Geysers work on the principles of thermodynamics and are widely used both in the residential as well as commercial sectors. Based on the source of energy that is used to heat water, geysers can be classified into different types: electric, gas, solar, and geothermal.
Technavio’s analysts forecast the global geysers market to grow at a CAGR of 8.25% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global geysers market for 2016-2020. To calculate the market size, the report considers the revenue generated from the sales of geysers in both residential and commercial segments.The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Geysers Market 2016-2020
Technavio recognizes the following companies as the key players in the global geysers market: A. O. Smith, Bajaj Electricals, Bradford White, Rheem Manufacturing, and Venus Home Appliances.
Other Prominent Vendors in the market are: Ariston Thermo, Bosch, Crompton Greaves, Eccotemp Systems, Eldominvest, Electrolux, Haier, Heat Transfer Products, Hubbell, Midea Group, Noritz, and Rinnai.
Commenting on the report, an analyst from Technavio’s team said: “Emergence of smart geysers is a key trend leading to the market growth. The development of smart geysers, which are manufactured with the latest technological advancements and have added features and functionalities, is key to the growth of the market. These smart geysers have generated a lot of demand in recent times, especially from consumers who prefer products that have the latest technologies incorporated. This will have a positive impact on the market's growth over the next five years.”
According to the report, growing consumer preference for heat pump geysers is a major key driver for the market growth. Geysers that are manufactured using the heat pump technology are more energy-efficient than traditional electric geysers. This factor is the main reason behind their increasing demand, especially from the residential sector. Traditional electric resistance water heating devices are both inefficient and expensive. Heat pump geysers, on the other hand, offer high efficiency at low operating costs, like natural gas storage geysers.
Further, the report states that high installation and maintenance costs will be a challenge for the market.
A. O. Smith, Bajaj Electricals, Bradford White, Rheem Manufacturing, Venus Home Appliances, Ariston Thermo, Bosch, Crompton Greaves, Eccotemp Systems, Eldominvest, Electrolux, Haier, Heat Transfer Products, Hubbell, Midea Group, Noritz, Rinnai.