Solar Water Heater Market is predicted to surpass USD 3 billion by 2025. Surging demand for reliable, ecofriendly and cost competitive water heating technologies across commercial and residential establishments will drive the industry growth. Ability to reduce electricity consumption by 50% to 80% over alternate technologies, will make its adoption preferable. Population migration toward urban areas, strong economic growth, improve in living standards, increasing capital expenditure in construction of residential embodiments are some of key factors enhancing product demand.
Growing investment toward construction and refurbishment of single and multi-family housing units along with increasing purchasing power parity will accelerate the residential solar water heater market share. Introduction of zero emissions building norms to curb GHG emissions, promoting the usages of renewable technologies will further augment the industry dynamics.
Growing efforts to reduce heat consumption from conventional systems along with favorable regulatory measures to enhance utilization of renewable resources will stimulate the U.S. solar water heater market. For instance, in 2011, the U.S. department of energy introduced sun shot initiatives with an aim to reduce solar electricity cost by 75%, through R&D efforts in collaboration with public & private participants.
Growing efforts to reduce trade deficit along with introduction of green building norms to minimize carbon emissions will drive the Italy solar water heater market. According to Organization for Economic Co-operation and Development (OECD), water heating contributed 15% of total residential electricity consumption. In addition, surging demand for hot water solutions across establishments along with increasing investment toward refurbishment of existing building infrastructure will complement the business outlook.
Major participants across solar water heater industry are V-Guard, Bosch Thermotechnology Viessmann, Linuo Ritter, Chromagen, Bradford White, A.O. Smith, Rheem, Alternate Energy, Rinnai, SunTank, HiminSolar, EMMVEE Solar, Linuo Ritter, Racold and Wagner Solar amongst other.
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