Asia Pacific Solar Based Water Heater Market Overview
Solar based water heaters are such water heaters which absorb and convert sun lights into heat and store it. Further, this stored heat energy is used to heat the water stored in the tank. Solar Based Water Heaters are perfect solutions for heating water in those situations where electricity is unavailable. Moreover, solar based water heaters consist of two major components which include sun light collector/solar collector and storage tank. Solar based water heaters cause no harms to the environment due to use of solar energy. There are mainly two types of solar based water heater systems available in the market which includes active solar based water heating system and passive solar based water heating system. A solar based water heater is green and renewable water heating system and requires less maintenance and operates on very low cost. Such benefits of solar based water heaters are making it more acceptable in places such as homes and other commercial places.
Market Size & Forecast
Asia Pacific Solar Based Water Heaters Market is anticipated to grow at robust compound annual growth rate (CAGR) of 6.9% over the forecast period i.e. 2017-2024. Factors such as technological advancements and innovations on use of solar energy are expected to escalate the growth of Asia Pacific solar based water heaters market during the forecast period. Further, growing awareness towards use of green energy is also likely to fuel the growth of Asia Pacific solar based water heaters market.
Giant population and high adoption rate of solar based devices are expected to be the dynamic factors which are likely to foster the growth of solar based water heaters market in this region. Additionally, economies such as India and China are envisioned to be the key contributors to the growth of solar based water heaters market in Asia Pacific region.
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China Hitek Solar Co. Ltd., SunPower, Azuma Solar Co. Ltd., Chiryu Heater, GreenTek India Pvt. Ltd., Inter Solar System, EMMVEE, Photon Energy Systems, CHOFU Seisakusho Co. Ltd., Solahart PV
China is the major contributor to the growth of Asia Pacific solar based water heaters market. Further, China is projected to capture more than 50% share of the overall Asia Pacific solar based water heaters market during the forecast period. Further, growing awareness towards benefits of renewable energy (solar energy) is a major factor which is likely to fuel the growth of solar based water heater market in this country. Further, India is second leading market for solar based water heaters. Factors such as large potential of solar power generation and government supports are expected to fuel the growth of solar based water heaters market in India.
Additionally, Japan is also expected to witness remarkable growth during the forecast period owing to growing use of renewable energy and high adoption rate of advanced technologies in this country.
Our-in depth analysis of the Asia Pacific solar based water heaters market includes the following segments:
By Product Type
- Active Solar Based Water Heaters
- Passive Solar Based Water Heaters
- Plate Collection Type Water Heater
- Evacuated Tube Collection Type Water Heater
- Storage Tank
- Solar Collector
- Heat Exchangers
- Controls & Monitoring
- Pump Group
By End User
Growth Drivers & Challenges
Asia Pacific solar based water heaters market has been primarily driven by growing demand for solar based water heaters in countries such China, India and Japan. Rising demand for solar based water heaters in China due to growing adoption of solar based technologies is a key factor which is likely to drive the growth of Asia Pacific solar based water heaters market.
Further, increasing awareness towards additional benefits of solar energy based technologies such as infinite availability of solar energy are likely to drive the Asia Pacific solar based water heaters market at robust pace. Additionally, government supports including tax relief in emerging Asian economies such as India is also expected to fuel the growth of Asia Pacific solar based water heaters market.
High potential for generation of solar energy generation in Asia Pacific region has made solar based water heaters more acceptable in this region. Moreover, increasing use of green energy is also a major factor which is expected to drive the growth of Asia Pacific solar based water heaters market in near future.
However, limitations of solar based water heaters such as ineffective in night and requirement of favorable weather conditions are major challenges to the Asia Pacific solar based water heaters market. Further, these limitations of solar based water heaters are likely to hamper the growth of Asia Pacific solar based water heaters market in near future.
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