Industry Reports  GMIPulse   Press Room   Infographics   Whitepapers   Blog   About Us

Residential Water Heater Market size to exceed $20bn by 2026

Published Date: May 25, 2020    Authors: Ankit Gupta, Abhishek Chopra

Residential Water Heater Market size is anticipated to surpass USD 20 Billion by 2026, as reported in the latest study by Global Market Insights, Inc.
 

Residential water heater industry is set to grow on account of strict building efficiency codes & standards along with rapid development and expansion of government funded green building projects. Government directives to install energy efficient heating equipment to minimize the carbon footprint coupled with ongoing expansion of the smart city projects in the developing nations will positively enhance the deployment of these units. Moreover, shifting consumer trends toward the use of advanced and smart home heating appliances is set to strengthen the market outlook.

 

Request Sample Buy NowInquiry Before Buying

 

Outbreak of the novel corona virus, also known as the COVID-19 has adversely affected the global economy. The lockdown of various component manufacturing facilities imposed by the government across major economies including the U.S., China, Europe, and India, thereby impacting the business growth. This has consequently led to a significant slowdown in the production of the heating equipment. The need for massive investments to support & combat the pandemic may further challenge the water heater adoption. However, the key industry players are adopting resourceful & creative methods to recruit the workforce to meet their production needs.
 

Ongoing expansion of the real estate industry along with the rapid construction of high-rise buildings is set to augment the industry growth. Growing consumer awareness toward the benefits of water heaters combined with growing deployment of the central heating systems will affect the residential water heater market demand. Additionally, new product developments along with introduction of smart & advanced interaction features comprising Wi-Fi integration and remote control & management is set to enhance the market landscape.
 

 The stringency in government mandates & policy on account of rising awareness toward growing emissions fueling the industry trends

Instant residential water heater market is anticipated to grow owing to strict government directives & regulations to reduce the carbon footprint coupled with growing adoption of clean fuels. The major policies regulating the industry consist of Eco Design, Minimum Energy Performance Standards (MEPS), Energy Efficiency Directive, and Energy Performance of Buildings, among others. Increasing deployment of low emission heating appliances to comply with the existing industry policies and standards will enhance the business outlook. In addition, ongoing research & development activities backed by increasing innovations offering low cost & efficient water heating units will boost the market outlook.
 

Browse key industry insights spread across 950 pages with 1990 market data tables & 37 figures & charts from the report, “Residential 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 Fuel (Natural Gas, LPG), Industry Analysis Report, Regional 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/residential-water-heater-market
 

Cost efficiency & lower maintenance of storage water heaters accelerating the market growth

Hassle free installation, availability in multiple capacities along with lower standby losses are the key factors driving the demand for storage water heaters. Significant investments toward the expansion of the electric network combined with increasing connection points are the prime factors complementing the business landscape. Furthermore, stringent regulatory norms toward energy efficiency along with upsurge in demand across multi family houses will propel the 100-250 liter water heaters. Feasible installation charges, simple operation, low repair & maintenance coupled with wide usability in the households including cooking, space heating and personal hygiene will help in sustaining the usage of these water heaters.
 

Rising urbanization, increasing disposable incomes along with advancing product customization will drive the Asia Pacific market size

Increasing investments in infrastructure development by the government & private organizations coupled with expansion of the LPG network will drive the Asia Pacific residential water heater market share. Introduction of energy efficiency policies & standards combined with favorable regulatory measures for sustainable components is set to strengthen the industry landscape. Furthermore, rising number of smart city projects along with surging demand for hybrid & tankless water heaters will propel the market outlook. Shifting trends toward smart & advanced home appliances will, in turn, stimulate the regional market growth.
 

Key players operating across residential water heater market comprises of Ferroli, Noritz Corporation, A.O Smith, Bosch Thermotechnology, Whirlpool Corporation, Bradford White, Havells India Ltd., Rheem Manufacturing, State Industries, Rinnai Corporation, Ariston Thermo, and General Electric Appliances. Intense market competition with new product development and introduction of advanced technologies along with rising inorganic growth ventures are some of the substantial initiatives stimulating the market growth.
 

Contact Us  Request Sample