“Solar Water Heaters Market spending will reach $2.8 bn in 2019 and is forecast to show an 8.7 percent CAGR by 2029”, says Visiongain report
05 September 2019
Visiongain’s new report the Solar Water Heaters Market Report 2019-2029: Forecasts by Technology (Evacuated Tube Collector, Flat Plate Collector, Unglazed Water Collector), by Application (Residential, Commercial, Industrial), by System (Drainback Solar Water Heating System, Active Open Loop Solar Water Heating System, Passive Solar Water Heating Systems, Thermosyphon, Pumped, Integral Tank-collector, Active Closed Loop Solar Water Heating System, Tankless Water Heating System) Plus Leading Company Analysis and Regional and Leading National Market Analysis.
This latest report by business intelligence provider Visiongain assesses that Solar Water Heaters Market spending will reach $2.8 bn in 2019 and is forecast to show an 8.7 percent CAGR by 2029. This can be ascribed to higher energy prices, increased worldwide population, and increased demand for energy-efficient water heaters. Strict public regulations to reduce greenhouse gas emissions, along with increasing demand for water heating technologies–particularly in colder areas, are anticipated to increase the implementation of these technologies and increase the development of the sector.
Growing demand for environmentally friendly, reliable and accessible heating water systems
Growing demand for environmentally friendly, reliable and accessible heating water systems, particularly in housing and industrial sectors, is expected to drive development in the sector. The ability of the system to operate at reduced expenses, 30 to 40 percent reduced in winter and up to 75 percent lower in summer, is anticipated to spur its acceptance over other products presently on the market.
The introduction of strict legislation is supporting growth of Solar Water Heaters
The EPA has implemented regulatory requirements to efficiently evaluate the quality of produced solar water heaters. It also seeks to introduce several technical and economic plans to safeguard customers from under-standard products that may be hazardous to use. These trends have augmented industry growth in U.S. over the past decade and is expected to continue over the forecast period.
The introduction of strict legislation, combined with public incentives such as tax rebates, tax credit, and economic subsidies, will increase these systems ' acceptance. The U.S. federal government has implemented a corporate tax credit scheme to effectively adopt renewable products, including space heat, thermal electric, water heater, photovoltaic, and thermal process heat. The credit threshold was established at 30% of the price of manufacturing and the validity of the program is up to 2022. Advances in the design of thermal energy collectors to increase effectiveness and curb expenses will further increase the development of the sector.
flat plate collector (FPC) units in the lower business and residential industries are extremely preferred
As regards quantity, by 2029 it is anticipated that flat plate collector (FPC) will achieve 963.6 thousand units. Simplistic design combined with inexpensive installation and use cost and comfort are among the key characteristics such as boosting the acceptance of these products. FPC units in the lower business and residential industries are extremely preferred.
In 2018, flat plate collector installations accounted for more than 70% of the global market share of solar water heaters. These collectors are appropriate for small business and residential embodiments. Cost efficiency, easy design and easy installation are important parameters that enhance product acceptance. In addition, ongoing technological innovation in the designing of collector to improve efficiency will further stimulate the product deployment.
The modest storage requirement is anticipated to drive demand for evacuated tube collectors (ETC), combined with low maintenance demands and high energy conversion potential. The segment was valued at USD 886.9 million in 2016 and these devices are preferred across frigid areas for industrial and commercial applications.
Thermosyphon Devices Demand Will Increase Due To Affordable Pricing And Easy Product Installation And Use
Thermosyphon devices were estimated at USD 1.32 billion in 2018 and the segment is projected to grow over the forecast period at a CAGR of 8.7 percent. It accounts for both quantity and income for the biggest share in the market for solar water heaters. This is mainly due to affordable pricing and easy product installation and use. Thermosyphons are preferred with solar water heating systems based on liquids, preferably water. Pumped systems have seen large-scale implementation in Europe and North America, mainly owing to the efficient operation of these systems, combined with adaptability to refrigerated climate in nations.
Building industry recovery in developed economies is anticipated to boost in coming years
Building industry recovery in developed economies is anticipated to boost this segment's development well. The business segment includes tiny and large business organizations, sports and health services, transport infrastructure, and academic institutions. This segment is anticipated to display a CAGR of 9.1 percent over the forecast period in terms of income. Significant growth in commercial building is expected to considerably contribute to the development of the sector.
Asia Pacific Is Forecast To Lead The Worldwide Sector Over The Forecast Period In Terms Of Income
Asia Pacific is forecast to lead the worldwide sector over the forecast period in terms of income. High growth rates, combined with favorable financial results, are predicted to propel China over the next century as major R&D investments are anticipated to increase growth. In an effort to reduce pollution and preserve ecological balance, the nation is introducing comprehensive changes in its energy policy and shifting its reliance from fossil fuels to renewable fuels. The European market retained the second biggest 29.41 percent share of income in 2019, driven by demand for reliable and high-quality devices from countless end-users, mainly industrial and commercial.
Several Producers Of Solar Water Heaters Are Training To Develop Fresh Technologies And Systems
Several producers of solar water heaters are training to develop fresh technologies and systems that can work more efficiently and can be made accessible even to distant regions. A significant portion of the market is controlled by multinational companies with worldwide presence and focused in Europe and North America. Top worldwide companies account for more than 60.0 percent of worldwide income, with China and the United States holding large quantities of manufacturing and exports. The conglomerates are influencing pricing strategies and other business programs and projects.
Manufacturers are closely following sector trends to formulate fresh strategies to reinforce their volume and income market position. They made heavy investments to stimulate research and development and provide improved characteristics for pioneering product designs
The comprehensive report offers market estimation and forecast for the period ranging 2019 – 2029 for leading national markets and rest of the world. Moreover, the report contains dedicated leading companies covering 10 leading producers in the field of advanced energy storage systems.
The Solar Water Heaters Market Report 2019-2029 report will be of value to anyone who wants to better understand the energy storage market and its various segments. It will be useful for businesses who wish to better comprehend the part of the market they are already involved in, or those wishing to enter or expand into a different regional or technical part of the energy industry.
Notes for Editors
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Visiongain is one of the fastest growing and most innovative independent media companies in Europe. Based in London, UK, Visiongain produces a host of business-to-business reports focusing on the automotive, aviation, chemicals, cyber, defence, energy, food & drink, materials, packaging, pharmaceutical and utilities sectors.
Visiongain publishes reports produced by analysts who are qualified experts in their field. Visiongain has firmly established itself as the first port of call for the business professional who needs independent, high-quality, original material to rely and depend on.
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