Solar water heater market seeing rapid development around the world

Posted by admin on Jan 11, 2014 in Posts

Economists and market experts have anticipated that the solar water heater market is going to grow rapidly and generate profitable revenues in the next few decades. All this will happen due to rising living standards, corporate profit and income, stricter sustainability norms and technological advances which in turn will make solar water heaters more economical and efficient.

A solar water heater system can provide ample amount of hot water for a family’s everyday use at no extra costs such as fuel, electricity and maintenance expenses.

Despite so many advantages, it is surprising to know that only 1% potential of the solar water heater is in use. Very few residential buildings are equipped with solar heater facilities and are reaping its benefits.

This industry had an unstable beginning, but was brought back to life by solar investment tax credits and federal banks providing loans for the initial setup at reduced interest rates and other benefits for people who install a solar water heater.

The utilization and use of solar water heater is on a rise around the world due to its easy reliability, durability, cost savings and eco-friendliness. One exceptional example is China, where the use of solar energy to heat water has risen to 63.9 million square meters in 2012 at a tremendous growth rate of 10.7%. China being such a huge country with the world’s largest population has seen such advancements; other countries should model its plans and make this world a better and greener place to live.

Residential and home installations account for more than 80% of the revenue collected by solar system manufactures and the wellbeing of this market completely determines the future of the solar industry. The industry was impaired during the last five years as a result of the decline in the number of residential houses and falling renovation rates. The decline in the number of new homes built created very few opportunities for solar water upgrades, which disfavored the existing homeowners to go for a solar thermal setup.