Global 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 [College/University, Offices, Government/Military, Others]), By Fuel (Electric, Gas [Natural gas, LPG]), Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2020 – 2026

Published Date: Jul 2020  |  Report ID: GMI2831  |  Authors: Ankit Gupta, Abhishek Chopra

Report Format: PDF   |   Pages: 1300   |   Base Year: 2019




Summary Table of Contents Industry Coverage Methodology

Industry Trends

Global Water Heater Market size exceeded USD 30 billion in 2019 and annual installation is anticipated to surpass 144 million units by 2026. Growing hot water needs from residential & commercial establishments coupled with increasing investments toward research & development activities leading to product innovation and advancements including communication and control features will drive the business growth.
 

Global water heater market

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Rising consumer awareness toward advanced technologies on account of substantial reduction in the utility bills along with strict government policies toward adoption of energy efficient heating systems will drive the global water heater market growth. Growing industrialization across the developing economies coupled with increasing urbanization owing to growing income levels and standard of living is set to strengthen the product demand. The evolving trend of urban migration owing to large-scale development of the residential infrastructure coupled with rapid expansion of the commercial establishments is set to propel the product demand.
 

The sudden outbreak of the novel corona virus, COVID-19, has majorly impacted the global economy. It was initially recognized in December 2019, in China’s Hubei province and since then has become a global public health threat. The virus has impacted more than 400 countries and caused lockdowns in a few countries, thereby, limiting the business growth. However, development of new strategies to respond to the crisis including healthcare infrastructure development among others will drive the business landscape.
 

Increasing demand from the emerging nations is set to accelerate the Asia Pacific water heater market trends

Strong GDP growth across the developing economies comprising the southeastern countries, India and China is anticipated to influence the Asia Pacific water heater industry outlook. Growing penetration of on-demand heating systems across the commercial establishments including healthcare centers & hospitals on account of product longevity will augment the business landscape. In addition, strong manufacturing capabilities, availability of low-cost labor coupled with growing dispensable incomes will augment the industry outlook.
 

Economic transformations on account of availability of electricity across the rural & remote areas coupled with ongoing rural electrification projects in the developing economies will encourage the deployment of new water heating units. The domestic demand is projected to sustain the momentum owing to shifting customer focus toward advance digital technologies and new product developments. Continuous investments by both private companies & government organizations along with upcoming plans of set up of manufacturing units by key industry players is set to positively enhance the industry statistics.
 

Global Water Heater Market Report Coverage
Report Coverage Details
Base Year: 2019 Market Size in 2019: 30.27 Billion (USD)
Historical Data for: 2015 to 2019 Forecast Period: 2020 to 2026
Forecast Period 2020 to 2026 CAGR: 4.4% 2026 Value Projection: 144.6 Million Units
Pages: 1300 Tables, Charts & Figures: 2918
Geographies covered (38): North America, Europe, Eurasia, CIS, Asia Pacific, Middle East & Africa, LATAM
Segments covered: Product, Capacity, Application, Fuel
Companies covered (17): 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, Lennox, HTP Comfort Solutions, BDR Thermea, Westinghouse Electric Corporation, American Standard Water Heaters, Vaillant Group, Noritz Corporation, Thermann, Hubbell, Linuo Ritter International, Jaguar, Viessmann 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 Corporation, ATMOR Heaters, Groupe Atlantic, Saudi Ceramics, Thermex Corporation, Orbital Horizon, DINOX-D Edelstahlproduckte, Dana Water Coolers & Heaters Factory LLC, Heatre Sadia, ATON Group
Growth Drivers:
  • North America & Latin America
    • Growing demand for energy efficient water heaters
    • Replacement of conventional water heating systems
  • Europe
    • Government mandates pertaining to energy efficiency
    • Growing demand for replacement of existing water heaters
  • Asia Pacific
    • Rapid urbanization and advancing product customization
    • Increasing demand for water heating systems
  • Middle East & Africa
    • Advancing technology coupled with rising emission standards
Pitfalls & Challenges:
  • High upfront cost

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Ongoing investments toward infrastructure development will stimulate the commercial water heater industry statistics

The commercial water heater market is anticipated to achieve over 5% CAGR on account of continuous infrastructural development along with increasing deployment of energy efficient heating units. For instance, according to IBEF, India requires an investment of more than USD 777 billion by 2022. Increasing smart city development projects combined with strict building efficiency standards and codes will augment the industry landscape. Ongoing expansion of high-rise buildings to new cities coupled with bolstering growth across the service sector will drive the market size. Additionally, development of establishments comprising shopping complexes, offices, hotels, and universities will strengthen the business landscape.
 

Growing demand for on demand heating units will boost the global water heater deployments

Rising adoption of instant heating technologies on account of key features including high supply output, low operational costs along with limited standby losses in comparison to traditional storage units will favor the market growth. Enhanced utilization in residential applications including cooking, cleaning and personal hygiene owing to advanced communication & monitoring features combined with other benefits is set to positively enhance the business outlook. For instance, A.O. Smith, in 2019 announced its iCOMM connectivity platform consisting of constant remote monitoring characteristics, informing customers regarding the fault histories along with the notifications.
 

30-100 liters capacity units accounted for over 26% of revenue share in 2019

UK Water Heater Industry

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High application suitability across the commercial developments including hotels, healthcare, shopping complexes and government institutions will facilitate the adoption of 30-100 liters capacity units. Easy maintenance, low cost installation and repair along with availability of variety of models suitable for multiple application purposes will augment the business scenario. Rising deployment of low capacity heating units primarily across the residential establishments along with robust rise in adoption of storage units will increase the adoption of below 30 liters water heaters. Significant growth in urbanization along with improving standard of living will augment the business share. Moreover, refining product quality along with changing customer preference toward adoption of star rating, compact design and competent units will further catalyze the product demand.
 

Increasing demand for electric water heaters will drive the global market share

The electric water heater market is set to grow on account of increasing electrification projects, increasing point of contact for the consumers along with advanced operational benefits of the equipment. Availability of continuous electricity supply, reduction in bills along with substantial improvement in the grid efficiency will complement the industry landscape. Furthermore, key factors comprising limited maintenance requirement, low standby loss, and easy installation when compared to gas fired units is anticipated to favor the product adoption.
 

Technological advancement will drive business growth across the Latin America

The U.S. Water Heater Industry

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Asia Pacific, Latin America and Europe will dominate the global market having accounted for over 70% share in 2019. Large scale development of smart cities and green buildings coupled with strict regulatory & environmental norms concerning the carbon emissions from heating systems will intensify the business growth. In addition, rising tourism, strong GDP growth across emerging nations coupled with shifting focus toward advance water heating equipment will influence the market size over the forecast timeline.
 

Brazil water heater market accounted for more than 70% revenue share of the LATAM region in 2019 on account of increasing penetration of the tankless units and large commercial space. key characteristic features including low energy consumption, reduction in water wastage, and long product life will propel the business growth. Moreover, ongoing replacement of the existing heaters with new system designs along with high customer spending in modern & smart appliances will augment the industry trends.
 

Inorganic growth ventures and international business expansions will favor the industry growth

Inorganic growth ventures including mergers & acquisitions and strategic partnerships by the leading companies will strengthen the business growth. The expansion of the distribution channels in the emerging economies, primarily in the Tier 2 and Tier 3 cities is anticipated to influence the market growth. The industry key players involve in joint ventures to innovate their existing product line to enhance their overall customer base. Eminent participants operating across the market include Haier Electronics, A.O Smith, Rheem Manufacturing, Bosch, State Industries, Racold, Whirlpool Corporation, Rinnai, Vaillant Group, Bradford White, Ariston Thermo, Viessmann, and Hubbell.
 

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

By Product

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

By Application

  • Residential
  • Commercial
    • College/University
    • Offices
    • Government/Military
    • Others

By Capacity

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

By Fuel

  • Electric
  • Gas
    • Natural Gas
    • LPG

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

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • France
    • Germany
    • Italy
    • Austria
    • Spain
    • Netherland
    • Denmark
    • Finland
    • Sweden
    • Norway
  • Eurasia
    • Russia
    • Belarus
    • Armenia
    • Kazakhstan
    • Kyrgyzstan
  • CIS
    • Azerbaijan
    • Moldova
    • Tajikistan
    • Turkmenistan
    • Ukraine
    • Uzbekistan
  • Asia Pacific
    • China
    • Australia
    • India
    • Myanmar
    • Japan
    • South Korea
    • Indonesia
    • Malaysia
    • Singapore
    • Thailand
    • New Zealand
    • Philippines
    • Vietnam
  • 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

Frequently Asked Questions (FAQ) :

As per a GMI report, water heater industry size is anticipated to cross 145 million units by 2026, in terms of annual installations.
The commercial water heater market size is expected to register more than 5% CAGR through 2026, owing to consistent infrastructural development and energy efficient heating unit deployment, pushing overall business growth.
Rheem Manufacturing, Whirlpool Corporation, Bradford White, Hubbell, Haier Electronics, Bosch, A.O Smith, State Industries, and Rinnai are some of the main manufacturers of water heaters.
The COVID-19 pandemic has caused nationwide lockdowns in many countries which is likely to restrain market growth to some extent, though the development of novel strategies will help push the business growth.

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Premium Report Details

  • Published Date: Jul 2020
  • Pages: 1300
  • Tables: 2855
  • Charts / Figures: 63
  • Companies covered: 17
  • Countries covered: 38

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