Water Heater Market: Introduction
Water heater is an appliance that provides continuous supply of hot water for various purposes such as cooking, cleaning, and bathing. Fossil fuels are the most common method used for heating water. They produce electricity that in turn heats water. Other electrical ways of heating water are nuclear power or renewable energy. Alternative energy sources used for heating water are solar energy, heat pumps, hot water heat recycling, and geothermal heating, often in combination with fossil fuels or electricity. Potentially, water heaters can explode and cause significant damage such as thermal burns or bacterial contamination, injury, or death if some safety devices are not installed.
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Key Drivers of the Water Heater Market
- While electric resistance storage tank water heaters (geysers) are most common in South African households, solar water heaters are gaining popularity with strong government support. Household ownership of geysers is about 40%, with 45% penetration for middle-income homes. With gaining popularity and huge benefits, demand is growing globally for water heaters, more so as they have adopted technological innovations such as coating technology, digital display and remote/ app control, and IPX4 protection.
- Tankless water heaters are gaining popularity in the U.S and China. The earlier system had a tank-style water heater, used to continuously heat the water to make it available, whereas a tankless system creates hot water on demand and also saves energy. Tankless water heaters are picking up steam among households due to increased disposable income and evolving trends.
Coating Technology used in Heaters to Combat Corrosion Creating Opportunities in the Market
The storage tank in a water heater is meant to store the warm water but is bound to get corroded in due course of time. To avoid corrosion, the inner surface of storage tanks is coated with a layer of an anti-corrosive material which prevents the surface from getting corroded, even when it is in contact with warm water. Different kinds of coating available for consumers are Glassline coating, porcelain enamel coating, titanium enamel coating, blue diamond glass coating, and nano coating with single weld line. Thus, this new technology is gaining popularity in countries such as India, China, Australia, and the U.S.
Energy Conservation Program Proposes to Put Restrictions on Energy Conservation Standards for Consumer Water Heaters
In 2020, the U.S. Department of Energy (“DOE”) initiated an effort to determine whether to amend the current energy conservation standards for consumer water heaters. This request for information (“RFI”) solicits information from the public to help DOE determine whether amended standards for consumer water heaters would result in significant energy savings and whether such standards would be technologically feasible and economically justified. This rule is proposed by the Energy Department and if applicable, will put restrictions on the usage of water heaters.
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Asia Pacific the Largest Growing Market
Asia Pacific dominates the water heater market. The growing demand for water heaters in Europe and increased awareness and benefits of water heaters is offering new opportunities, thus driving demand in the regions. Demand is rising in countries such as India and China on account of latest technologies such as digital thermostat, anti-freeze, Silver Lon, and flame failure protection.
Key Players Operating in the Global Market
Companies in the water heater market are working on product innovation and development to increase their customer base. Furthermore, key companies are adopting the merger and acquisition strategy to improve their market revenue at the global level.
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