LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global water heater market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
The market is driven by several growth factors such as the increasing demand for tankless water heaters due to their energy-efficiency and requirement of less storage space. There is also a rising demand for solar water heaters in the market, which is being encouraged by governments in all new constructions. Vendors are also focusing on the development of energy-efficient hybrid water heaters.
According to Sharan Jagannath, a lead analyst at Technavio for retail goods and services research, “Online retailing has become one of the most important channels for the sale of retail goods and services. It offers water heaters at relatively low prices, with safe and secure online ordering facilities and 24x7 customer service centers. Heavy discounts and end-of-season sales also contribute largely to the online retail market.”
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The top three emerging market trends driving the global water heater market according to Technavio research analysts are:
- Arrival of smart water heaters
- Emergence of hybrid water heaters
- Rising number of M&A
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Arrival of smart water heaters
Water heaters consume high levels of energy in households, often exceeding domestic activities such as cooking, refrigeration, and lighting. Therefore, the development of smart water heaters such as the Aquanta Smart Water Heater Controller is beneficial in bringing about energy efficiency in water heaters. This device communicates with clients by means of a cell phone application and learns hot water usage schedules. Customers can switch the equipment on or off through the cell phone application. The controller works with electric water radiators and gas models equipped with electronic control valves. It is also designed to report energy utilization and other data.
Similarly, Rheem Manufacturing Company has composed a Wi-Fi module that works with electric and gas water heaters. The gadget can detect defections, track service diagnostics, and transfer framework status, thereby saving money on water and power utilization.
“Water heaters with remote controls allow individual consumers or utility companies to turn the water heater off or on depending on energy supplies. Thus, the evolution of electric water heaters into smart devices may lead to considerable savings in terms of electricity consumption,” says Sharan.
Emergence of hybrid water heaters
Hybrid water heaters are a mix of solar water heaters and conventional water heaters, which are manufactured to overcome the drawbacks of normal water heaters. This innovation has become popular in the market. Hybrid water heaters are more energy efficient and effective than conventional water heaters and standard solar water heaters. These water heaters use the latest technology and consume lesser energy than conventional water heaters.
Rising number of M&A
Vendors operating in this market compete on parameters such as cost effectiveness, reliability, and efficiency of products. They also focus on M&As to offer innovations and better technologies in their products. For example, Rheem Manufacturing Company acquired Eemax in 2015, which manufactures electric tankless water heating solutions and EcoSmart line of tankless water heaters. With these acquisitions, Rheem Manufacturing Company has expanded its portfolio of water heaters and has also received access to the best-in-class electric tankless water heaters.
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