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Water Heater Market is Anticipated to Grow Witnessing a Steady CAGR during the Forecast 2022-2028
The report on the Water Heater Market published by Stratview Research covers in depth details associated with the Water Heater Market.
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The Water Heater Market is likely to witness a CAGR of 8.8% during the forecast period. The prime factors that are driving the Water Heater Market is its superior thermal conductivity property leading to its wide usage in a wide array of industries.
Key Players
The following are the key players in the Water Heater Market:
• Robert Bosch LLC
• Ariston Thermo SpA
• Rheem Manufacturing Company
• Rinnai Corporation
• Bradford White Corporation
• NORITZ Corporation
• Whirlpool Corporation
• Haier Inc.
• Lennox International Inc.
Growth drivers and Market Value:
This report, from Stratview Research, studies the Water heater market
value and growth drivers over the trend period of 2022-27. According to the report -
Water heater market is likely to witness a healthy CAGR of 4.3% during the forecast period. The prime factor contributing to the demand for water heaters is the growing residential and commercial construction market.
Segment Analysis:
Based on by Capacity Type:
Based on the capacity type, the market is segmented as <30 liters, 30-100 liters, 100-250 liters, 250-400 liters, and >400 liters. The 30-100 liters segment is expected to maintain its dominance over the forecast period, owing to the high demand from residential as well as commercial establishments, such as hotels, shopping complexes, theatres, and government institutions.
Based on Regional:
In terms of regions, Asia-Pacific is estimated to be the largest market for water heaters during the forecast period. The region’s market growth is due to increasing electrification, expanding piped gas network, rapid residential and commercial constructions, and growing disposable income of the population. China and India are the growth engines of the region. North America and Europe are also expected to offer promising growth opportunities during the forecast period.
Critical Questions Answered in the Report
What are the key trends in the Water Heater Market?
How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
What is the impact of COVID-19 on Water Heater Market?
What are the key strategies adopted by the major vendors to lead in the Water Heater Market?
What is the market share of the top vendors?
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About Us
Stratview Research is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with insightful and actionable market data to aid strategic decision making. These exclusive reports are the result of exclusive research methodology and are available for key industries such as chemicals, composites, advanced materials, technology, renewable energy, and more. Stratview Research helps its user’s tract the ever-evolving market scenarios through its top-notch market reports.
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WATER HEATER MARKET SIZE TO GROW AT A CAGR OF 4.8% DURING THE FORECAST PERIOD 2021-2026
Water Heater Market size is estimated at $28.5 billion in 2020, projected to grow at a CAGR of 4.8% during the forecast period 2021-2026. Water Heater is an Electric Heater appliance that heats water for a variety of uses. Water heaters are available because of their energy efficiency and small scale. Electric Heater geysers have become very common for home use. Moreover, the Water Heater industry is growing, owing to the rising demand and widespread domestic applications such as hot water for cooking, bathing and cleaning. The water heater market would benefit from rising demand for energy efficient systems and geysers, as well as favorable regulatory policies on carbon emissions. For instance, in 2016, the United Arab Emirates invested $3Million in the area to introduce green strategies. Besides this, the growing number of strategies adopted by key players such as partnership, acquisition and collaboration to expand their presence and innovation in water heating technology to gain the market traction is set to drive its water heater industry.
Water Heater Market Segment Analysis – By Product Type:
Based on Product Type, Electric Heater Segment accounted for the largest revenue market share of around 75% in 2020 and is also anticipated to grow with the fastest CAGR. Electric Heater water heaters are becoming more popular as people become more concerned about energy efficiency and have huge growth in the number of pre-plumbed unvented systems in new constructions. To make Electric Heaters easier to use, manufacturers are incorporating smart heating controls. Electric Heaters are widely used in the commercial sector to help with production and for workers comfort. Water heaters are also being replaced more often as a result of energy efficiency laws variance in different countries. As a result, demand for highly efficient tankless Electric water heaters is growing and thus driving the Water Heater Industry. Solar Heater segment is anticipated to grow with the second fastest CAGR of 5.8% in the forecast period 2021-2026, attributed to the rising customer awareness of Solar water heaters and their cost-effective and environmentally friendly benefits in both the residential and commercial sectors. Furthermore, the government’s initiatives to promote Solar Heater products in India, as well as increasing product technical advances and rapid urbanization, are expected to drive segment growth.
Water Heater Market Segment Analysis – By Application:
Based on Application, Commercial accounted for the largest revenue market share in 2020. The demand for water heaters is being driven by the expansion of commercial infrastructure in various countries. Water heaters are used by small to mid-sized businesses in their everyday operations. Companies are adopting highly effective water heaters in the meantime to reduce energy consumption and operating performance. Commercial water heaters must be upgraded owing to increased use. As a result, manufacturers are incorporating new innovations that can serve as a cue for commercial water heater upgrades. Tankless heaters & Electric Heaters are gaining popularity in the commercial sector, owing to their ability to supply a large amount of hot water for an extended period of time driving the Water Heater Industry. Residential is projected to witness the fastest CAGR of 5.3% during the forecast period 2021-2026. Continuous infrastructure growth, combined with an increase in the deployment of energy efficient heating systems, would propel the segment forward. According to the IBEF, India would need over USD 777 billion in infrastructure investment by 2022. The industry will benefit from the ongoing rollout of smart cities with strict building efficiency codes and standards.
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Water Heater Market Segment Analysis – By Geography:
Based on Geography, North America Water Heater Market accounted for the 38% revenue share in 2020. More than 9 million water heaters are sold in the United States per year, indicating that there is a strong demand for water heaters in North America, which accounts for a large portion of the industry. Tankless water heaters in the United States are compact, dependable, and long-lasting devices that provide high performance and much better energy efficiency than tank units. Due to the cold weather conditions in the area, demand for heating appliances is extremely high in most North American countries. In July 2017, Rinnai America has announced that it has expanded its North American headquarters by constructing a new two-story headquarters building and opening a North America Innovation and Training Center accelerating water heater expansion across the region. Asia-Pacific is predicted to be the fastest growing region during the forecast period 2021- 2026 owing towards economic growth in countries like China, Japan, Australia and India
Water Heater Market – Drivers
The Growing Demand for Storage Heater:
By using hot water Storage Heater tanks, Storage Heater water heaters help to maximize heating ability. Manufacturers provide Storage Heater in a range of sizes to meet the needs of customers. Storage Heater are less costly to install than other types of water heaters, and they are also simple to maintain and repair. However, since Storage Heater have been known to burst, vendors are focusing on offering standard water heater services. Furthermore, Storage Heater necessitate space for the tank; as a result, manufacturers are concentrating on reducing the size of Storage Heater to alleviate the space problem driving the Water Heater Industry.
Water Heater Market – Challenges
Increase In Electric Prices:
Rising electricity prices are expected to restrict the growth of the water heater industry. Water heating systems, such as electric heaters, are the second largest consumer of electricity in the home, accounting for 18 percent of total electricity costs, according to the US Department of Energy. Furthermore, an average water heater operates for three hours every day, as per study thereby, hampering the industry development.
Water Heater Market – Landscape:
The Water Heater Market’s main strategies include product launches, mergers and acquisitions, joint ventures, and regional expansion. Water Heater Market top 10 companies are State Industries, Ariston Thermo, Haier Electronics, Fast Water Heater, Neighbourly Company Viessmann, Rinnai, A.O Smith, Rheem Manufacturing, Whirlpool Corporation and American Residential Services.
Acquisitions/Product Launches:
In August 2020, A.O Smith launched MiniBot, a 3-litre instant water heater with modern technology. MiniBot’s inner tank is filled with Blue Diamond glass, which provides superior corrosion resistance to traditional glass-lined items. It also protects against premature tank failure due to India’s hard and polluted water, extending the life of the water heater.
Key Takeaways
Water Heater market growth is being driven by technological advances, adoption of new techniques, and the innovation are resulting in the production of low-cost heaters and energy-efficient.
Geographically, North America Water Heater Market held the largest revenue share of 38% in 2020 owing to the presence of potential players who are creating new products, high investments in R&D, and government funding. The scope of the Water Heater Market for various regions will be provided in the final report.
The Water Heater Industry is expanding owing to rising perception of the product’s benefits in various applications and consumer preferences are expected to shift as quality levels increase.
The growing demand for Storage Heater owing to easy installation and maintenance is a significant factor that is expected to push the Water Heater industry during the forecast period 2021-2026.
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The global water heater market is anticipated to grow at a CAGR of 5.7% over the forecast period. Water heaters are the extensively used water heating equipment across the globe owing to various factors favoring their adoption. Factors such as cost-effectiveness, easy-availability, compactness and efficiency are the major factors supporting the adoption of water heaters across residential, commercial, and industrial end-use. Browse Full Report at https://www.omrglobal.com/industry-reports/water-heater-market
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Water Heater Market overview, Trends and Forecast to 2021
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.
Hot water is an essential part of day to day living. It is required for showering, washing clothes, and other purposes, such as for hydronic heating and thermal comfort, especially in extremely cold climate regions and countries. Appliances supplying hot water for residential and commercial purposes include boilers, Heating, Ventilating, and Air Conditioning (HVAC) systems, and water heaters.
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Expanding manufacturing and construction industry, increasing urbanization, and rise in strategic alliances by various players to leverage market opportunity are factors driving the growth of the global water heater market currently. Also, increasing demand for continuous hot water supply is prompting manufacturers to focus on delivering energy efficient and low maintenance water heater products. However, factors such as high installation costs, increasing focus on compliance of standards, and fuel demand dynamics are restricting the growth of the overall water heaters market currently.
Global water heaters market is segmented on the basis of product types, storage types, and end use regions. Product type segments include solar heaters, electric heaters, gas & propane heaters, and geothermal water heaters. Of these, the electric heaters segment is expected to dominate the market in terms of value share contribution by 2021 end and is expected to expand at the highest CAGR over the forecast period (2015–2021). In terms of volume, the gas and propane heaters segment is expected to account for a significant market share during the forecast period.
Browse Research Report: https://www.persistencemarketresearch.com/market-research/water-heater-market.asp
Key market players profiled in this report include Venus Home Appliances Private Ltd., AO Smith Corporation, Rheem Manufacturing Co., Siemens AG., Ariston Thermo SPA. Bajaj Electricals Ltd., Bradford White Corp., Haier Electronics Group Co., Ltd., HTP Inc., Noritz Corp. and Rinnai Corp. In addition, China-based manufacturers covered in the report include Zhejiang KANCHQUAN Electric Appliance Co., Ltd, Jiaxing Jinyi Solar Energy Technology Co, Ltd., Genrui, Himin Solar Co., Ltd, and Zhongshan Inse Group Co, Ltd.
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Persistence Market Research (PMR) is a third-platform research firm. Our research model is a unique collaboration of data analytics and market research methodology to help businesses achieve optimal performance.To support companies in overcoming complex business challenges, we follow a multi-disciplinary approach. At PMR, we unite various data streams from multi-dimensional sources. By deploying real-time data collection, big data, and customer experience analytics, we deliver business intelligence for organizations of all sizes.
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Water Heater Market Set for Rapid Growth and Trend by 2028
Stratview Research has published a new report on the Water Heater Market after a thorough analysis of the market. The key sources of information gathered for the report include various industry experts, suppliers, manufacturers, associations along with business distributions. The research report determines unique benefits of the various market size, share and the patent industry.
Wish to know more about the study? Click here to get a Free Sample.
https://www.stratviewresearch.com/Request-Sample/1037/water-heater-market.html#form
The objective of the Water Heater Market report is to offer updated information such as the market share, size, trends, emerging markets, earnings, forecasts, and data on leading industry players. This study includes significant and vital information necessary for strategic decision making and have a competitive edge.
In view with the current pandemic analysts at Stratview Research has thoroughly analyzed and presented the following parameters under the detailed Covid – 19 impact analysis in the Water Heater Market.
Market Insights – The Water Heater Marketis projected to grow from USD 6.36 billion in 2022 to USD 8.69 billion by 2028 at a CAGR of over 5.3% during the forecast period.
Few key players operating in the Water Heater Market are-
• Robert Bosch LLC
• Ariston Thermo SpA
• Rheem Manufacturing Company
• Rinnai Corporation
• Bradford White Corporation
• NORITZ Corporation
• Whirlpool Corporation
• Haier Inc.
• Lennox International Inc.
Growth drivers and Market Value:
This report, from Stratview Research, studies the Water heater market
value and growth drivers over the trend period of 2022-27. According to the report -
Water heater market is likely to witness a healthy CAGR of 4.3% during the forecast period. The prime factor contributing to the demand for water heaters is the growing residential and commercial construction market.
Segment Analysis:
Based on by Capacity Type:
Based on the capacity type, the market is segmented as <30 liters, 30-100 liters, 100-250 liters, 250-400 liters, and >400 liters. The 30-100 liters segment is expected to maintain its dominance over the forecast period, owing to the high demand from residential as well as commercial establishments, such as hotels, shopping complexes, theatres, and government institutions.
Based on Regional:
In terms of regions, Asia-Pacific is estimated to be the largest market for water heaters during the forecast period. The region’s market growth is due to increasing electrification, expanding piped gas network, rapid residential and commercial constructions, and growing disposable income of the population. China and India are the growth engines of the region. North America and Europe are also expected to offer promising growth opportunities during the forecast period.
Know more about the report, click here
https://www.stratviewresearch.com/1037/water-heater-market.html
Critical Questions Answered in the Report
What are the key trends in the global Water Heater Market?
How the Water Heater Market (and its various sub-segments) has grown in the last five years?
What would be the growth driver and growth rate in next five years?
What is the impact of COVID-19 on the Water Heater Market?
What are the key strategies adopted by the major vendors to lead in the Water Heater Market?
What is the market share of the key players?
Target Audience
The following is a list of the customers that the Water Heater Market aims to convert the most:
Manufacturing Organizations
Distributors & Suppliers
Potential Investors
Custom Research: Stratview research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, or to cover analysis on any particular geography or segment, please send your inquiry at [email protected] or +1-313-307-4176.
What we do –Stratview Research is a growing market research firm. Experts here illustrate innovative, descriptive, and comprehensive insights through market research to satisfy your individual and organizational objectives. We assist the users to make well-informed, profound and favourable decisions to comprehend the advantages of forthcoming trends, developments, assessments, and opportunities through our precise understanding of the market.
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Water Heater Market Analysis, Trends, Growth, Size, Share and Forecast 2018 to 2023
The global water heater market is anticipated to grow at a CAGR of 5.7% over the forecast period. Water heaters are the extensively used water heating equipment across the globe owing to various factors favoring their adoption. Factors such as cost-effectiveness, easy-availability, compactness and efficiency are the major factors supporting the adoption of water heaters across residential, commercial, and industrial end-use.
Request a Free Sample of our Report on Water Heater Market: https://www.omrglobal.com/request-sample/water-heater-market
As per Energy Star, water heating represents between 13% to 17% of national residential energy consumption, making it the third largest energy end user in homes, behind heating and cooling and kitchen appliances in the US. The percentage of energy used for water heating steadily increases as homes become more energy efficient over the period.
Major factors driving the growth of global water heaters market are government subsidy on energy efficient water heaters and growing adoption of water heaters in industrial and commercial industry over boilers for the same purpose. Government subsidies and incentives have been driving the adoption and installation of water heater especially solar water heaters across the globe. For instance, in 2018, as per Energy Star, the incentives range from $20 to $2,000 both for solar water heaters in the US.
Moreover, despite the decline in average incentives for heat pump water heater, gas storage water heaters, and commercial water heaters; the average incentives for tankless gas water heaters and solar water heaters increased $246 to $248 and $485 to $519 respectively in the US. However, there are certain factors such as high initial cost and space requirement of solar water heater are hindering the market growth. Besides, increasing adoption of hybrid and solar powered water heater is promising ample opportunity for the market.
According to Energy Star, in 2018, the incentives range from $20 to $2,000 both for solar water heaters and heat pump water system in the US. Moreover, the average incentive amount for heat pump water heaters, gas storage water heaters, and commercial water heaters decreased from 2017 ($403 to $388, $165 to $161, and $2,300 to $346, respectively), while the average incentive amount for tankless gas water heaters and solar water heaters increased ($246 to $248 and $485 to $519, respectively) in the US.
The average incentive amount for hybrid heat pumps stayed the same at $200. The largest decrease was for commercial water heaters, which declined from an average incentive amount of $2,300 in 2017 to $346 in 2018. The largest increase was for solar water heaters, which increased from an average incentive amount of $485 in 2017 to $519 in 2018 in the US.
A Full Report of Water Heater Market is Available at https://www.omrglobal.com/industry-reports/water-heater-market
Current Market Trends Covered in the Global Water Heater Market Report
Based on the energy source, the electricity segment is estimated to hold a dominating market share during the forecast period.
Based on the end-user, residential held the largest market share in the global water heater market in 2018.
Asia-Pacific is estimated to dominate the global water heater industry during the forecast period.
Global Water Heater Market Segmentation
By Energy Source
Gas
Electricity
Hybrid
Solar
By Mode of Water Supply
On-Demand or Tankless
Storage or Tank
By End-User
Residential
Commercial
Industrial
Global Water Heater Market – Segment by Region
North America
US
Canada
Europe
Germany
UK
France
Spain
Italy
Rest of Europe
Asia-Pacific
China
Japan
India
Rest of Asia-Pacific
Rest of the World
Latin America
Middle East and Africa
Company Profiles
· A. O. Smith Corp.
· Ariston Thermo SpA
· Atc Electrical and Mechanical Ltd.
· Bajaj Electricals Ltd.
· Bandini Scaldabagni S.P.A.
· Bradford White Corp.
· Crompton Greaves Ltd.
· General Electric Company
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Contact Person: Mr. Anurag Tiwari
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