Residential 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 Fuel (Natural gas, LPG), Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2020 – 2026

Industry Trends

Residential Water Heater Market size exceeded USD 19 billion in 2019 and an annual installation is set to exceed 119 million units by 2026. Shifting customer focus toward the benefits of smart water heating appliances along with growing demand of hot water across various single & multifamily apartments will boost the product adoption.
 

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Introduction of stringent government regulations directed toward the use of energy efficient equipment, substantial reduction in electricity bills accompanied by rising consumer spending toward advanced technologies is anticipated to strengthen the industry value. In addition, rising urbanization combined with rapid expansion of high-rise buildings propelled by various foreign investments is set to complement the product demand.
 

The outbreak of coronavirus, well-known as COVID-19 has impacted the global economy. The virus was initially recognized in December 2019 in China’s Hubei province and has subsequently resulted in a global public health threat. The virus has impacted more than 140 countries and has caused lockdowns in a few countries, thus, restricting the industry growth. However, the incessant demand for new strategies to respond to the crisis comprising increasing investments toward real estate sector will positively impact the business landscape.
 

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Technical advancements have encouraged the residential water heater market growth

Rapid growth across the real estate sector along with rising investment toward research and development activities will influence the residential water heater industry size. Growing consumer awareness toward new product developments coupled with rising preference for on demand heating will enhance the business outlook. For instance, in 2020, A.O. Smith introduced a new gas tankless water heating product line equipped with X3 scale prevention technology.
 

Ongoing adoption of instant heating units on account of low power consumption along with simple & compact designs will drive the industry growth. Development of zero emission buildings coupled with ongoing construction of smart cities in the developing economies will strengthen the business landscape. Moreover, introduction of smart innovative models, which are both affordable and have high energy efficiency will strengthen the industry outlook.
 

Surging demand for deployment of storage units will stimulate the industry growth

Easy maintenance & repair, low deployment costs, and aesthetically sound simple designs are the prime factors encouraging the product penetration primarily in the developing economies. Availability of multi capacity ranges that can be utilized for a wide range of applications coupled with continuous supply of water is set to augment the product adoption. Additionally, higher costs of its substitutes owing to additional labor charges will stimulate the market share.
 

Increasing investments toward the manufacturing, design, & development of smart heating equipment coupled with ongoing measures toward reducing carbon footprint will strengthen the market outlook. Increasing demand for space heating combined with growing installation of central heating systems will encourage the product adoption.
 

Growing single family houses along with strict government mandates to shift to energy efficient systems will drive the below 30 liter capacity water heater demand

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Stringent environment regulations aimed to limit the carbon emissions along with shifting focus toward adoption of cleaner fuels will propel the 30 - 100 liters based residential water heater market trends. The key norms regulating the industry comprise Energy Efficiency Directive, Eco Design, Energy Performance of Buildings, and Minimum Energy Performance Standards (MEPS) among others.
 

Shifting focus toward low emission heating units to comply with prevailing industry standards and policies will enhance the industry outlook. Changing trends of eminent industry players focused at product differentiation and integration for a wider product range to suit various household requirements will further stimulate the market demand.
 

Inclination toward power optimization and clean energy will boost the electric residential water heater industry forecast

Electric residential water heater market trend will sustain on account of numerous factors including low upfront purchase price, safe connections and longer lifespan of the equipment. In addition, growing preference for electric heaters owing to simple substantial increase in point of connection along with hassle free installation & low maintenance will complement the industry landscape.
 

The average energy factor for a similar equipment is 0.95 which is higher in comparison with fuel fired models. Development of lower power consumption equipment coupled with constant prices in comparison to volatile fuel costs will stimulate the market outlook.
 

Asia Pacific region is anticipated to witness fastest growth in prescribed time

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Asia Pacific, Latin America, and North America will dominate the market by contributing more than 80% share by 2026. Water heaters are commonly installed in the households to be utilized in a variety of applications including cooking, cleaning, and personal hygiene. Rising urbanization, increased customer spending along with accelerating investments by both private industries & government for building infrastructure development in the developing economies is set to stimulate the market scope.
 

Economic transformations on account of availability of electricity in the rural & remote areas will augment the residential water heater deployment.
 

In Asia Pacific, Japan and China accounted for over 60% of the overall market share in 2019. Surging demand for tankless units along with expansion of piped gas networks in the major countries of the region is anticipated to complement the business growth. Upsurge in installation of instant heating units across various single & multi home apartments owing product longevity and on demand heating will encourage the product adoption.
 

Product innovation and inorganic growth ventures are the substantial initiatives taken by the market participants

Ongoing design & development initiatives along with introduction of new products equipped with advanced features including leakage detection, remote monitoring and Wi-fi are the prime strategies followed by the manufacturers. Furthermore, mergers & acquisitions coupled with joint ventures with leading technology providers will bring in new growth prospects for the industry.
 

In January 2019, Rheem through its subsidiary Paloma Rheem Global, Inc. acquired Intergas, to enhance its customer base in the European market. The eminent industry players participating in the residential water heater market includes Whirlpool Corporation, Ferroli, Bosch Thermotechnology, Bradford White, A.O Smith, State water heaters, Rheem Manufacturing, Rinnai Corporation, Ariston Thermo, Noritz Corporation, and General Electric Appliances, among others.
 

Residential 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 Fuel

• Natural Gas
• LPG

By Capacity

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

The above information has been provided for the following regions and country:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • France
  • Germany
  • Italy
  • Austria
  • Spain
  • Netherlands
  • Denmark
  • Finland
  • Sweden
  • Norway
• Eurasia
  • Russia
  • Belarus
  • Armenia
  • Kazakhstan
  • Kyrgyzstan
• CIS
  • Azerbaijan
  • Moldova
  • Tajikistan
  • Turkmenistan
  • Ukraine
  • Uzbekistan
• Asia Pacific
  • China
  • Australia
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Singapore
  • Thailand
  • New Zealand
  • Philippines
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • Kuwait
  • Bahrain
  • Oman
  • Turkey
  • South Africa
  • Nigeria
  • Algeria
  • Egypt
  • Israel
  • Cyprus
  • Lebanon
  • Iraq
• Latin America
  • Brazil
  • Argentina
  • Chile
  • Mexico