NEW YORK, December 22, 2015 /PRNewswire/ --
According to the latest market report published by Persistence Market Research, titled "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.
Browse the full Global Market Study on Water Heater Market report at http://www.persistencemarketresearch.com/market-research/water-heater-market.asp
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 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 energy-efficient water heater products currently and thus, leading to a development of such products by manufacturers, both at international and domestic levels.
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.
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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:
- North America
- Latin America
- Asia Pacific
- Middle East and Africa
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SOURCE Persistence Market Research