Global Solar Water Heater Market to Grow At a CAGR of Close to 7% during 2021: Technavio

Global Solar Water Heater

The global solar water heater market is highly competitive and diversified due to the presence of a large number of regional and international vendors across the globe. Also, new vendors that are emerging in the market find it very difficult to compete against the established vendors in terms of quality, functionalities, and services said Technavio in its latest report

Technavio in its latest market study forecasts global solar water heater to be Worth USD 8.98 Billion and grow at a CAGR of close to 7% during 2021.

According to the research firm increasing number of innovations and advancements in terms of technology and durability will drive the growth prospects for the global solar water heater market until the end of 2021. This led to the development of next-generation solar water heaters, revolutionizing the market’s demand. The heat pipe technology used in these solar water heaters possess thermo-physical properties that transfers heat at a much higher rate in comparison with the conventional heat pipes in regular solar water heaters. The report states that it has been observed that the manufacturers are increasingly encouraged to develop next-generation solar water heaters because of the increasing demand for high-quality solar water heaters, minimum energy requirements, and less installation space. Furthermore, these heaters are also used in food factories, shopping malls, clinics, and hotels for producing large volumes of hot water because they can withstand extreme weather conditions such as heavy rain and the wind.

In terms of geography, APAC accounted for the maximum market share during 2016 and will continue to dominate the market for the next few years. One of the major factors responsible for the market’s growth in the region is the increasing number of solar water heater installations in countries such as China and India.

The global solar water heater market is highly competitive and diversified due to the presence of a large number of regional and international vendors across the globe. Also, new vendors that are emerging in the market find it very difficult to compete against the established vendors in terms of quality, functionalities, and services said Technavio in its latest report. Furthermore, some of the major factors contributing to the growing competition in the market include an increasing number of product extensions, technological innovations, and focus on M&As.

According to the research firm residential segment accounted for the maximum market share during 2016 and will continue to dominate the market for the next few years as well. Some of the major factors responsible for the market segment’s growth is the increasing government incentives and the implementation of regulations mandating the usage of solar water heaters in various countries across the world.

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