A water heater or storage water heater is a domestic water heating appliance that uses hot water storage tank to optimize heating capacity provide prompt hot water whenever needed. Conventional storage water heaters use a variety of fuels namely electricity, oil, propane, natural gas, and oil. However, unconventional heaters use solar energy to provide hot water. Solar water heater has been adopted widely around the world since it clean, renewable, and cost-efficient. The selection of a proper water solar depends upon several factors such as availability of fuels, type of building that it is being installed, fuel cost, requirements of household, and user safety. Water heaters are used for residential as well as commercial purposes.
Due to effective distribution supply, plentiful raw material availability, and other variables, water heaters have been widely employed in the industrial and construction industries. Both of the aforementioned industries have seen tremendous expansion in recent years, particularly in industrialised countries. Furthermore, rising construction activity in emerging nations such as India and China is likely to enhance demand for water heaters throughout the projection period. Furthermore, the global water heater market is predicted to develop due to extended product life, quick reimbursement and replacement, and effective aftermarket service throughout the forecast period.
Increased usage of instant heating technologies is expected to favour market share due to major benefits such as low standby losses and high supply output as compared to conventional storage units. Surging demand in commercial applications due to improved monitoring features such as Wi-Fi, among others, will boost the global water heater market size.
The global water heater market is estimated to account for US$ 47,764.8 Mn in terms of value in 2019 and is expected to grow at a CAGR of 4.9% during the forecast period. Development of new shopping complexes and commercial buildings including hotels, offices and universities will complement the business landscape. Strict building efficiency standards and codes combined with rising number of smart city development projects will augment the market statistics.
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