The global solar water heaters market is expected to grow at a CAGR of 9 percent during 2017–2026. Factors such as growing number of advancements and improvements in terms of technology and durability and growing demand for high-quality solar water heaters are fueling the market growth. However, low category penetration due to heavy initial installation and maintenance costs is limiting the expansion of the solar water heater market. One of the major trends in the market is introduction of numerous targets to diminish carbon emissions and encourage the expansion of renewable energy.
By end user, residential segment is expected to drive the growth of the market. Growing government incentives and the implementation of rules mandating the use of solar water heaters in different countries across the world are some of the factors propelling the market growth.
Geographically, Asia-Pacific is anticipated to dominate the maximum market share due to the rising number of solar water heater installations in countries such as China and India.