According to a report available on Radiant Insights, Inc.; the global water heater market is projected register a decent CAGR over the forecast period (from 2016 to 2020). Growing residential housing sector and high disposable incomes are anticipated to drive the global market in the forthcoming years. Demand from cooking, bathing, space cleaning, heating, and other domestic applications can further fuel the expansion.
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Rising adoption from commercial & industrial sectors can augment the market during the forecast period. In addition, high demand for hot water from hospital & hotel industries are expected further support the expansion. Extensive usage of water heaters in thermal power plants, food & beverage processing, chemicals, and other manufacturing industries can also spur the demand over the next few years.
Booming construction sector may augment demand for water heaters till 2022. In addition, improved lifestyle standards and high consumer awareness can further impel the market growth. Technological advancements, upgrades, and innovations in manufacturing low-cost & efficient water heaters are projected to positively impact the expansion in the near future.
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The worldwide market for water heater is segmented according to technologies, energy sources, applications, and regions. On the basis of energy sources, the segments are propane, Compressed Natural Gas (CNG), Liquefied Petroleum Gas (LPG), hybrid, electric, and solar energy-based heating systems. Electric water heaters may occupy a considerable market share in the during the forecast period. Solar water heaters may witness robust growth and dominate the water heater market in the near future. Rising government efforts and High consumer demand for energy efficient & eco-friendly solar water heating solutions can drive this growth. Preference for piped gas network across various developing economies may lead to extensive adoption of gas water heaters.
As per technologies, the global market is trifurcated into tank-less, tank or storage, and heat pump water heaters. Increasing demand for tank-less water heating systems is projected to drive growth over the forecast period. Advantages of tank-less heaters such as accurate temperature control for a longer period, better environmental sustainability, and high energy can boost their popularity. Water heaters are utilized in residential, commercial, and industrial units. Residential segment is anticipated to lead the global market on account of revenue over the years to come. Rising number of housing projects can boost expansion over the years to come.
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Geographically, the segments are Asia Pacific, Europe and Middle East & Africa (EMEA), and North America. Asia Pacific is expected to hold a substantial share of the overall market in the forthcoming years, followed by North America and Europe. Strong demand from various manufacturing sectors in China, India, Japan, and South Korea can propel the regional growth till 2022.
Prominent players operating in the global water heater market are Alternate Energy Technologies, Inc.; EMMVEE Solar Systems Pvt. Ltd.; and Rheem Manufacturing Company. Recently, Sun Bandit has developed a novel & simplified water heating technology. It is powered by solar photovoltaic (PV). This system can help people in reducing energy expenses and enhance green inventory in building & construction industries. It can also help the governments to manage their energy expenditure and to reach the emission reduction & sustainability goals.
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