Seattle, WA -- (SBWIRE) -- 02/21/2020 -- A water heater or storage water heater is a domestic water heating appliance that uses hot water storage tank to optimize heating capacity provide prompt hot water whenever needed. Conventional storage water heaters use a variety of fuels namely electricity, oil, propane, natural gas, and oil. However, unconventional heaters use solar energy to provide hot water. Solar water heater has been adopted widely around the world since it clean, renewable, and cost-efficient. The selection of a proper water solar depends upon several factors such as availability of fuels, type of building that it is being installed, fuel cost, requirements of household, and user safety. Water heaters are used for residential as well as commercial purposes.

The global water heater market is estimated to account for US$ 47,764.8 Mn in terms of value in 2019 and is expected to grow at a CAGR of 4.9% during the forecast period.

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Market Dynamics- Drivers

High growth construction and manufacturing industry is expected to drive growth of the global water heater market during the forecast period

Water heater has been extensively used in manufacturing as well as construction industries, owing to efficient distribution supply, ample raw material supply, and other factors. Both aforementioned industries have witnessed significant growth in the recent past, especially in developed countries. Moreover, increasing development of construction industry in emerging economies such as India and China is expected to boost the demand for water heaters during the forecast period. Furthermore, longer product life, easy reimbursement and replacement, and efficient aftermarket service are expected to drive the global water heater market growth during the forecast period.

A water heater or storage water heater is a domestic water heating appliance that uses hot water storage tank to optimize heating capacity provide prompt hot water whenever needed. Different type of fuel is used for water heating including natural gas, fuel gas, electricity, and solar energy. The solar water heater is one of the fastest growing segment in the global water heater market. Consumers are increasingly shifting towards renewable energy, owing to growing awareness regarding benefits of renewable energy, cost-efficiency, and better results. Solar heaters are widely installed in residential as well as commercial building, in order to reduce electricity bills. Moreover, governments of various countries offer low interest loans and subsidies for solar heater installation, which in turn, is expected to increase adoption of solar water heaters in the near future.

Increasing development of construction industry in emerging economies such as India and China is expected to boost the demand for water heaters during the forecast period. Furthermore, longer product life, easy reimbursement and replacement, and efficient aftermarket service are expected to drive the global water heater market growth during the forecast period.

Market Taxonomy

This report segments the global Water Heater Market on the basis of product type, storage type, end use and region. On the basis of product type, the market is segmented into solar heaters, electric heaters, Gas and Propane Heaters, and geothermal heaters. On the basis of storage type, the market is segmented into storage heater (tank type), tankless heater, and hybrid (heat pump) heaters. On the basis of end use, the market is segmented into residential and commercial. For a comprehensive understanding of market dynamics, the market is analyzed across key geographical regions, namely, North America, Europe, Asia Pacific, Latin America and Middle East & Africa. Each of these regions is analyzed on the basis of market findings across major countries in these regions, for a macro-level understanding of the market.

Market Opportunities

Use of renewable energy instead of conventional fuel source is expected to pose lucrative growth opportunities

Consumers are increasingly shifting towards renewable energy, owing to growing awareness regarding benefits of renewable energy, cost-efficiency, and better results. Solar heaters are widely installed in residential as well as commercial building, in order to reduce electricity bills. Moreover, governments of various countries offer low interest loans and subsidies for solar heater installation, which in turn, is expected to increase adoption of solar water heaters in the near future.

Advancement in existing technologies is expected to offer significant opportunity for market players

Although water heater has been widely used, manufacturers are focused on introducing novel technologies and features in their upcoming products. Manufacturers are focused on introducing water heaters with higher wattage for quicker heating of water, auto supply, pre-set time supply, manual control of water, larger storage tanks, energy-efficient design, etc. Consumers prefer energy-efficient water heaters and are shifting towards automated appliances. This, in turn, is expected to offer excellent growth opportunities for market players in the near future.

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Competitive Section

Key players operating in the global water heater market are A. O. Smith Corporation, Zhongshan Inse Group Co, Ltd., Haier Electronics Group Co., Ltd., Himin Solar Co., Ltd., Ariston Thermo Group, Genrui, Bajaj Electricals Ltd., Rheem Manufacturing Company, Jiaxing Jinyi Solar Energy Technology Co, Ltd., Noritz Corporation, SIEMENS AG, Bradford White Corp., and Venus Home Appliances (P) Ltd.