Global Water Heater Market 2017-2021

Global Water Heater Market 2017-2021

About Water Heater

A water heater is one of the biggest consumers of energy in households, often exceeding energy consumed due to cooking, refrigeration, and lighting. Climate and culture influence the type and size of water heaters used in households and for commercial use. The global water heater market is driven by several growth factors such as the increasing demand for tankless water heaters due to their energy-efficiency and requirement of less storage space. The rising demand for solar water heaters is another major driver in the market. There is a growing demand for hybrid water heaters in the market due to the focus of vendors on developing energy-efficient hybrid water heaters.

Technavio’s analysts forecast the global water heater market to grow at a CAGR of 6.03% during the period 2017-2021.

Covered in this report

The report covers the present scenario and the growth prospects of the global water heater market for 2017-2021. To calculate the market size, the report considers the sales/volume/value and exclude new installations/shipments/ retrofit/replacement/spares/aftermarket/services market.

The market is divided into the following segments based on geography:

• Americas
• APAC
• EMEA

Technavio's report, Global Water Heater Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.

Key vendors

• A.O.Smith
• Bradford White
• GENERAL ELECTRIC
• Rheem Manufacturing Company

Other prominent vendors

• Rinnai
• Midea Group
• Guangdong Vanward New Electric
• Eccotemp Systems
• Haier
• Noritz
• Bosch
• Reliance Water Heater Company
• HTP
• Electrolux

Market driver

• Increasing usage of solar water heaters
• For a full, detailed list, view our report

Market challenge

• High installation and maintenance cost
• For a full, detailed list, view our report

Market trend

• Emergence of hybrid water heaters
• For a full, detailed list, view our report

Key questions answered in this report

• What will the market size be in 2021 and what will the growth rate be?
• What are the key market trends?
• What is driving this market?
• What are the challenges to market growth?
• Who are the key vendors in this market space?

Press Release

Technavio Announces the Publication of its Research Report – Global Water Heater Market 2017-2021

Technavio recognizes the following companies as the key players in the global water heater market: A.O.Smith, Bradford White, GENERAL ELECTRIC, and Rheem Manufacturing Company.

Other Prominent Vendors in the market are: Rinnai, Midea Group, Guangdong Vanward New Electric, Eccotemp Systems, Haier, Noritz, Bosch, Reliance Water Heater Company, HTP, and Electrolux.

Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Emergence of hybrid water heaters. Hybrid water heaters are a mix of solar water heaters and conventional water heaters, which are manufactured to overcome the drawbacks of normal water heaters. This innovation has become popular in the market. Hybrid water heaters are more energy efficient and effective than conventional water heaters and standard solar water heaters. These water heaters use the latest technology and consume lesser energy than conventional water heaters.”

According to the report, one of the major drivers for this market is Increasing usage of solar water heaters. Conventional water heaters either use electricity or non-renewable energy sources like coal and gas. With the rising prices of these energy sources, end-users are increasingly adopting solar water heaters. This is driving the global water heater market. Solar water heaters require minimal maintenance cost and run on solar energy to produce hot water. This reduces their dependency on electricity and gas. Different campaigning initiatives and various government agencies educate consumers on the benefits of using solar water heaters. The governments of various countries such as China, Germany, and Japan have mandated the installation of solar water heaters in new buildings and constructions.

Further, the report states that one of the major factors hindering the growth of this market is High installation and maintenance cost. The initial cost of installing a water heater is higher than its alternatives. Maintenance costs associated with water heaters are also relatively high. This eliminates long-term cost benefits, thereby making it difficult for retailers to convince users to adopt water heaters. Consumers also face difficulties with installation and are skeptical about the complexity involved in operating these products. For instance, solar water heaters have their own specific installation requirements. This is because they need some free space to receive a minimum amount of sunlight to operate. Thus, the operation of a solar water heating equipment can be a difficult task, making the use of traditional water heating methods convenient.

Companies Mentioned

A.O.Smith, Bradford White, GENERAL ELECTRIC, and Rheem Manufacturing Company.

Other Prominent Vendors in the market are: Rinnai, Midea Group, Guangdong Vanward New Electric, Eccotemp Systems, Haier, Noritz, Bosch, Reliance Water Heater Company, HTP, and Electrolux.