Asia Pacific Water Heater Market size to exceed $12bn by 2026

Asia Pacific Water Heater Market size is anticipated to surpass USD 12 Billion by 2026, as reported in the latest study by Global Market Insights, Inc.
 

Asia Pacific Water Heater industry will grow owing to rapid urbanization along with upsurge in standard of living among the middle-income group primarily across the emerging economies. Increasing government & private sector investments toward the infrastructure development including green building projects, primarily in the commercial sector along with strict building efficiency codes & standards is anticipated to drive the product adoption. Ongoing construction of the smart city projects combined with government directives to install energy efficient heating systems to minimize the increasing carbon footprint will influence the deployment of water heaters in the region. Additionally, rising customer consumption toward the utilization of smart home heating appliances will accelerate the business outlook.

 

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The outbreak of the novel corona virus, also known as COVID-19, has adversely affected the global economy. Lockdown of many component manufacturing facilities imposed by the regional & state governments across the major economies including the U.S., China, Europe, and Japan, will impact the business growth. Furthermore, this has led to a significant slowdown in the production of the heating equipment, thereby affecting the demand for HVAC equipment in the region. The growing requirement for investments to support & combat the global pandemic will further challenge the water heater adoption. However, the eminent industry players are adopting resourceful methods to recruit the workforce to meet the latent production demand.
 

Rapid urbanization & industrialization in the developing countries combined with growing demand for energy efficient equipment will boost the business growth. Shifting consumer focus toward the advantages of technologically advanced water heating equipment coupled with growing installation of the central & space heating equipment will affect the Asia Pacific water heater market demand. Additionally, introduction of new & innovative product developments equipped with advanced interactive features consisting Wi-Fi integration along with remote control & management is projected to enhance the industry scenario.
 

Rising industrialization accompanied with shifting focus toward reducing carbon footprint will drive the New Zealand water heater industry growth

New Zealand electric water heaters market is set to grow on account of low cost, ease of installation and simple & compact designs. Stringent government mandates toward the reduction of carbon emissions will accelerate the business landscape. For instance, in December 2018, the Prime Minister announced a USD 100 million investment with the launch of New Zealand Green Investment Finance Ltd. The organization is aiming to reduce greenhouse gas emissions and encouraging investment in low emission project.
 

Browse key industry insights spread across 435 pages with 547 market data tables & 48 figures & charts from the report, “Asia Pacific Water Heater Market Statistics 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”in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/asia-pacific-water-heater-market
 

Cost efficiency & lower maintenance of instant water heaters influencing the market share

Availability in multiple capacities, less space requirement along with energy savings are the key factors driving the demand for instant water heaters. Increasing connection points, major investments toward the expansion of the electric network along with enhancing electrification of the rural infrastructure across the developing economies including India will augment the product growth. These systems face challenges due to their inability to store hot water that can be kept for later utilization. However, its ability to supply continuous hot water for use in domestic applications comprising personal hygiene, cooking, among others will help to augment the deployment of water heaters across the region.
 

Increasing consumer spending along with growing product customization will influence the Asia Pacific water heater market size

Increasing urbanization owing to growing disposable incomes will drive the Asia Pacific water heater industry trends. Introduction of energy efficiency mandates coupled with favorable regulatory measures for sustainable components is set to strengthen the industry landscape. Shifting focus of the urban population toward smart & advanced home appliances will, in turn, stimulate the market growth. In addition, rising demand for hybrid & electric water heaters is set to propel the industry outlook.
 

Major operating players in the Asia Pacific water heater market comprise of Panasonic, Racold, Noritz Corporation, Toshiba, Ferroli, Whirlpool Corporation, Havells India, A.O Smith, Bradford White, Havells India Ltd., Rheem Manufacturing, State Industries, Rinnai Corporation, Ariston Thermo, and Alpha Electric. Strong market competition owing to introduction of smart & advanced technologies coupled with rising mergers & acquisitions are the key initiatives accelerating the market growth.
 

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