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Based on product, the instant water heater market will cross USD 5.8 billion by 2032, owing to ongoing investments across public & private sectors for developing green building infrastructure along with growing population and urbanization across the region. Rising demand for space heating systems across end users coupled with growing deployment of smart control systems via smartphone apps or integration with home automation systems will accelerate the product penetration.
Based on capacity, the 250-400 liters segment accounted for USD 1.1 billion in 2022. Growing demand for low emission water heaters coupled with the ongoing development of competent and engineered water heating solutions will augment the industry outlook. Continuous refurbishment & replacement of the conventional heating systems along with introduction of advanced and highly efficient products primarily for residential & commercial establishments will fuel the Asia Pacific water heater market dynamics.
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Based on application, the residential water heater market is anticipated to showcase 6% growth rate up to 2032. Enhanced utilization of enhanced efficiency solutions for hot water supply in activities including dishwashing, washing machine, shower and space heating among others coupled with ongoing research and development activities for advancement of cost effective & sustainable technological solutions will foster the business outlook. For instance, in May 2022, Rinnai Corporation developed the world’s first 100% hydrogen combustion technology for residential water heaters. In addition, features comprising of innovative filtration to ensure the delivery of clean and safe hot water will complement the industry landscape.
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Japan water heater market is poised to witness 6.5% CAGR from 2023 to 2032. Robust expansion of manufacturing facilities across the country combined with rising shift towards the adoption of renewable heating solutions will influence the business potential. Collaboration and strategic partnerships by significant industry players along with efforts by government bodies to implement norms and standards to promote the usage of energy-efficient solutions will proliferate the business scenario.