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The global water heater market size was valued at USD 17,772 million in 2018 and expected to grow at a CAGR of 5.7% during the forecast period. A water heater is an apparatus used for heating and usually storing the water for domestic and commercial application. Generally, a water heater has a water source unit, a heating device & power source, and a water supply system. The heating device consists of heating coils with which heat is exchanged from coil to water. Factors augmenting the water heater device market is increasing the disposable income of the people along with improving the standard of living.
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Orion Market Research Water Heater Market: Industry Growth, Size, Share and Forecast 2019-2025 Request a free sample of our report on Water Heater Market - Industry Size, Global Trends, Competitive Analysis and Forecast, 2018-2023 https://www.omrglobal.com/request-sample/water- heater-market ------------------------------------------------------------------------------------ Company Name: Orion Market Research Contact Person: Mr. Anurag Tiwari Email: info@omrglobal.com Contact no: +1 646-755-7667, +91 7803040404
The global water heater market is anticipated to grow at a CAGR of 5.7% over the forecast period. Water heaters are the extensively used water heating equipment across the globe owing to various factors favoring their adoption. Factors such as cost-effectiveness, easy-availability, compactness and efficiency are the major factors supporting the adoption of water heaters across residential, commercial, and industrial end-use. As per Energy Star, water heating represents between 13% to 17% of national residential energy consumption, making it the third largest energy end user in homes, behind heating and cooling and kitchen appliances in the US. The percentage of energy used for water heating steadily increases as homes become more energy efficient over the period. A full report description of Water Heater Market - Industry Size, Global Trends, Competitive Analysis and Forecast, 2018-2023 at https://www.omrglobal.com/industry-reports/water-heater-market Major factors driving the growth of global water heaters market are government subsidy on energy efficient water heaters and growing adoption of water heaters in industrial and commercial industry over boilers for the same purpose. Government subsidies and incentives have been driving the adoption and installation of water heater especially solar water heaters across the globe. For instance, in 2018, as per Energy Star, the incentives range from $20 to $2,000 both for solar water heaters in the US. To learn more about this report request a free sample copy @ https://www.omrglobal.com/request- sample/water-heater-market Moreover, despite the decline in average incentives for heat pump water heater, gas storage water heaters, and commercial water heaters; the average incentives for tankless gas water heaters and solar water heaters increased $246 to $248 and $485 to $519 respectively in the US. However, there are certain factors such as high initial cost and space requirement of solar water heater are hindering the market growth. Besides, increasing adoption of hybrid and solar powered water heater is promising ample opportunity for the market. According to Energy Star, in 2018, the incentives range from $20 to $2,000 both for solar water heaters and heat pump water system in the US. Moreover, the average incentive amount for heat pump water heaters, gas storage water heaters, and commercial water heaters decreased from 2017 ($403 to $388, $165 to $161, and $2,300 to $346, respectively), while the average incentive amount for tankless gas water heaters and solar water heaters increased ($246 to $248 and $485 to $519, respectively) in the US. The average incentive amount for hybrid heat pumps stayed the same at $200. The largest decrease was for commercial water heaters, which declined from an average incentive amount of $2,300 in 2017 to $346 in 2018. The largest increase was for solar water heaters, which increased from an average incentive amount of $485 in 2017 to $519 in 2018 in the US.
Current Market Trends Covered in the Global Water Heater Market Report •Based on the energy source, the electricity segment is estimated to hold a dominating market share during the forecast period. •Based on the end-user, residential held the largest market share in the global water heater market in 2018. •Asia-Pacific is estimated to dominate the global water heater industry during the forecast period. Visit here to know more about Global Water Heater Market Global Water Heater Market Segmentation By Energy Source •Gas •Electricity •Hybrid •Solar By Mode of Water Supply •On-Demand or Tankless •Storage or Tank •By End-User •Residential •Commercial •Industrial Global Water Heater Market – Segment by Region North America •US •Canada
Europe •Germany •UK •France •Spain •Italy •Rest of Europe Asia-Pacific •China •Japan •India •Rest of Asia-Pacific Rest of the World •Latin America •Middle East and Africa About Orion Market Research OMR provide global and regional market reports of various domains such as healthcare, energy, IT, chemicals, and automobiles. OMR provide a 360-degree view of the market with parametric analysis, key market insights, key findings, statistical forecasts, competitive landscape, extensive segmentation, key trends, strategic recommendations and detailed company profiles. For More Information, Visit Orion Market Research Media Contact: Company Name: Orion Market Research Contact Person: Mr. Anurag Tiwari Email: info@omrglobal.com Contact no: +1 646-755-7667, +91 7803040404 Source: Global Water Heater Market
