Asia Pacific Water Heater Market Size By Product (Instant [Electric, Gas], Storage [Electric {< 30 Liters, 30-100 Liters, 100-250 Liters, 250-400 Liters, > 400 Liters}, Gas{< 30 Liters, 30-100 Liters, 100-250 Liters, 250-400 Liters, > 400 Liters}]), By Capacity (< 30 Liters, 30-100 Liters, 100-250 Liters, 250-400 Liters, > 400 Liters), By Application (Residential, Commercial) Industry Analysis Report, Country Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2020 – 2026

Published Date: Nov 2020  |  Report ID: GMI3139  |  Authors: Ankit Gupta, Srishti Agarwal

Report Format: PDF   |   Pages: 435   |   Base Year: 2019

Summary Table of Contents Industry Coverage Methodology

Industry Trends

Asia Pacific Water Heater Market size exceeded USD 6 billion in 2019 and the annual installation is expected to exceed 56 million units by 2026. Rapid industrialization across the developing countries coupled with growing urbanization owing to increasing standard of living and growing income levels is anticipated to augment the product demand. Ongoing requirement of hot water across single & multifamily apartments coupled with shifting consumer trend toward the usage of smart water heating systems will boost the industry growth.

Asia Pacific Water Heater Market
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Asia Pacific Water Heater Market Report Coverage
Report Coverage Details
Base Year:2019Historical Data for:2015 to 2019
Market Size in 2019:6.5 Billion (USD)Forecast Period:2020 to 2026
Forecast Period 2020 to 2026 CAGR:4.6%No. of Pages:435
2026 Value Projection:56.5 Thousand Units Tables, Charts & Figures:598
Geographies covered (13):China, Australia, India, Myanmar, Japan, South Korea, Indonesia, Malaysia, Singapore, Thailand, New Zealand, Philippines, Vietnam
Segments covered:Product, Capacity, Application
Growth Drivers:
  • Rapid urbanization and advancing product customization
  • Increasing demand for water heating systems
  • Government mandates pertaining to greenhouse gas emissions
Pitfalls & Challenges:
  • High upfront cost

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Adoption of advanced technologies across the water heater industry will propel the business scenario

Strict government mandates & norms promoting the utilization of energy efficient systems coupled with increasing consumer spending toward advanced technologies owing to significant reduction in the utility bills will strengthen the Asia Pacific water heater market share. Rapid expansion of the commercial establishments along with the emerging trend of urban migration on account of large-scale development of the residential infrastructure is set to propel the product demand.

Rising deployment for electric water heaters will complement the Asia Pacific market trends

High adoption of electric water heaters in developing & developed economies including India, Japan, South Korea along with growing consumer awareness toward the advantages offered by the heating systems will influence the Asia Pacific water heater industry forecast. Surging population, rapid growth across the real estate sector coupled with increasing investments toward the infrastructural development is anticipated to strengthen the industry outlook. Technological innovations for varied product customizations along with new product developments will further enhance the business scenario.

Lower upfront purchase cost, no connections required to the gas lines, safer installation & utilization and longer lifespan are the key factors favoring the installation of water heaters. Ongoing establishment of commercial buildings, rapid grid infrastructure development, electrification of the rural areas along with under way smart city construction projects will drive the Asia Pacific water heater market size.

Additionally, increasing emphasis toward product innovations & advancements coupled with escalating investment in research & development will bring further innovations in the sector, thereby strengthening the industry statistics.

Surging demand for low emission & cost-efficient heating units will provide impetus to the 100-250 liters water heater industry

Extreme climatic conditions combined with increasing adoption of the heating systems will boost the demand for 100-250 liters water heaters. Stringent standards pertaining to the water heating systems across new building construction and energy efficiency norms by the respective government authorities will augment the product demand. The major industry players in adherence to the set policies are focused on the upgradation of the existing water heating equipment, thereby influencing the industry forecasts. Furthermore, high cost of substitutes on account of added labor prices will aggravate the market share.

Stringent emission norms aimed to limit the carbon emissions along with increasing investments toward the manufacturing, design & development of smart heating units will propel the Asia Pacific water heater market demand. Accelerating utilization across both residential & commercial establishments, increasing requirement for space heating along with rise in the deployment of central heating systems is anticipated to further complement the business landscape.

China & Australia will dominate the overall industry scenario

Malaysia water heater market

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Shifting focus toward adoption of cleaner fuels, rising demand for renewable systems along with growing industrial development will propel the China water heater market trends. Various government initiatives including the China’s Belt & Road Initiative has led to rapid development of construction projects, thereby enhancing the business outlook. Shifting consumer trends toward adoption of high end, large & smart capacity products along with increasing population across the nation will further stimulate the market share.

Australia water heater market is extensively regulated by the government policies for the maintenance & installation of heating systems. To achieve the energy efficiency targets and compliance with stringent emission norms, the respective governments introduced various regulations. As per the heating equipment installation requirement, the industry players are mandated to install low emission water heaters including electric, gas, and heat pump systems across all the newly constructed and existing homes.

Product innovation and advanced technology development will boost the commercial water heaters segment growth

Ongoing research in design & development along with introduction of new products equipped with advance features including remote monitoring, Wi-fi and leakage detection are the prime factors enhancing the Asia Pacific water heater market trends. For instance, In July 2019, Toshiba Corporation introduced its specialized water heaters series, specifically designed for a 3-pipe air conditioning system.

This will enable the consumers to meet the peak demand along with increased operational efficiency.  Increasing installation of the instant heating systems across the hospitals & health care centers owing to product longevity & greater on heating demand will complement the industry landscape.

Strategic inorganic growth ventures are the substantial initiatives taken by the market participants

The eminent industry payers have been involved in new product developments specifically designed to suit the country requirements. The expansion of the distribution channels in the developing economies, majorly in the Tier 2 & Tier 3 cities is anticipated to influence the market growth. Additionally, joint ventures and acquisitions with the key technology providers would bring in new growth prospects for the Asia Pacific water heater industry. In January 2020, Alpha electric unveiled its new water heater ‘Revo’ shower series. This product was aimed at optimising energy usage by consuming 30% less energy on hotter days and housing a digital display.

The key industry players operating in the Asia Pacific water heater market include Panasonic Corporation, Deka, Toshiba Corporation, A.O Smith, Whirlpool Corporation, Racold, Bosch Thermotechnology, Ferroli, Bradford White, Ariston Thermo, Rheem Manufacturing, Noritz Corporation, State water heaters, Rinnai Corporation, and Alpha Electric among others.

Asia Pacific water heater market research report includes in-depth coverage of the industry with estimates & forecast in terms of “USD” and “Units” from 2015 to 2026, for the following segments:

By Product

  • Instant
    • Electric
    • Gas
  • Storage
    • Electric
      • Below 30 Liters
      • 30-100 Liters
      • 100-250 Liters
      • 250-400 Liters
      • Above 400 Liters
    • Gas
      • Below 30 Liters
      • 30-100 Liters
      • 100-250 Liters
      • 250-400 Liters
      • Above 400 Liters

By Capacity

  • Below 30 Liters
  • 30-100 Liters
  • 100-250 Liters
  • 250-400 Liters
  • Above 400 Liters

By Application

  • Residential
  • Commercial

The above information has been provided for the following countries in the region:

  • Asia Pacific
    • China
    • Australia
    • India
    • Myanmar
    • Japan
    • South Korea
    • Indonesia
    • Malaysia
    • Singapore
    • Thailand
    • New Zealand
    • Philippines
    • Vietnam


Frequently Asked Questions (FAQ) :

The Asia Pacific water heater industry share exceeded USD 6 billion in 2019; and by 2026, the annual installation is poised to surpass 56 million units, propelled by rapid industrialization, growing urbanization, and increased standard of living.
The rising usage of electric water heaters in developed and developing economies coupled with a swelling population and rapid growth in the real estate sector will drive market growth.
Owing to the extreme climatic conditions along with increasing adoption of the heating systems, the Asia Pacific water heater industry share is poised to witness substantial growth.
The increasing adoption of cleaner fuels, growing industrial development, and rising demand for renewable systems will boost the Asia Pacific water heater industry expansion in China.

Premium Report Details

  • Published Date: Nov 2020
  • Pages: 435
  • Tables: 548
  • Charts / Figures: 50
  • Companies covered: 30
  • Countries covered: 13

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