Solar water heaters are devices that use solar energy to heat water and post which the water is used for various applications. Major factors driving growth of the global solar water heater market are increasing need to reduce energy cost and carbon emission, and increasing government subsidies on renewable energy. A major factor hampering growth of the global solar water heater market is high initial cost of solar water heaters.
The global market is segmented on the basis of system, collector type, application, and region. On the basis of system, the global market is segmented into thermosiphon and pumped. The pumped segment is expected to witness highest growth during the forecast period.
On the basis of collector type, the global market is segmented into evacuated tube collector, flat plate collector, and unglazed water collector. The flat plate collector segment accounts for highest share in the global market and is expected to witness highest growth in terms of revenue in the next 10 years.
On the basis of application, the global market is segmented into residential, commercial, and industrial. The residential segment accounts for highest share in the global market and is expected to witness highest growth over the forecast period.
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On the basis of region, the global market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The North America market accounts for significant share in the global market. The market in Europe accounts for second highest share in terms of revenue in the global market. The Asia Pacific market is expected to witness highest growth over the forecast period.
Key players in the global market are SunTank, A. O. Smith India Water Products Pvt. Ltd., Emmvee Solar Systems, Tata Power Solar Systems Ltd., Alternate Energy Technologies, Viessmann Manufacturing Company Inc., Wagner & Co. Solar Technology, Azure Power Global Limited, Bradford White Corporation, LINUO RITTER INTERNATIONAL CO. LTD., Chromagen Ltd., Himin Solar Energy, and other prominent players.