New York, NY -- (SBWire) -- 02/24/2016 --Water heaters provide hot water for drinking and sanitary purposes. According to recently conducted market surveys, the consumer appliances industry will witness the emergence of numerous influential trends over the forthcoming years. These technologies will focus on eating habits and health, while government regulations will encourage the inclusion of water- and energy-saving technologies. With the development of hybrid solutions aimed at catering the demand for energy-efficient, easy-to-install, and high-performing water heaters, the global water heater market is poised to exhibit exponential growth in the near future. Additionally, as the demand for renewable technologies rises, the market for water heaters is expected to witness lucrative sales prospects from different quarters of the society. The market is also gaining momentum from the strategic alliances between the prominent companies across the value chain aimed at efficiently catering to the increasing demand for water heaters, particularly from the domestic market.
According to a report recently published by Persistence Market Research the global water heater market stood at US$37.8 bn in 2014. The market is anticipated to expand at a CAGR of 4.90% between 2015 and 2021.
Demand for Tankless Water Heaters Anticipated to Increase Significantly
Based on product type, the global water heater market is segmented into electric heaters, solar heaters, geothermal water heaters, and gas and propane heaters. In terms of storage type, the market is segmented into tankless heaters, storage heaters, and hybrid heaters. Of these, the tankless heaters segment is likely to exhibit the fastest CAGR of 6.0% between 2015 and 2021. The key end-use segments of the market include the commercial and residential sectors.
Asia Pacific to Emerge as a Lucrative Market for Water Heaters
Regionally, the global market for water heaters is segmented into Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa. Among these regions, the Asia Pacific water heater market stood at US$11.6 bn in 2014 and is anticipated to reach US$17.8 bn by the end of 2021. Among the countries within Asia Pacific, India is likely to emerge as the most lucrative market for water heaters in the region. The rising consumer preference for sophisticated and advanced electronic appliances in India, coupled with increasing disposable income of the people, the rapidly expanding construction industry, and growing infrastructure will boost the demand for water heaters in the country.
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The demand for continuously flowing hot water is particularly high in households and commercial establishments, which subsequently helps expand the market for water heaters in these sectors. The rising demand from the commercial and residential sectors has in turn impelled companies to conduct R&D initiatives for the development of more advanced and efficient products in order to satisfy the dynamic consumer demand.
View TOC (table of content), Figures and Tables of the Report: 3289
Key Companies Operating in the Fragmented Global Water Heater Market
The global water heater market is characterized by the presence of a large number of companies such as Rheem Manufacturing Co., AO Smith Corporation, Venus Home Appliances Private Limited, HTP Inc., Ariston Thermo SPA., Haier Electronics Group Co., Ltd., Siemens AG., Bajaj Electricals Ltd., Bradford White Corp., Rinnai Corp., and Noritz Corp. China has emerged as a lucrative market for water heater manufacturers globally. Some of the most prominent companies operating in this country are Genrui, Zhejiang KANCHQUAN Electric Appliance Co., Ltd, Himin Solar Co., Ltd., and Zhongshan Inse Group Co, Ltd.
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Global Water Heater Market Driven by Increasing Demand for Hot Water Supply in Household and Commercial Sectors
The global water heater devices market was valued at US$ 37.8 Bn in 2014 and is expected to expand at a CAGR of 4.9% by 2021.