World Solar Water Heater Market: 6.78% CAGR During 2017 to 2021

ReportsnReports.com adds Global Solar Water Heater Market 2017-2021 latest research report; the analysts forecast the global solar water heater market to grow at a CAGR of 6.78% during the period 2017-2021.

March 3, 2017 /MarketersMedia/ —

Analysts expect the global solar water heater market size to reach USD 8.98 billion by 2021. According to the report, the global solar water heater market is incentivized by various governments across the world. Also, through campaigning, various government agencies are educating consumers about the benefits of using solar water heaters over conventional methods, which either use electricity or non-renewable energy sources such coal and gas.

Complete report on solar water heater market spread across 70 pages, analyzing 5 major companies and providing 30 data exhibits are now available at http://www.reportsnreports.com/reports/857417-global-solar-water-heater-market-2017-2021.html

To counter the environmental threats arising from the excessive use of fossil fuels, government authorities across the world have started working on policies to increase the adoption of alternatives like solar water heaters. In many countries, such as China, Germany, and Japan, the respective governments have mandated the installation of solar water heaters in new buildings and constructions.

The following companies as the key players in the global solar water heater market: Chromagen, EMMVEE Solar Systems, Genersys, Jinyi Solar, and Rheem Manufacturing. Other prominent vendors in the market are: A. O. Smith, Alternate Energy Technologies, Apricus Solar, Heliodyne, HTP, Inter Solar Systems, Nuetech Solar Systems, SunEarth, and Vaughn Thermal. Order a copy of Global Solar Water Heater Market 2017-2021 report at http://www.reportsnreports.com/purchase.aspx?name=857417

The global solar water heater market analyst says hybrid water heaters are a combination of solar water heaters and traditional water heaters, which are designed to overcome some of the drawbacks of solar water heaters. The technology is registering a wide acceptance in recent times. Hybrid water heaters are more energy-efficient in comparison to conventional water heaters and are more effective in comparison to standard solar water heaters. Hybrid water heaters use the latest technology and consume less energy. Owing to these advantages, the demand for hybrid water heaters is increasing at a rapid rate, which will have a positive impact on the growth of the global solar water heater market during the forecast period.

The push from governments of emerging economies for the adoption of solar water heaters is one of the key factors responsible for the growth of solar water heater market. The residential sector is one of the largest adopters of solar heaters, generating over 84% of the total market revenue. The increasing number of solar water heater installations, driven by government initiatives, will have a positive impact on the growth of the market in the coming years.

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Global solar water heater market in the residential segment: Factors such as increasing energy crisis and government support in developing countries is anticipated to propel the adoption of solar water heaters in the residential segment during the forecast period. Global solar water heater market in the commercial segment: Hotels, schools, salons, and hospitals constitute the primary end-user categories in the commercial segment. During the forecast period, the demand for solar water heaters in the commercial segment will be fueled by their increasing adoption in the hospitality sector.

Further, the solar water heater market report states that the initial cost of installing a solar water heater is very high when compared to conventional electric water heaters. Again, installing solar water heaters requires specific skills and not enough manpower is available in this sector. Maintenance costs associated with solar water heaters are also relatively higher than their alternatives, which eliminate long-term cost benefits, making it difficult to convince users to adopt the same.

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