IMARC Group’s latest report, titled “GCC Solar Water Heater Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, finds that the GCC solar water heater market reached a volume of 3662 MWt in 2017, growing at a CAGR of nearly 32% during 2010-2017. Solar water heaters refer to devices that use solar energy from the sun to heat water. They are available in several designs, all including a solar collector to collect solar energy and a storage tank to store the hot water. The solar collector needs to be placed in an open area where it can receive plenty of sunlight, without any obstruction. The water gets heated due to the diffused radiation in the atmosphere, which results in a steady supply of hot water.
Highlights of the GCC Solar Water Heater Market:
- Ease of maintenance and reduced electricity bills remain the primary growth driving factors.
- On the basis of type, flat plate collector accounts for the majority of the market share.
- Saudi Arabia holds the majority of the global share, representing the largest market.
Solar water heaters are gaining popularity in the GCC region on account of the numerous benefits they provide. The system is easy to install and requires maintenance only once in every few years. After the initial installation of solar water heaters, consumers start receiving financial benefits such as reduced electricity bills. Another factor contributing to the solar water heater market is the environment-friendly nature of the system. As solar water heaters use a renewable source of energy, the carbon dioxide emissions are drastically reduced. Further, the use of solar water heaters helps to decrease the region’s reliance on foreign energy sources, leading to the domestic market growth. According to the report, the market is further expected to reach a volume of around 19109 MWt by 2023.
The market has been segmented on the basis of type. Currently, flat plate collector accounts for the majority of the market share. The market has also been segmented on the basis of end-use, covering commercial, residential, government buildings and others. Country-wise, Saudi Arabia represents the leading market for solar power heaters. Some of the key players operating in the market are Ariston, Viessman and Ecotherm.
The report has examined the GCC solar water heater market on the basis of:
- Flat plate collector
- Evacuated tube collector
- Unglazed water collector
- Government buildings
- Saudi Arabia
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