Global demand for water heaters is forecast to expand 2.7% p.a. between 2014 and 2018. China, Japan, Jordan, Philippines and the United States are considered the highest potential markets in the coming years.
According to recently published research now available on ASDReports, the expansion of the global water heater industry is forecast to reach 2.7% p.a. in the coming years. Between 2007 and 2013 the market increased with an average annual growth of 6.1%. Currently, electric storage, instant and immersion water heaters account for 37.9% of the global demand while the remaining market share is divided between instantaneous gas water heaters (34.3%) and other non-electric water heaters (27.8%).
China, Germany, Japan, Russia and the United States represent the largest water heater markets while the strongest annual growth is forecast to occur in Jordan (13.2%), Philippines (11.5%), Kyrgyzstan (11.3%), Bolivia (10.6%) and Azerbaijan (9.4%).
Water heater market size compared to market growth in different countries