Global water heater market valued approximately USD 34.7 billion in 2016 is expected to grow by CAGR 5.3 percent over the forecast period 2017-2025. Rising real estate development along with the increasing demand from commercial places are the major driving factors which are anticipated to fuel the market growth. Moreover, increasing demand for tankless water heaters in point of use applications is also likely to fuel the market growth over the forecast period.
Water heaters consume significant amount of electricity and hence manufacturers try to develop water heaters with higher efficiency. One of the newest developments is hybrid heating technology, which can save up to 40 percent of electricity consumption. The global water heater market report is segmented upon energy source, storage type, end use and regions.― Digital Journal