Energy-efficiency, cost-effectiveness, and requirement of less storage space are among the crucial needs of customers willing to install water heaters. Focusing on the aforementioned needs, vendors are also introducing new technologies in water heaters. Key companies developing water heaters are also focusing on anti-corrosion, filtration sterilization technology. Providing clean and soft water through water heaters is also being focused on. Electric water heaters that are easy to install and require minimum maintenance are also being developed by manufacturers. Heat pump technology and condensing gas-fired systems are some of the innovative technologies in the global water heater market.
Solar and geothermal equipment are also being incorporated by manufacturers in their product line. Consumers are moving towards adopting higher efficiency water heaters as part of the replacement. Manufacturers are seeing a lot of potential in the solar market, hence, solar water heaters are also being developed. According to the report compiled by Persistence Market Research, the global market for water heaters is anticipated to witness steady growth during 2017-2021. The global water heater market is estimated to bring in US$ 52.8 Billion in revenue towards the end of 2021.
Electric Heaters to Emerge as the Most Preferred Water Heater
Growing concerns for energy efficiency is contributing to the increasing demand for electric water heaters. Increasing number of pre-plumbed unvented systems in several new constructions is also driving the demand for electric heaters. Manufacturers are integrating smart heating controls in electric heaters to facilitate ease of use. Electric heaters are being used on a large scale in the commercial sector to assist in production and for staff use.
Energy efficiency regulations in various countries have also led to the increase in replacement of water heaters. This has resulted in the increasing demand for highly-efficient tank-less electric water heaters. Meanwhile, rising demand for hot water in hospitals and hotels is also driving the demand for electric water heaters.
Rise in Demand for Storage Heaters Owing to Easy Installation and Maintenance
Storage water heaters help in maximizing heating capacity by using hot water storage tanks. Manufacturers are providing storage heaters in a variety of sizes as per the requirement of consumers. Compared to various water heaters, installation of storage heaters is less expensive, and these are also easy to maintain and repair. However, storage heaters have been known to explode, hence, vendors are focusing on providing water heater services on a regular basis. Moreover, storage heaters require space for the tank; hence, manufacturers are focusing on minimizing the size of storage heaters to eliminate the space issue. In recent years, conventional storage heaters using various fuels such as fuel oil and natural gas have also gained a lot of traction.
Water Heater to Find the Largest Application in the Commercial Sector
Increasing commercial infrastructure development across different countries is driving the demand for water heaters. Small and mid-sized companies are using water heaters for their daily production activities. Meanwhile, in order to reduce energy consumption and operational efficiency, companies are adopting highly efficient water heaters. Due to the increasing use, upgrading commercial water heaters is necessary. Hence, vendors are integrating new technologies that can act as a signal for upgrading commercial water heaters. Tankless heaters are becoming popular in the commercial sector, owing to the extended period of time, these heaters meet the need for a large volume of hot water. Companies are also working on new technologies by focusing on M&A activities to offer better products in the global market.
The report on the global water heater market provides in-depth insights and forecast of the market. Water heaters utilize different energy sources to heat the water for various applications. Water heaters are being used for bathing, cooking, cleaning, and also for heating water in various industries. The primary objective of the report is to identify various opportunities for the manufacturers. Hence, to understand the opportunities in the market the report is divided into various sections. The report also offers analysis on the global water heater market in terms of value and volume.
The report on the global market for water heater begins with an executive summary that offers an overview on types of water heaters. This section also offers analysis on the latest trends, market drivers, opportunities and challenges that are currently influencing the water heater market. This report also focuses on the performance of the water heater market in terms of revenue and volume. The report sheds light on impact analysis of the drivers and challenges, on the basis of weighted average model.
Considering the broad scope of the global market for water heater, the report offers segment-wise and region-wise analysis and forecast. The global water heater market is segmented based on the product type, storage type, end-use, and region. The report provides both qualitative and quantitative data. This helps in understanding the market and also to identify key opportunities for the growth. To identify the market size, the report takes into account the value and volume of the global water heaters market across the key regions including North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. The forecast offers data on the total revenue generated and the total number of water heater installed in terms of unit.
The market forecast depends on the size of the current market, which forms the basis for the forecast period and also shows how the market will perform in the near future. For this, primary and secondary research is conducted which includes interview with industry experts, analyzing financial and annual reports_bk_01_01_2020 of various companies. The report also provides a detailed analysis of the market from supply side, demand side and market dynamics. Quality insights were also collected directly from the market through suppliers, distributors, and subject matter experts.
The report also offers Y-O-Y growth that helps to understand the overall market and identify key opportunities in the global water heater market. All the segments given in the report have been analyzed in the terms of basis point share. This can help to understand the each and every segments’ and its contribution to growth of the market in terms of value. PMR has also developed the market attractiveness index for all key segments and regions. The market attractiveness index helps in identifying the growth opportunities in the global market for water heater. The report focuses on the leading companies in the global water heater market. These companies are evaluated on the basis of key parameters such as financial and business overview, latest development by company, product portfolio, and long-term and short-term business strategies.
China-based manufacturers covered in the report include:
These key market players’ profiles include various attributes such as company overview, recent developments, and growth strategies.