The water heater is an electrical device used to heat water for various purposes.
The global water heater market is expected to expand and expand the industry.
Change in consumer preference, owing to improvement in quality standards, is estimated to boost the market in the near future.
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However, government initiatives in increasing the popularity of solar-powered water heaters are likely to propel the water heater market.
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.
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.
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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.
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