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: Jul 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 was valued at over USD 8 billion in 2019 and an annual installation is set to exceed 55 million units by 2026. Increasing urbanization owing to rising income levels and standard of living along with rapid industrialization in the developing economies is set to stimulate the product penetration. Instant hot water requirement across multifamily apartments along with rising consumer awareness toward the advantages of modern & advanced water heating systems is anticipated to boost the business growth.
 

Asia Pacific Water Heater Market
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Shifting customer trend for modern heating equipment owing to significant advantages offered in both commercial and residential applications coupled with ongoing government mandates to promote usage of energy efficient heating equipment will drive the Asia Pacific water heater market outlook. Growing tourism across the south east Asian countries along with the evolving trend of on-demand heating on account of ongoing large-scale development of residential establishments will stimulate the product demand.
 

The outbreak of COVID-19, the novel coronavirus has adversely impacted the global economy. In December 2019, it was first recognized in China’s Hubei province and has become a global public health threat. It has impacted more than 200 countries and caused lockdowns in several countries, thereby, affecting the business growth. However, the development of new strategies and increasing construction activities involving development of healthcare infrastructure among others to respond to the crisis will impact the Asia Pacific water heater industry landscape.
 

Asia Pacific Water Heater Market Report Coverage
Report Coverage Details
Base Year: 2019 Market Size in 2019: 8.5 Billion (USD)
Historical Data for: 2015 to 2019 Forecast Period: 2020 to 2026
Forecast Period 2020 to 2026 CAGR: 4.4% 2026 Value Projection: 55.9 Thousand Units
Pages: 435 Tables, Charts & Figures: 595
Geographies covered (13): China, Australia, India, Myanmar, Japan, South Korea, Indonesia, Malaysia, Singapore, Thailand, New Zealand, Philippines, Vietnam
Segments covered: Product, Capacity, Application
Companies covered (29): A.O. Smith, Ariston Thermo, Bosch Thermotechnology, Bradford White Corporation, General Electric Appliances, Haier Electronics, Racold, Rheem Manufacturing, Whirlpool Corporation, Rinnai Corporation, State Water Heaters, Ferroli, Hubbell, Linnuo Ritter, Jaguar, Viessman, Vaillant Group, Nihon Itomic, Midea Group, Watts Water Technologies, Stiebel Eltron, Havells India Limited, Toshiba Corporation, Deka, Alpha Electric, Aquamax Australia, Joven Electric, Bajaj Electricals, Panasonic Life Solutions
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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Growing penetration of electric water heaters will drive the Asia Pacific water heater market statistics

Growing installation of electric water heaters in developed and developing economies comprising Japan, India, and South Korea coupled with shifting consumer focus toward the benefits offered by the heating appliances is anticipated to influence the Asia Pacific market trends. Rapid growth in the real estate sector, surging population growth along with growing investment by the private institutions and government for the infrastructural development will drive the business outlook.
 

Rising research and development activities coupled with growing innovations by the industry players for smart product development is projected to further accelerate the industry trends.
 

Safe utilization & installation, low upfront purchase cost, long lifespan and no connections required to the gas lines are the characteristic features favoring the production installation. Rapid grid infrastructure development, ongoing commercial infrastructure development, rural electrification projects combined with construction of smart city projects is projected to influence the Asia Pacific water heater market growth.
 

Mounting demand for cost-efficient heating units will drive the 100-250 liters water heaters demand

Adverse climatic conditions along with growing adoption of the heating equipment is anticipated to augment 100-250 liters water heaters product demand. Strict government policies associated with water heating systems across the new building construction coupled with enforcement of government mandates toward energy efficiency equipment is set to drive the business landscape.
 

The eminent industry players conform to the set norms by the authorities to focus on the upgradation of the existing water heating equipment, leading to impacting the business growth. In addition, high cost of substitutes owing to increased labor prices is set to intensify the market share.
 

Strict emission policies to reduce and limit the carbon emissions coupled with rising investments for the design, manufacturing, & development of the smart heating units is anticipated to drive the Asia Pacific water heater market demand. Enhanced utilization across the commercial & residential establishments, rise in the installation of central heating systems along with growing requirement for space heating is set to further accelerate the business landscape.
 

Australia and China will witness growth on account of rapid industrialization, rising urbanization and enhanced adoption of energy efficient systems

Malaysia water heater market

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Adoption of clean fuel, growing industrial development, along with increasing demand for clean, efficient and renewable systems is projected to drive the China water heater market size. Numerous government initiatives comprising the China’s Belt & Road Initiative has increased the number of construction projects, boosting the product installation.
 

Shifting customer focus toward adoption of modern & smart heating products coupled with surging population growth in the country will further encourage the market share. For instance, in 2018, according to the World bank data, the urban population of China was 59% of the total population.
 

Enhanced regulation by the government authorities for the installation and maintenance of heating systems will drive the Australia water heater industry growth. In order to attain the energy efficiency targets coupled with strict emission norms, the government has introduced numerous regulations. In accordance with the heating systems installation, the manufacturers are required to install low emission water heaters comprising gas, electric, along with heat pump systems across the existing and newly constructed establishments.
 

Advanced technology development and product innovation to boost the commercial water heater market share

Ongoing research, design and development activities dealing with new product introduction, equipped with smart features comprising Wi-fi, remote monitoring, and leakage detection are the main factors augmenting the Asia Pacific water heater market statistics. For instance, Toshiba Corporation, in July 2019, launched its range of specialized water heater series, primarily designed for three pipe air conditioning system. It enables the customers to meet up with the peak demand coupled with increasing the operational efficiency.
 

Growing installation of on-demand heating systems across commercial establishments comprising shopping complexes, health care centers and hospitals on account of longer lifespan & lower product maintenance will augment the business landscape. Moreover, growing healthcare infrastructure combined with large scale presence of commercial is set to stimulate the industry trends.
 

Mergers and Acquisitions & joint ventures are the significant initiatives taken by the market participants

The eminent industry players adopt substantial business expansion initiatives along with expansion of their distribution channels across the developing economies, primarily in Tier 2 & Tier 3 cities, thereby driving the market demand. The companies are involved in advance product development to suit each country requirements and needs in the region. Moreover, joint ventures and acquisitions with the other key technology providers is set to bring in new expansion possibilities for the Asia Pacific water heater industry.
 

For instance, Alpha Electric, in January 2020, disclosed the new ‘Revo’ shower series. The heating system aims at optimizing the energy usage with 30% less energy consumption on hotter days and additionally houses a digital display.
 

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

Robust growth in the tourism sector, majorly across south east Asian countries, and a substantial rise in urbanization has accelerated the deployment of water heater systems across APAC. Asia Pacific water heater industry may cross 55 million units by 2026 in terms of annual installations.
The market for water heater may revive from the COVID-19 pandemic given the implementation of new business strategies and construction activities in the healthcare sector.
Companies like Bajaj Electricals, Panasonic Corp., A.O Smith, Rinnai Corporation, Alpha Electric, Deka, Noritz Corporation, and Toshiba Corporation are dominating the APAC market.
Countries like Japan, India and South Korea hold a major market share given the growing installation of electric water heaters and shifting consumer energy-efficient heating appliances.

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Premium Report Details

  • Published Date: Jul 2020
  • Pages: 435
  • Tables: 547
  • Charts / Figures: 48
  • Companies covered: 29
  • Countries covered: 13

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