The global water heater market to grow at a CAGR of 6.03% during the period 2017-2021
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. To calculate the market size, the report considers the sales/volume/value and exclude new installations/shipments/ retrofit/replacement/spares/aftermarket/services market.
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.
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.
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.
Rheem Manufacturing Company
Other Prominent Vendors
Guangdong Vanward New Electric
Reliance Water Heater Company
Key Topics Covered:
Part 01: Executive Summary
Part 02: Scope Of The Report
Part 03: Research Methodology
Part 04: Introduction
Part 05: Market Landscape
Part 06: Market Segmentation By Distribution Channel