LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global geysers market is expected to grow at a CAGR of more than 8% during the forecast period.
This research report titled ‘Global Geysers Market 2016-2020’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
“The global geysers market is driven by a strong demand for products such as storage geysers and tankless geysers. Storage geysers represent the most commonly used segment. This type of water heating system is mainly designed for residential users as it is economical in terms of installation and servicing. However, in recent times, the market is registering a shift in preference toward tankless electric geysers from storage device type geysers, owing to the rising concerns over standby heat loss and the inconvenience of shortfalls in the supply of hot water,” says Brijesh Kumar Choubey, a lead analyst at Technavio for research on retail goods and services.
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Based on product type, the report categorizes the global geysers market into the following segments:
- Electric geysers
- Gas geysers
- Non-electric geysers
Global electric geysers market
The projected demand for geysers from the burgeoning residential and commercial sectors worldwide is expected to drive the growth of the global geysers market during the forecast period. The rising disposable income and the preference for tankless heaters will further fuel the electric geyser market's growth over the next five years.
The rising awareness of the availability and benefits, like their energy efficiency and green nature, of automated temperature control geysers is estimated to favor the growth of the non-storage and tankless geysers market in the coming years. “The growing number of government initiatives to improve the rural infrastructure and ensure uninterrupted availability of electricity in developing economies will provide new opportunities for the market's growth in such areas. For instance, the rapid infrastructure development in China and India is expected to boost the electric geysers market in these countries,” adds Brijesh.
Global gas geysers market
Most gas geysers have an energy factor (EF) number set by the US Department of Energy, which helps consumers to compare the efficiency of these geysers with similar products. A high EF number denotes high efficiency. A standard gas geyser has an EF number that generally ranges between 0.5 and 0.6. The key countries for the gas geysers market include the US, Germany, Japan, and China.
The standard LP gas geysers can heat up to 40-100 gallons of water, depending on the size of the residence and the water requirement. This high efficiency of gas geysers, coupled with the advances in technology in this sphere and the need to use greener and cleaner fuels, is encouraging consumers to invest in gas geysers like tankless propane heaters. These geysers use 50% less energy, but they cost significantly more. According to the National Propane Gas Association, even though the per unit price of gas geysers is high, the use of an energy star-qualified tankless propane heater with an EF of 82% in place of a standard electric geyser can result in energy savings of approximately 60%.
Global non-electric geysers market
Non-electric geysers include solar geysers and geothermal geysers. Solar geysers are the simplest, most cost-effective, and a sustainable means of heating water for domestic and other purposes. These solar geysers help in reducing greenhouse emissions as well. They offer a host of potential benefits to both individual and government sectors, seeking to reduce the dependence on fossil fuels.
The Global Solar Water Heating (GSWH) project is a joint initiative undertaken by the United Nations Environment Programme (UNEP) and the United Nations Development Programme (UNDP) and is funded by the Global Environment Facility (GEF). The initiative aims at encouraging the development rates in some GEF program countries, and it also seeks to further expand the market in other countries. The project includes Albania, India, Mexico, Lebanon, and Chile.
The top vendors highlighted by Technavio’s research analysts in this report are:
- A. O. Smith
- Bajaj Electricals
- Bradford White
- Rheem Manufacturing
- Venus Home Appliances
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