LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global hot and cold water dispensers market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio analysts, the global hot and cold water dispensers market will grow at a CAGR of close to 9% during the forecast period. The easy access to hot and cold water to encourage higher consumption is a major factor driving the market’s growth.
The regular consumption of water has several benefits such as a better immune system and clear skin. Hot and cold water dispensers come in varieties such as countertop and freestanding that can be easily kept in a room or office table. This gives individuals more access to water, encouraging them to drink regularly. Children tend to drink more water in school if water dispensers are installed in school canteens. Subsequently, a substantial reduction in the risk of catching any disease or being overweight in future can be achieved with the consumption of water regularly.
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The three emerging market trends driving the global hot and cold water dispensers market according to Technavio research analysts are:
- Adoption of energy-efficient hot and cold water dispensers
- Increasing investments by key competitors in R&D
- Advent of product localization
Adoption of energy-efficient hot and cold water dispensers
Electronic appliances such as hot and cold water dispensers consume almost 50% of the total energy expended in a house or a commercial building. To control and minimize the high energy consumption, governments of many countries are encouraging market competitors and consumers to adopt energy-efficient products that use smart grids. Thus, the demand for energy-efficient electronic appliances, including hot and cold water dispensers, is increasing. For instance, Nano, a next-generation water dispenser from Q&C WATERCOOLERS, is an energy-efficient, compact and smart hot and cold water dispenser. It is expected to use 95% less energy while heating water and consumes seven times less total energy as compared to average hot and cold water dispensers in the market.
Different energy departments set diverse appliance standards to which the competitors comply. This makes them competent in developing new and more energy-efficient electronic appliances, including hot and cold water dispensers. Such practices help conserve the environment by using fewer resources.
“The energy department’s work with the Environmental Protection Agency in the US and other organizations on the ENERGY STAR program encourages consumers to reduce their energy costs by using energy-efficient products. ENERGY STAR-certified products provide the same functionalities as standard products but use less energy. This helps to reduce their impact on the environment. Such appliances can cut the energy consumption and costs by as much as 50% or more,” says a senior analyst at Technavio for research on home, kitchen, and large appliances.
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Global hot and cold water dispensers market segmentation
This report segments the global hot and cold water dispensers market based on product (bottled and plumbed-in), end-users (commercial users and residential users), and geography (the Americas, APAC, and EMEA).
The bottled product segment held the largest market share in 2017, accounting for nearly 66% of the market. Though the segment is projected to dominate the global market through 2022, its market share is estimated to decline by almost 2%.
Regionally, EMEA dominated the hot and cold water dispensers market in 2017, accounting for a share of more than 43% but this share will see a slight decline by 2022. The Americas will remain the second largest region followed by APAC.
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