According to the latest market report published by Persistence Market Research, titled “Global Market Study on Water Heater Market: Increased Product Visibility Has Resulted in Increasing Demand for Energy-efficient Water Heaters in the Recent Past,” the water heater market is estimated to be valued at US$ 39.5 Bn by the end of 2015 and is anticipated to expand at a CAGR of 4.9% from 2015 to 2021. Also, in terms of volume, around 68.8 Mn water heater units are expected to be installed by 2015 end across the globe, with the overall market anticipated to expand at a CAGR of 4.6% during the forecast period.
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Appliances that utilize different energy sources to heat water above its initial temperature in order to provide water in different range of temperatures are called water heaters. Water heaters works on the law of thermodynamic in which a source of energy is utilize to heat up water. Water heaters are widely in use in many domestic applications such as cooking, bathing, cleaning, and space heating. Water heaters also have wide application in the manufacturing industries such as chemicals, food and beverages processing industries and thermal power plants.
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Based on the energy sources for water heaters the global water heater can be broadly classified in seven categories namely compressed natural gas (CNG) based water heater, liquefied petroleum gas (LPG) based water heater, propane base water heater, electric water heaters, solar energy based water heaters, hybrid water heaters and others.