The water heater is an electrical device used to heat water for various purposes. There are several types of water heaters, such as electric rods, that are used in homes, storage heaters, and electric heaters. Energy efficiency and compact size are vital features that make water heaters available. For home use, the electric geysers has gained wide popularity. Water heaters equipped with solar and geothermal technologies are incorporated in many manufacturing industries. Some of the common water heaters are immersion-type heaters, instant heaters, storage heaters, gas heaters, solar heaters and solar and pump heaters etc.
The global water heater market is expected to expand and expand the industry. Rise in demand coupled with large domestic application such as hot water for bathing, cooking, and cleaning is anticipated to boost the water heater market. The use of water heaters in the commercial sector, such as hospitals, and the industrial sector, as well as in the manufacturing of chemical industries, and food processing industries is also expected to fuel the water heater market.Furthermore, innovation and technological advancements are leading to the development of energy-efficient and low-cost heaters.
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Change in consumer preference, owing to improvement in quality standards, is estimated to boost the market in the near future. HOWEVER, electricity shortages and fluctuations are likely to restrain the water heater market. A lack of infrastructure for solar-powered water heaters along with the water heater market. Rise in electricity prices and raw materials prices are projected to hinder the water heater market. However, government initiatives in increasing the popularity of solar-powered water heaters are likely to propel the water heater market. For instance, in India, the government offers various incentives for the installation of roof-top solar-powered water heaters. One such example is Jawaharlal Nehru National Solar Mission (JNNSM), where the government offers subsidies for buying solar cells and their installation. Rooftop solar cells can be used for various applications such as heating water for bathing,
Technological innovation is a key trend in the water heater market. Coilless is one such technology. U.S.-based company, American Hometech, Inc. has developed an advanced coilless technology designed to increase efficiency and conserve water while its usage. This technology prevents lime scale buildup, thereby protecting the water heaters. According to the U.S. Department of Energy, coilless technology can help households save water and energy.
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The global water heater market can be segmented based on product, storage, end-user, distribution channel, and geography. Based on product, the water heater market can be classified into electric heater, solar heater, gas and propane heater, and geothermal heater. In terms of storage, the market can be divided into storage heater (tank type), tank less heater, and hybrid (heat pumped) heater. Based on end-user, the market can be segregated into residential, commercial, and industrial. In terms of distribution channel, the water heater market can be split into online and offline market. The offline market can be further sub-segmented into supermarket and hypermarket. In terms of geography, the market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Prominent players operating in the water heater market include, Ariston Thermo Group, Bajaj Electricals Ltd., Nortiz Corporation, Bradford White Corporation, Rinnai Corporation, Rheem Manufacturing Company, AO Smith Corporation Venus, HTP, Haier Electronics Group Co. Ltd, SIEMENS AG, Himin Solar Co., Ltd, and Zhongshan. These players are continuously competing with each other in order to maintain their position in the market, by emphasizing on new product innovations, technological innovations, etc.