Solar water heater is a device which uses solar energy from the sun to heat water. It is generally installed on terrace or in open spaces where abundant sunlight is available. The water is then heated during the day and stored in an insulated tank. The heated water can be used for bathing, cleaning, space heating, industrial process, etc. In the GCC region, the market for solar water heater has been expanding as an increasing number of consumers have become aware about its advantages. Solar water heater is preferred over conventional water heater as it is cost-effective and reduces dependence over fossil fuels. IMARC Group’s latest report titled, “GCC Solar Water Heater Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, finds that the market reached a volume of 11.3 GWth in 2018, growing at a CAGR of 28.1% during 2011-2018.
The market for solar water heater in the GCC region is being driven by a number of favourable factors. Solar water heater offers several long-term advantages over conventional water heater. It reduces electricity consumption, lowers carbon footprints, improves energy independence, etc. The governments in the region are also encouraging the use of solar water heater through building regulation and providing subsidies. According to the report, the market is further expected to reach a volume of 48.7 GWth by 2024.
The report has segmented the GCC solar water heater market on the basis of type covering flat plate collector, evacuated tube collector and unglazed water collector. Currently, flat plate collector accounts for the largest market share in the GCC region. The report has also segmented the market on the basis on application. The key applications of solar water heater include commercial, residential, government buildings and others. Country-wise, Saudi Arabia represents the largest market for solar water heater, accounting for the majority of the market share. The report has also analysed the competitive landscape of the market with some of the key players being Ariston, Orbital Horizon, Saudi Ceramics, Viessman, Ecotherm, etc.
This report provides a deep insight into the GCC solar water heater industry covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. The report also provides a comprehensive analysis for setting up a solar water heater manufacturing plant. The study analyses the processing and manufacturing requirements, project cost, project funding, project economics, expected returns on investment, profit margins, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the GCC solar water heater industry in any manner.
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