Portland, OR, Aug. 12, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research,the global water heater market generated $32.60 billion in 2017, and is estimated to reach $48.51 billion by 2025, registering a CAGR of 5.1% from 2018 to 2025.The report offers anextensive analysis of changing market dynamics, top investment pocket, top impacting factors, market player positioning, and competitive scenario.

Consumer inclination toward the adoption of energy-efficient systems, favorable government subsidies encouraging the use of solar water heaters, rise in numbers of hospitals & hotels, and wide domestic applicationsdrive the growth of the global water heater market. However, increase in electricity prices, high operating costs of electric water heaters, and frequent outages and electricity shortage in developing countries hinder the market growth. On the other hand, expansion of piped gas networks across developing countries and innovation in technologies such as heat pump technology and condensing gas-fired systems create new opportunities in the coming years.

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Covid-19 scenario:

• The supply chain has been greatly impacted during lockdown across the globe. The major distribution channelssuch as specialty stores and e-commerce have been closed in some countries during coronavirus pandemic.
• The manufacturing activities of water heaters have been paused to avoid social gathering and control the spread of coronavirus.

The report offers a detailed segmentation of the global water heatermarket based onproduct, application, distribution channel, and region.

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Based on product, the instant segment contributed to the largest share in 2017, accounting for more than half of the total share, and is estimated to maintain its dominant position during the forecast period. However, thesolar segment is expected to register the highest CAGR of 6.8% from 2018 to 2025.

Based on distribution channel, the specialty stores segment accounted for the largest share in 2017, holding nearly one-thirdof the total share, and is expected to maintain the largest share throughout the forecast period. However, the e-commercesegment is estimated to portray the highest CAGR of 6.9% during the forecast period.

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Based on region, North Americacontributed the highest share, accounting for more than one-third of the total market share in 2017, and will maintain its dominance throughout the forecast period. However, Asia-Pacific is expected to grow at the highest CAGR of 7.1% from 2018 to 2025.

Leading market players analyzed in the research include A.O. Smith Corporation, Bajaj Electricals Limited., Haier Electronics Group Co., Ltd., Rheem Manufacturing Company, Robert Bosch GmBH., Ariston Thermo SPA, Bradford White Corporation, Noritz Corp, Rinnai Corporation, and Venus Home Appliances (P) Ltd.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.