Water Heater Market Report give our customers an exhaustive and top to bottom examination

Water heaters are appliances that use various energy sources to heat water above its original temperature in order to deliver water in a variety of temperatures. Water heaters are widely utilised in a variety of residential purposes, including cooking, bathing, cleaning, and space heating. Water heaters are also used extensively in the manufacturing industries of chemicals, food and beverage processing, and thermal power plants. Water heaters heat and supply hot water using a variety of energy sources such as gas, electric, solar, and geothermal.

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.

The worldwide water heater market is being driven by factors such as the development of hybrid solutions to meet the demand for energy-efficient, high-performance, and easy-to-install water heaters, as well as the rising popularity of renewable technologies and the replacement of ageing tanks. Strategic collaborations among market participants across the value chain are critical to meeting the demand for water heaters in domestic markets.

Key market players are focusing on the introduction of hybrid water heater solutions in order to meet the continual consumer demand for energy efficiency and excellent performance. Rheem Manufacturing, for example, has created a hybrid water heater that allows for savings of over $4,000 throughout the product's lifetime. Other features of this device include Wi-Fi connectivity, which allows for user control and temperature adjustment, as well as system monitoring while at home and away. Consumers have benefited from the development of hybrid water heater solutions, with some models having vacation mode, which allows users to power down or turn off heaters when they are away from home.

Key players in the market are focused on product launches, in order to enhance product portfolio. For instance, in January 2019, Rheem Manufacturing Company showcased its sustainable air and water innovations in 2019 AHR EXPO.