Portland, OR, Jan. 12, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global solar water heater market generated $4.7 billion in 2019, and is estimated to generate $6.7 billion by 2027, witnessing a CAGR of 6.1% from 2020 to 2027. The report provides an extensive analysis of changing market dynamics, key winning strategies, key segments, product performance, value chain, and competitive scenario.
Rise in demand for cost effective and eco-friendly energy solutions and different government policies for various rebate and energy schemes drive the growth of the global solar water heater market. However, requirement of huge roof area for solar water heating hinder the market growth. On the other hand, advancements in energy backup systems present new opportunities in the coming years.
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Covid-19 Scenario:
- Manufacturing activities have been hindered due to lockdown, which caused shortage of raw materials and manpower. In addition, the supply chain has been disrupted.
- The installation and maintenance activities have been postponed due to lockdown measures and shortage of workforce. However, these activities began during the post-lockdown period.
- Owing to high dependence on exports from China for solar cell and solar modules, the ban on export activity impacted the world. As India imports nearly 80% of its solar cells and modules from China, the manufacturing activities in the country affected.
The report offers detailed segmentation of the global solar water heater market based on type, capacity, end user, and region.
Based on type, the glazed segment accounted for the highest market share in 2019, holding more than 90% of the total share, and is expected to maintain its lead position during the forecast period. In addition, this segment is projected to manifest the highest CAGR of 6.2% from 2020 to 2027. The research also analyzes the unglazed segment.
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Based on end user, the residential segment contributed to the largest market share, accounting for more than four-fifths of the total share of the global solar water heater market in 2019, and is expected to maintain its leadership status by 2027. However, the industrial segment is projected to witness the fastest CAGR of 7.7% during the forecast period.
Based on region, Asia-Pacific held the highest market share, accounting for more than half of the total share in 2019, and will maintain its highest contribution in terms of revenue throughout the forecast period. However, LAMEA is expected to grow at the highest CAGR of 8.0% from 2020 to 2027.
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Leading players of the global solar water heater market analyzed in the research include Himin Solar Energy Group, Ariston Thermo SpA, V-Guard Industries Ltd, Solav Energy, KODSAN Company, SunPower Corporation, A.O. Smith, Zhejiang JiaDeLe Solar Co., Ltd., and Alternate Energy Technologies.
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