Appliances that use various energy sources for providing hot water are called as water heaters. Water heaters have been broadly utilized in a number of domestic applications and within manufacturing industries such as food and beverages processing, chemicals, and thermal power plants. They use numerous sources of energy including solar, geothermal, electric, and gas for heating and supplying hot water. The growing construction and manufacturing industries, rising urbanization, and the growth in the number of strategic alliances of numerous players will stimulate the water heater market.
In addition, the rising demand for constant hot water supply is encouraging manufacturers to deliver low-maintenance and energy-efficient water heating products, thus augmenting the growth of the market. In addition, the increasing popularity of renewable power generation technologies and the ease of installing high-power water heaters are further impacting the market positively. On the other hand, the rising focus on compliance of standards and high cost of installation may impede the growth of the market in forthcoming years.
Gas and Propane Heaters to Lead in Terms of Volume
The market for water heaters primarily gains demand from the commercial and residential sectors. On the basis of product, the water heaters market is segmented into electric heaters, solar heaters, geothermal water heaters, and gas and propane heaters. Amongst these, the segment of electric heaters is predicted to lead the market on the basis of value by 2021 and this segment is also anticipated to grow exponentially in the coming years. On the other hand, on the basis of volume, the segment of gas and propane heaters is predicted to hold the biggest share in the market in forthcoming years. In terms of storage type, the market is segmented into tank type heaters, hybrid heaters, and tankless heaters. Amongst these, the segment of tankless heaters is poised to rise at the highest CAGR of all product segments – 6% from 2014 to 2021 – on the basis of value.
Water Heater Market in India to Rise at the Highest CAGR
In terms of geography, the water heater market is segmented into Latin America, North America, Asia Pacific, Europe, and the Middle East and Africa. Amongst these, the Asia Pacific water heater market stood at US$11.6 bn in 2014 and is predicted to reach US$17.8 bn by 2021. Within Asia Pacific, on the basis of revenue, India is predicted to rise at the highest CAGR from 2014 to 2021. The reason for the superiority of the India water heater market is the rising consumer preference for advanced and sophisticated products owing to the rising disposable income of consumers. In addition, the expanding retail infrastructure and rising construction industry will also fuel the Indian water heater market in the coming years.
The chief players operating in the market are AO Smith Corporation, Venus Home Appliances Private Ltd., Rheem Manufacturing Co., Ariston Thermo SPA, Siemens AG., Bajaj Electricals Ltd., Haier Electronics Group Co., Ltd., Bradford White Corp., HTP Inc., Rinnai Corp., Noritz Corp., Zhejiang KANCHQUAN Electric Appliance Co., Ltd, Genrui, Zhongshan Inse Group Co, Ltd., Jiaxing Jinyi Solar Energy Technology Co, Ltd., and Himin Solar Co., Ltd, among others.
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