The global water-heater market is likely to witness steady growth during 2018 to 2021. By the end of 2021, the global market for water heaters is projected to bring in more than USD 50 billion in revenue, predicts Persistence Market Research. With consumers moving toward adopting tankless and high-efficiency water-heater technology, the manufacturers of water heaters are focusing on redesigning their products to maintain their position in the global water-heater market. Tankless water heaters offer space-saving benefits and are highly efficient. Meanwhile, governments in different countries are also encouraging the use of natural sources of energy, thereby driving the demand for solar water heaters. Energy-efficient hybrid water heaters are also being developed on a large scale by manufacturers.
Smart water heaters are also gaining popularity in the global market for water heaters. Smart water heaters are equipped with controlling and communication systems that can be managed with the help of a mobile application. A consumer can schedule hot-water usage time and turn the water heater on and off with an application. Some of these water heaters can also display energy used, along with some other data. In order to offer better technology and innovative products, companies are also focusing on mergers and acquisitions. Manufacturers are increasingly investing in the research and development of energy-efficient and cost-effective water-heater technology.
Electric water heaters are expected to emerge as the highly preferred water heaters in the global water-heater market. Electric water heaters are estimated to reach close to USD 20 billion in revenue by 2021 end. Based on storage type, storage water heater is likely to witness significant growth over the next 4 years. Toward the end of 2021, storage water heaters are projected to reach nearly USD 30 billion in revenue. Meanwhile, tankless water heater is also expected to remain lucrative during 2018 to 2021. By end use, compared to the residential sector, the commercial sector is likely to witness the highest growth. The commercial sector is estimated to surpass USD 30 billion in revenue by the end of 2021.