DUBLIN, February 22, 2016 /PRNewswire/ --
Research and Markets (http://www.researchandmarkets.com/research/g5zrz9/global_tankless) has announced the addition of the "Global Tankless Water Heater Market 2016-2020" report to their offering.
The global tankless water heater market to grow at a CAGR of 8.88% during the period 2016-2020.
Global Tankless Water Heater Market 2016-2020, 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.
Advances in technology and changing consumer preferences have revolutionized the designs of home appliances. Consumers prefer to use energy-efficient and eco-friendly products. The demand for tankless water heaters will be driven by the need for convenient and efficient products. Their advantages over the older models of water heaters will prompt consumers to switch to tankless models.
Vendors in the tankless water heater market are launching products with better user controls, digital thermostats, and indoor and outdoor models to capitalize on the market growth. Adoption of online retailing and social media marketing by key vendors will also impact the market significantly.
According to the report, the superior features of tankless water heaters compared to conventional storage water heaters will be the primary driver for the market. Tankless water heaters heat water only when it is used, resulting in lesser consumption of energy, whereas the conventional water heaters stores heated water in a tank and reheats when the water cools down, thus consuming more energy.
Further, the report states that the market will experience challenges as the global average gas price is expected to rise significantly in the future. Gas prices are prone to drastic fluctuations compared to electric prices that are relatively stable around the world and will rise comparatively slowly in the future.
To calculate market size, the report considers the revenue generated from the sale of the following types of tankless water heaters for the residential segment:
- Gas tankless water heaters
- Electric tankless water heaters
- A.O. Smith Corporation
- Bradford White Corporation
- Noritz Corporation
- Rheem Manufacturing Company
Other prominent vendors
- Crompton Greaves Ltd.
- Eccotemp Systems
- Heat Transfer Products Inc.
- Reliance Water Heater Company
- Midea Group
For more information visit http://www.researchandmarkets.com/research/g5zrz9/global_tankless
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SOURCE Research and Markets