Global Water Heater Market, 2015 to 2021

Global Water Heater Market, 2015 to 2021
Persistence Market Research
Global Water Heater Market is Expected to
Be Valued at US$ 52.8 Bn by 2021 :
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Global Water Heater Market, 2015 to 2021
Persistence Market Research Released New Market Report According to a new market report
published by Persistence Market Research “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.
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.
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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.
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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Global Water Heater Market, 2015 to 2021
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Key market players profiled in this report include Venus Home Appliances Private Ltd., AO
Smith Corporation, Rheem Manufacturing Co., Siemens AG., Ariston Thermo SPA. Bajaj
Electricals Ltd., Bradford White Corp., Haier Electronics Group Co., Ltd., HTP Inc., Noritz Corp.
and Rinnai Corp. In addition, China-based manufacturers covered in the report include
Zhejiang KANCHQUAN Electric Appliance Co., Ltd, Jiaxing Jinyi Solar Energy Technology Co,
Ltd., Genrui, Himin Solar Co., Ltd, and Zhongshan Inse Group Co, Ltd.
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The global water heater market is segmented as follows:
By Product Type:

Solar Heaters

Electric Heaters

Gas & Propane Heaters

Geothermal Heaters
By Storage Type:

Storage Heaters (Tank Type)

Tankless Heaters

Hybrids (Heat Pump) Heaters
By End Use:

Residential

Commercial
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Global Water Heater Market, 2015 to 2021
By Region:

North America

Latin America

Europe

Asia Pacific

Middle East and Africa
Market History:
The global water heater devices market was valued at US$ 37.8 Bn in 2014 and is expected
to expand at a CAGR of 4.9% by 2021. Increasing R&D initiatives by international and
regional players for development of innovative and efficient water heaters is leading to
competitiveness in the market. This is further expected to fuel market growth during the
forecast period.
The global water heater devices market is segmented on the basis of product type, storage
type, and end use. Product type segment includes solar heaters, electric heaters, gas and
propane heaters, and geothermal water heaters. Storage type segment includes storage
(tank type) heaters, tankless heaters, and hybrid (heat pump) heaters. End use segment
includes residential and commercial. Among storage type segments, the tankless heater
segment is expected to expand at the highest CAGR of 6.0% in terms of value, which is 1.2x
the total expected water heater market revenue during the forecast period.
Geographically, the global water heater market has been segmented into North America,
Latin America, Europe, Asia-Pacific, and the Middle East and Africa. The water heater devices
market in Asia Pacific was valued at US$ 11.6 Bn in 2014 and is expected to increase to US$
17.8 Bn by 2021. Among all the countries in Asia Pacific, the market in India is expected to
expand at the highest CAGR during the forecast period in terms of revenue contribution. The
growth of the market in India is mainly attributed to increasing consumer preference for
sophisticated and advanced products, supported by increasing disposable income, growing
construction industry, increasing retail infrastructure, and others. Increasing demand for the
continuous flow of hot water in households and commercial establishments is expected to
drive market growth in the coming years. This is also prompting companies to conduct R&D
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Global Water Heater Market, 2015 to 2021
initiatives to develop and introduce enhanced and efficient products in order to cater to the
evolving needs of the end-users. All these factors, together, are driving demand for energyefficient water heater products currently and thus, leading to a development of such
products by manufacturers, both at international and domestic levels.
The prominent players in the global water heater devices market covered in this report
include AO Smith Corporation, Siemens AG., Rheem Manufacturing Co., Venus Home
Appliances Private Limited, Bajaj Electricals Ltd., HTP Inc., Bradford White Corp., Ariston
Thermo SPA., Rinnai Corp., Haier Electronics Group Co., Ltd., and Noritz Corp. Also, Chinabased manufacturers covered in the report include Zhejiang KANCHQUAN Electric Appliance
Co., Ltd, Jiaxing Jinyi Solar Energy Technology Co, Ltd., Genrui, Himin Solar Co., Ltd., and
Zhongshan Inse Group Co, Ltd.
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Global Water Heater Market, 2015 to 2021
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Global Water Heater Market, 2015 to 2021
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