of the highest sun irradiation rates in the world. In addition, the increasing economic diversification from an oil-based economy, rapid industrialization, and increasing demand from water desalination facilities have led to an increasing demand for energy. In addition, the country has witnessed tremendous growth in the solar water heaters market over the years, owing to reduced electricity bills, and increasing government policies and regulations mandating the use of solar water heaters (SWHs) in the country.
With the implementation of the Dubai Green Building Regulations and Specifications in 2011, the Dubai Municipality has called upon consultants and contracting companies to use Solar Water Heating Systems (SWHS) to supply hot water to buildings in Dubai. In addition, the Emirate of Dubai has mandated new buildings to meet 75% of their water heating requirements by solar power. Moreover, if a swimming pool is included in the building footprint, 50% of its water heating requirements must be met by solar power. These government regulations are expected to encourage the use of solar water heaters in the country.
Key Developments in the Solar Water Heater Market
- December 2017: Emmvee Photovoltaic Power Private Limited, India’s top solar PV module manufacturer commissions 1 MW solar rooftop project at its solar water heater manufacturing facility in Bangalore, India
Major Players in the Solar Water Heater Market
- Rheem Manufacturing Company
- Solitaire Solar International
- Juno Enterprises FZE
- Kaltech Energy LLC
- ECOTHERM Austria GmbH
- Bosch Ltd
- Jiaxing Jinyi Solar Energy Technology Co.,Ltd.
- Emmvee Solar Systems Pvt Ltd
- Vikram Solar Pvt. Ltd.
- V-Guard Industries Ltd.
- Chromagen Ltd.
- Rinnai Corp
Reasons to Purchase Solar Water Heater Market Report
- Current and future solar water heater market outlook in the developed and emerging markets
- Analyzing various perspectives of the market with the help of Porter’s five forces analysis
- The segment that is expected to dominate the market
- Regions that are expected to witness fastest growth during the forecast period
- Identify the latest developments, and strategies employed by the major market players
- 3-month analyst support, along with the Market Estimate sheet (in excel)
Customization of Solar Water Heater Market Report
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1. Executive Summary
2. Research Methodology
2.1 Scope of Solar Water Heater Market Study
2.2 Solar Water Heater Market Definition
2.3 Solar Water Heater Market Study Assumptions
2.4 Solar Water Heater Market Study Deliverables
2.5 Research Phases
3. Market Overview
3.2 Market Size and Demand Forecast until 2023 (in USD million)
3.3 Recent Trends and Developments
3.4 Government Policies and Regulations
4. Market Dynamics
4.1 Solar Water Heater Market Drivers
4.2 Solar Water Heater Market Restraints
4.3 Solar Water Heater Market Opportunities
5. Value Chain Analysis
6. Industry Attractiveness - Porter's Five Forces Analysis
6.1 Bargaining Power of Suppliers
6.2 Bargaining Power of Consumers
6.3 Threat of New Entrants
6.4 Threat of Substitutes
6.5 Intensity of Competitive Rivalry
7. Market Segmentation and Analysis (Overview, Market Size, and Demand Forecast until 2023)
7.1 Solar Water Heater Market By End-user
7.2 Solar Water Heater Market By Collector
7.2.1 Evacuated Tube
7.2.2 Flat Plate
7.2.3 Unglazed Water
8. Solar Water Heater Market Regional Analysis (Overview, Market Size, and Demand Forecast until 2023)
8.1 North America
8.1.1 United States
8.1.3 Rest of North America
8.2.4 Rest of Asia-Pacific
8.3.1 United Kingdom
8.3.5 Rest of Europe
8.4 Middle East & Africa
8.4.1 Saudi Arabia
8.4.2 United Arab Emirates
8.4.3 South Africa
8.4.5 Rest of Middle East & Africa
8.5 South America
8.5.2 Rest of South America
9. Solar Water Heater Market Key Company Analysis* (Overview, Products & Services, Financials**, Recent Developments, and Analyst View)
9.1 Rheem Manufacturing Company
9.2 Solitaire Solar International
9.3 Juno Enterprises FZE
9.4 Kaltech Energy LLC
9.5 ECOTHERM Austria GmbH
9.6 Bosch Ltd
9.7 Jiaxing Jinyi Solar Energy Technology Co.,Ltd.
9.8 Emmvee Solar Systems Pvt Ltd
9.9 Vikram Solar Pvt. Ltd.
9.10 V-Guard Industries Ltd.
9.11 Chromagen Ltd.
9.12 Rinnai Corp
*List not Exhaustive
10. Competitive Landscape
10.1 Mergers and Acquisitions
10.2 Joint Ventures, Collaborations, and Agreements
10.3 Strategies Adopted by Major Players
11. Future of the Solar Water Heater Market
**Subject to availability on public domain