Solar Water Heater Market is projected to reach USD 4 Billion by 2024
Date: 2018-11-02   Author: Rahul Sankrityayan  Category: #industry

Solar Water Heater Market is projected to reach USD 4 Billion by 2024

Increasing demand for reliable, cost effective and environment friendly system to produce hot water across industrial, residential, and commercial establishments will propel the solar water heater market. The product ability to save electricity bill by 50% to 80% will make its adoption preferable over other alternatives. Favorable measures to reduce carbon emissions will further stimulate the business outlook.

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Solar Water Heater Market is expected to surpass USD 4 billion by 2024. Growing concern toward energy conservation along with rapid fossil fuel depletion will propel the industry growth. Government introduced several incentives including tax credits, subsidies, tax rebate to promote the development and deployment of solar technologies. Th U.S. federal government extended corporate tax credits for solar installations including photovoltaic, thermal electric, thermal process heat, space heat and water heater.

China solar water heater market is projected to reach over 45 GWth by 2024. Technological advancement in development of evacuated tube collector to enhance efficiency and reduce cost of solar thermal system will augment the industry outlook. Introduction of regulation towards carbon emissions and net zero building will further complement the industry growth.

Pumped solar water heater market share is predicted to witness substantiate growth subject to its limited space requirements, winterization, ease of integration with existing units, less heat loss features. The system is suitable for moderate & mild climatic regions. Ability to offer ease of installation, simple design and cost effectiveness are some of the key underlined parameters propelling the demand for thermosyphon system.

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The U.S. solar water heater market is anticipated to witness the growth owing to the stringent government regulations to curb carbon emissions and promote the adoption of solar technologies. Under Obama administration, the nation set objectives to reduce greenhouse gas emissions up to 28% from 2005 level to 2025. Growing investment towards residential establishments will further positively impact the industry outlook.

Introduction of building standards and codes with an objective to curb overall emissions will drive the Italy solar water heater market. In Italy, government introduced law number 28 in March 2011 according to which all new buildings have been required to satisfy up to 50% of hot water demand with non-conventional energies.

Brazil solar water heater market will set a significant growth owing to introduction of several housing program for lower income group. In the country, United nation reintroduced Minha Casa, Minha Vida for lower income families which mandated installation of solar water heater in newly established buildings.

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Positive outlook toward renewable technologies will stimulate the Jordan solar water heater market. The European Union funded USD 170.56 million in 2016 to promote the adoption of renewable energy including Renewable Energy and Energy Efficiency II program under the bilateral strategy.

Key players in solar water heater market includes Alternate Energy Technologies, SunTank, Rinnai, A.O. Smith, Bradford White, Wagner, V Guard Industries, Viessmann, Chromagen, Rheem, Bosch, Himin Solar Energy, EMMVEE, Linuo Ritter and Racold.

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Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for AlgosOnline, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in t...

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