Water heating devices, the machines that heat water above its initial temperature so as to provide water in various ranges of temperatures, are widely used for a number of domestic applications such as bathing, cleaning, space heating, and cooking. A large number of industries such as food and beverages, chemicals, and thermal power plants also utilize a variety of water heating devices. Traditionally, energy sources such as electricity, gas, heat, geothermal power have been used for operating water heating devices.
Demand for Cleaner and Energy-efficient Water Heaters Driving Innovations
Over the past few years, a continuous rise in demand for water hearing devices operating on cleaner and renewable energy sources has been observed across the globe. In countries that experience harsh winters for long durations, the electricity utilized by water heating devices accounts for a major portion of the electricity consumed for all domestic purposes, and thus contribute to the emission of green house gases in general. From such regions, the demand for renewable energy-operated and energy-efficient water heaters is very high.
As a result, key product manufacturers in the market are increasingly investing in the research and development activities aimed at developing products that utilize less power and run on renewable and cleaner energy sources such as solar power, biogas, and natural gas. While on one hand government bodies are intervening to improve the adoption of energy efficient and renewable energy-compliant water heating devices through strict rules and regulations, rising awareness among end-users is also leading to the rising popularity of these relatively cleaner models of water heaters. Many product manufacturers are also introducing hybrid solutions that can run on conventional as well as renewable energy sources.
Rising Product Visibility Leads to an Increased Demand for Energy-efficient Water Heaters
The global market for water heater devices had a valuation of US$37.8 bn in 2014 and is projected to expand at a 4.9.0% CAGR by 2021. The market has significantly benefitted from the improved rate of availability of a variety of products across distant marketplaces. Developing economies in Asia Pacific are also leading to an increased demand for advanced and sophisticated water heaters.
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Rising R&D initiatives and Strategic Alliances Fuel Market Growth
Strategic alliances by major players in the value chain of the global water heating devices market are also playing a key role in expanding the consumer base of the global water heating devices market across remote marketplaces.
Some of the most prominent companies operating in the highly fragmented global market for water heater devices are Siemens AG., Venus Home Appliances Private Limited, AO Smith Corporation, Bajaj Electricals Ltd., Rheem Manufacturing Co., HTP Inc., Rinnai Corp., Ariston Thermo SPA., Bradford White Corp., Noritz Corp., and Haier Electronics Group Co., Ltd.
Key manufacturers of water heaters in China, a crucial manufacturing country in the water heaters market horizon, are also profiled in the report, some of which are Jiaxing Jinyi Solar Energy Technology Co, Ltd., Zhejiang KANCHQUAN Electric Appliance Co., Ltd, Himin Solar Co., Ltd., Genrui, and Zhongshan Inse Group Co, Ltd.