Geysers: Key market research findings
- EMEA dominates the market geographically
- Electric geysers account for a majority of the market’s revenue
- Key vendors – A. O. Smith, Bajaj Electricals, Bradford White, Rheem Manufacturing, and Venus Home Appliances
Technavio’s market research analysts predict the global geysers market to grow at a CAGR of more than 8% between 2016 and 2020. The growth of this market can be accredited to the developing residential housing sector. The growth of the real estate sector across the globe is indicative of the fact that the residential real estate market is thriving and will likely lead to a greater demand for geysers for domestic purposes over the next five years. The increasing disposable income in most countries coupled with the thriving home improvement industry is also expected to influence the demand for geysers. During 2015, the global geyser market was dominated by EMEA with a market share of almost 41%.
The new market research report from Technavio presents a breakdown and analysis of the geyser segments based on the product type.
“The emergence of smart geysers is a key a trend that plays a vital role in spurring the growth of the global market. Smart geysers have generated a lot of demand in recent times, especially from consumers who prefer products that have the latest technologies incorporated. Technical innovation is being used to collect real-time data from sensors embedded in geysers. This results in IoT-enabled devices that log real-time information about use, temperatures, energy consumption, and malfunctions in geysers,” says Chandrakumar Badala Jaganathan, Lead Analyst, Chemicals & Materials, Technavio Research.
By 2020, the electric geyser segment will continue its dominance over the global geyser market by accounting for almost 39% of the overall market share. Rising awareness of the availability and benefits of electric geysers such as their energy efficiency and the green nature of automated temperature control geysers is estimated to favor the growth of this segment of this market in the coming years. Furthermore, growing number of government initiatives to improve the rural infrastructure and ensure uninterrupted availability of electricity in developing economies will also trigger an increase in the demand for electric geysers.
The key vendors in the global geysers market include A. O. Smith, Bajaj Electricals, Bradford White, Rheem Manufacturing, and Venus Home Appliances. The global geysers market is highly competitive and fragmented due to the presence of several local and regional vendors operating out of North America, Europe, and APAC. The competition prevailing in the market depends on the product type, end-users, and region. The level of vendor competition is expected to intensify as prominent international players are consolidating their footprints through mergers and acquisitions.
A more detailed analysis is available in the Technavio report, Global Geysers Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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