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.

New York, NY -- (SBWire) -- 03/04/2016 --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. Increasing R&D initiatives by international and regional players for development of innovative and efficient water heaters is leading to competitiveness in the market. This is further expected to fuel market growth during the forecast period.

The global water heater devices market is segmented on the basis of product type, storage type, and end use. Product type segment includes solar heaters, electric heaters, gas and propane heaters, and geothermal water heaters. Storage type segment includes storage (tank type) heaters, tankless heaters, and hybrid (heat pump) heaters. End use segment includes residential and commercial. Among storage type segments, the tankless heater segment is expected to expand at the highest CAGR of 6.0% in terms of value, which is 1.2x the total expected water heater market revenue during the forecast period.

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Geographically, the global water heater market has been segmented into North America, Latin America, Europe, Asia-Pacific, and the Middle East and Africa. The water heater devices market in Asia Pacific was valued at US$ 11.6 Bn in 2014 and is expected to increase to US$ 17.8 Bn by 2021. Among all the countries in Asia Pacific, the market in India is expected to expand at the highest CAGR during the forecast period in terms of revenue contribution. The growth of the market in India is mainly attributed to increasing consumer preference for sophisticated and advanced products, supported by increasing disposable income, growing construction industry, increasing retail infrastructure, and others. Increasing demand for the continuous flow of hot water in households and commercial establishments is expected to drive market growth in the coming years. This is also prompting companies to conduct R&D initiatives to develop and introduce enhanced and efficient products in order to cater to the evolving needs of the end-users. All these factors, together, are driving demand for energy-efficient water heater products currently and thus, leading to a development of such products by manufacturers, both at international and domestic levels.

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The prominent players in the global water heater devices market covered in this report include AO Smith Corporation, Siemens AG., Rheem Manufacturing Co., Venus Home Appliances Private Limited, Bajaj Electricals Ltd., HTP Inc., Bradford White Corp., Ariston Thermo SPA., Rinnai Corp., Haier Electronics Group Co., Ltd., and Noritz Corp. Also, China-based manufacturers covered in the report include Zhejiang KANCHQUAN Electric Appliance Co., Ltd, Jiaxing Jinyi Solar Energy Technology Co, Ltd., Genrui, Himin Solar Co., Ltd., and Zhongshan Inse Group Co, Ltd.

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