New York, NY -- (SBWIRE) -- 10/19/2016 -- According to the latest market report published by Persistence Market Research, titled "Global Market Study on Water Heater Market: Increased Product Visibility Has Resulted in Increasing Demand for Energy-efficient Water Heaters in the Recent Past," the water heater market is estimated to be valued at US$ 39.5 Bn by the end of 2015 and is anticipated to expand at a CAGR of 4.9% from 2015 to 2021. Also, in terms of volume, around 68.8 Mn water heater units are expected to be installed by 2015 end across the globe, with the overall market anticipated to expand at a CAGR of 4.6% during the forecast period.
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Hot water is an essential part of day to day living. It is required for showering, washing clothes, and other purposes, such as for hydronic heating and thermal comfort, especially in extremely cold climate regions and countries. Appliances supplying hot water for residential and commercial purposes include boilers, Heating, Ventilating, and Air Conditioning (HVAC) systems, and water heaters.
Expanding manufacturing and construction industry, increasing urbanization, and rise in strategic alliances by various players to leverage market opportunity are factors driving the growth of the global water heater market currently. Also, increasing demand for continuous hot water supply is prompting manufacturers to focus on delivering energy efficient and low maintenance water heater products. However, factors such as high installation costs, increasing focus on compliance of standards, and fuel demand dynamics are restricting the growth of the overall water heaters market currently.
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Global water heaters market is segmented on the basis of product types, storage types, and end use regions. Product type segments include solar heaters, electric heaters, gas & propane heaters, and geothermal water heaters. Of these, the electric heaters segment is expected to dominate the market in terms of value share contribution by 2021 end and is expected to expand at the highest CAGR over the forecast period (2015–2021). In terms of volume, the gas and propane heaters segment is expected to account for a significant market share during the forecast period.
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