Market News Today Solar Water Heaters Market | Page 2

Moreover, increasing demand for hot water from hospitals and hotels is anticipated to be a key
stimulating factor for the solar water heaters sector growth. In addition, extensive applications of
water heaters in manufacturing industry include food & beverage processing, thermal power plants
and chemical industries is likely to drive the growth over the forecast period.
Growing consumer awareness regarding the heater benefits is expected to escalate the market
progress significantly over the upcoming years. In addition, technological innovations are leading for
cost efficient water heaters and are expected to influence the development of the sector positively
over the forecast period. Furthermore, changing trends regarding the implementation of safe water
heaters are likely to impel product demand. Additionally, inclination towards consumer quality
standards and energy efficiency are expected to open new opportunities over the forecast period.
Frequent outages and electricity shortage may act as significant constraints in the usage of solar
heaters.
Rising demand in a wide range of domestic applications including bathing, cleaning, and cooking, also
from commercial sectors including hospitals and hotels is expected to impel the solar water heaters
market growth. Developed infrastructure in rural areas is expected to open new market opportunities
players. The solar water heaters sector is categorized by increased energy efficiency, quality
standards, and safety awareness. Electricity shortages and fluctuation are expected to propel the
market growth. The popularity of alternate fuels such as electrical power product and adoption of
hybrid products is expected to restrain the product demand over the forecast period. Hybrid water
heater operates on more than two energy sources which in turn offer switching option to customers.
Rising electricity prices, changes in government regulations, and volatile raw material prices are
estimated to impel the product demand.
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The global solar water heaters industry is increasingly getting inclined storage to tankless products.
Nonetheless, storing products is anticipated to be the major product segment over the upcoming
years. Solar storage water heaters are progressively being used in areas where electricity accessibility
is limited, which allows continuous accessibility of hot water. Asia Pacific is anticipated to be the major
regional market over the next eight years on account of developing markets including India and China.