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, Office, Government/Military]), By Fuel (Natural gas, LPG), Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2020 – 2026

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

Report Format: PDF   |   Pages: 1030   |   Base Year: 2019




Summary Table of Contents Industry Coverage Methodology

Industry Trends

Global Water Heater Market size was valued at over USD 22 billion in 2019 and annual installation is anticipated to exceed 165 million units by 2026. Increasing investments toward research & development coupled with rising focus toward product innovation and integration of advance communication and control features will drive the global industry growth.
 

Global Water Heater Market

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Growing preference for energy efficient heating appliances on account of high energy and electricity bills will foster the business growth. Rapid urbanization coupled with rising consumer spending toward advanced technologies will favor the product adoption. The manufacturers are introducing new products with Wi-Fi, leakage detection and remote monitoring features that will complement the industry landscape.
 

Global Water Heater Market Report Coverage
Report Coverage Details
Base Year: 2019 Market Size in 2019: 22.26 Billion (USD)
Historical Data for: 2015 to 2019 Forecast Period: 2020 to 2026
Forecast Period 2020 to 2026 CAGR: 4.2% 2026 Value Projection: 168.09 Million (Units)
Pages: 1030 Tables, Charts & Figures: 2242
Geographies covered (54): U.S., Canada, UK, France, Germany, Italy, Austria, Spain, Netherland, Denmark, Finland, Sweden, Norway, Russia, Belarus, Armenia, Kazakhstan, Kyrgyzstan, Azerbaijan, Moldova, Tajikistan, Turkmenistan, Ukraine, Uzbekistan, China, Australia, India, Japan, South Korea, Indonesia, Malaysia, Singapore, Thailand, New Zealand, Philippines, Saudi Arabia, UAE, Qatar, Kuwait, Bahrain , Oman, Turkey, South Africa, Nigeria, Algeria, Egypt, Israel, Cyprus, Lebanon ,Iraq, Brazil, Argentina, Chile, Mexico
Segments covered: 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}]), Capacity (< 30 Liters, 30-100 Liters, 100-250 Liters, 250-400 Liters, > 400 Liters), Application (Residential, Commercial [College/University, Office, Government/Military]), Fuel (Natural gas, LPG)
Companies covered (20): 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 Group, Havells India Limited, Westinghouse Electric Corporation, American Standard Water Heaters, Vaillant Group, Noritz Corporation,
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 installation cost

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Increasing demand from emerging nations is set to accelerate the water heater market growth

Strong GDP growth across emerging nations including the Southeastern countries, India and China will spur the business growth across Asia Pacific. As per the OECD Development Center, India’s GDP growth is anticipated to grow by 7.3% during 2019-23 higher than the previous average of 6.9% during 2012-16. Stability across the labor market along with increasing per capita income will further augment the business landscape.
 

Economic transformations owing to availability of electricity across remote and rural areas will stimulate the deployment of new water heating units. The domestic demand is expected to sustain its momentum with rising consumer inclination toward advance digital technologies and product upgrades. Continuous improvement in private investments with companies planning to set its manufacturing units and operations across the developing regions will positively enhance the global water heater industry outlook.
 

Ongoing investments toward infrastructure will stimulate the deployment in commercial applications

The commercial water heater segment of the market witnessed a growth of over 3% from 2015 to 2019. Robust growth across the service sector along with ongoing expansion of high-rise buildings to new cities will drive the market growth. Development of new shopping complexes and commercial buildings including hotels, offices and universities will complement the business landscape.
 

Continuous investments in infrastructure development coupled with rising deployment of energy efficient heating units will accelerate the market growth. For instance, as per IBEF, India requires an infrastructural investment of over USD 777 billion by 2022. Ongoing roll out of smart cities with stringent building efficiency codes and standards will complement the global water market landscape.
 

Growing demand for instant heating will fuel the global water heater industry growth

Growing adoption of instant heating technologies owing to key advantages including on demand heating, high supply output and limited standby losses when compared with conventional storage units will favor the market growth. High demand across commercial applications owing to advanced monitoring features and other benefits will positively enhance the industry outlook. In 2019, Rinnai Corporation made advancements in its smart home platform and integrated the Samsung SmartThings in its tankless water heater portfolio.
 

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

Global Water Heater Industry By Capacity

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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 landscape. 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.
 

High application suitability across 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.
 

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

The electric water heater market segment is set to grow on account of ongoing expansion of grid infrastructure and increasing point of contact for the consumers. Availability of continuous electricity supply along with substantial improvement in grid efficiency will complement the business landscape. In addition, key benefits including low standby loss, limited maintenance requirement and easy installation when compared with the gas fired units will favor their adoption.
 

Technological advancement will drive business growth across the Latin America

Brazil Water Heater Market By Commercial

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Asia Pacific, Latin America and Europe will dominate the global water heater market and accounted for over 75% revenue share in 2019. Growing disposable income along with strong GDP growth across emerging nations will drive the market share over the forecast timeframe. In addition, development of green buildings and smart cities along with stringent regulatory norms concerning the carbon emissions from heating systems will amplify the business growth.
 

For Latin America, Brazil led the business growth with over 70% of the regional share in 2019. Robust adoption of tankless units owing to reduction in water wastage, low energy consumption and long product life will propel the industry growth. High spending in product development along with replacement of existing heaters with new designs will further enhance the business outlook.
 

Strategic mergers and acquisitions will favor the global water heater market growth

Ongoing strategic partnerships and mergers & acquisitions by the companies will escalate the business growth. The companies are forming technological partnerships to innovate their product line and improve their customer base. Key participants operating across the market include A.O Smith, Viessmann, Rheem Manufacturing, Bradford White, Bosch, Racold, Rinnai, Whirlpool Corporation, Vaillant Group, Ariston Thermo, State Industries, Haier Electronics, and Hubbell.
 

Global water heater market research report includes in-depth coverage of the industry with estimates & forecast in term s 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

  • 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
    • 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
       

 

Frequently Asked Questions (FAQ) :

Introduction of strict energy efficiency codes and standards along with ongoing replacement of conventional heating systems will be key driving factors.
The global water heater market value will witness over 4.5% CAGR from 2020 to 2026, according to a new report published by Global Market Insights, Inc.
A.O Smith, Viessmann, Rheem Manufacturing, Bradford White, Bosch, Racold, Rinnai, Whirlpool Corporation, Vaillant Group, Ariston Thermo, State Industries, Haier Electronics, and Hubbell are the prominent companies operating in the global industry.

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