Asia Pacific Water Heater Market size to exceed $9bn by 2026

Asia Pacific Water Heater Market size is anticipated to surpass USD 9 Billion by 2026, as reported in the latest study by Global Market Insights, Inc.
 

Asia Pacific Water Heater industry is projected to grow on account of rapid industrialization & urbanization coupled with rising living standards of the middle-income group specifically across the developing economies. Increasing investments by the government & private sector for commercial infrastructure development comprising smart city projects among others coupled with stringent building efficiency standards & codes will drive the product adoption. Government directives to install energy efficient systems, ongoing construction of green building projects, minimized carbon footprint is set to drive the equipment installation in the region. In addition, growing consumer consumption of smart heating appliances will accelerate the business outlook.

 

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The outbreak of the corona virus has unfavorably affected the global economy. The shutdown of various construction and component manufacturing facilities, due to lockdown imposed by the regional & state governments throughout the major economies comprising the U.S., Europe, China, and Japan is set to drive the industry growth. Additionally, it has led to slowdown of the heating equipment, thereby altering the overall demand for HVAC equipment. The rising need for investments to combat the virus will further challenge the water heater penetration. Nevertheless, the key market players are to adopt resourceful methods for workforce recruitment to meet the underlying product demand.
 

Strict government norms & policies toward adoption of smart equipment, rapid urbanization in the developing countries along with upcoming trend of urban migration will boost the business outlook. Growing installation of space and central heating equipment, shifting customer focus toward modern & smart water heating appliances will affect the Asia Pacific water heater market trends. In addition, with the advent of innovative products stocked with technologically advanced interactive features comprising remote control & management along with Wi-Fi integration is anticipated to enhance the business scenario.
 

Increasing urbanization, growing consumer spending coupled with rising product customization is set to strengthen the Asia Pacific market statistics

Growing disposable incomes, enhanced utilization of the heating equipment in both domestic & commercial applications is anticipated to influence the Asia Pacific water heater market share. Growing product demand in commercial establishments including hospitals, shopping malls & complexes among others will drive the product penetration. Shifting customer focus toward modern & technologically advanced equipment will accelerate the market growth.
 

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
 

Low operating costs, lower maintenance and cost efficiency of instant water heater is anticipated to augment the Asia Pacific water heater market size

The key characteristic features including less space requirement, availability in multiple capacities, coupled with energy savings will influence the instant water heater demand. Major investments toward the expansion of the electric network, increasing points of connection, coupled with growing rural electrification across the emerging countries comprising India is anticipated to augment the product installation. The equipment faces challenges owing to the inability to store hot water which can be kept for later utilization. However, its capability to supply continuous hot water for utilization in applications including cooking, cleaning, personal hygiene, among others will accelerate the equipment deployment in the region.
 

Greater focus toward reducing carbon footprint and rising industrialization is set to propel the New Zealand water heater market growth

Low cost, simple and compact designs along with ease of installation are the major drivers for New Zealand electric water heaters product demand. Strict norms and policies coupled with government mandates for reduction in carbon emissions is set to drive the business landscape. For instance, the country prime minister, in December 2018, announced an investment of USD 100 million with the introduction of New Zealand Green Investment Finance Ltd. The organization aims at greenhouse gas emission reduction along with enhancing investments in low emission projects.
 

The eminent industry players functioning in the Asia Pacific water heater market comprise of Panasonic, Deka, Alpha Electric, Noritz Corporation, Toshiba, Racold, Ferroli, A.O Smith, Whirlpool Corporation, Havells India, Bradford White, Rheem Manufacturing, Ariston Thermo, State Industries, Rinnai Corporation, and Panasonic Corporation. Intense market competition on account of introduction of modern and technologically advanced heating systems along with growing business ventures comprising acquisitions & joint ventures are the key initiatives accelerating the market growth.
 

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