The global solar water heaters market is expected to grow at 8.50 percent CAGR. Increasing measures to control energy consumption owing to fast depletion of non-renewable resources is one of the major drivers of solar water heaters market.
According to EIA, solar surpasses biomass to become the third most prevalent renewable electricity source. This has led to increased investment in the countries, such as India, China, US, Italy, and others globally to install solar water heaters.
The market is expected to witness substantial growth owing to an increase in the demand for cost-efficient technology for heating water. APAC is expected to be the fastest-growing market, by region. This is due to the significant investments in solar power in China, Japan, and India. APAC has seen increased investment in renewable energy sources and high demand for solar water heaters by residential and commercial complexes. The market will be mainly driven by favorable government regulations against greenhouse gas emissions.―TV Veopar Journal Bureau