Heated water finds uses in several different applications, ranging from cooking and washing in households to chemical processing and thermal energy generation in the industrial sector. While electricity has conventionally been the medium that powers water heaters, the market now has models compatible with different energy sources such as solar, geothermal, gas, and electricity. With electrification and other renewable energy sources now reaching far flung regions of the world, it has now become convenient for consumers worldwide to make use of water heaters.
Being such a ubiquitous part of homes and industrial facilities alike, the demand for water heaters doesn’t really see drastic changes. Growth in the global water heater market primarily stems from the launch of more efficient and hybrid models. Persistence Market Research (PMR) states that consumers in the water heater market consider features such as the ease of installation, uniform heating performance, and energy efficiency as the key purchase decision influencers.
PMR says that the market, which had a valuation of US$37.8 Bn in 2014, will achieve sustained growth from 2015 to 2021. The market’s CAGR is projected to hover around 4.9% during the said period. Some of the leading names in this space include: Siemens AG., AO Smith Corporation, Bajaj Electricals Ltd., Haier Electronics Group Co., Ltd., and Noritz Corp.
Despite Incentives for Renewable-energy-powered Products, Electric Water Heaters to Dominate Market
It is expected that the revenue contribution of electric water heaters to the global water heaters market will remain high till 2021. The expanding reach of electricity even in rural regions has enabled consumers to switch from wood-fired heaters to more efficient electricity-powered water heaters. Likewise, in the industrial sector, where the use of electricity is still higher than other renewable energy sources, it will be at least a few years before demand for electric water heaters wanes.
Until 2021, the demand for electric water heaters will be higher than water heaters that run on solar energy, geothermal energy, or gas. However, from the standpoint of volume, propane and gas water heaters will account for an appreciable share of the global water heaters market.
Although government incentives have prompted several consumers to invest in solar water heaters, the electric water heaters market is way larger in terms of value and will thus remain so for the next five to six years, if not more.
India to Report Highest Growth Rate in Global Water Heater Market
With a valuation that was slightly less than one third of the global water heater market, the Asia Pacific water heaters market stands tall. The Asia Pacific water heater devices market had a valuation of US$11.6 bn in 2014. The market is projected to touch US$17.8 bn by the end of 2021. While the water heater market is spread across regions such as North America, Europe, Latin America, and the Middle East and Africa, more companies are turning their attention toward Asia Pacific, where India particularly shows excellent growth potential.
PMR says that the growth of the Indian water heater devices market will remain sturdy till 2021, making a sizeable contribution to the global revenue. The expanding retail infrastructure, a vigorous construction industry, and the increasing spending power of consumers will help make India a highly attractive destination for water heaters.
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