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Water Heater Market size to exceed $28bn by 2026

  • Published Date: November 20, 2020

Water Heater Market size is expected to surpass USD 28 Billion by 2026, as reported in the latest study by Global Market Insights Inc.

Customer preferences for luxurious and compact designs, along with introduction of smart communication and monitoring features will boost the product adoption. Technological advancements coupled with rising R&D initiatives by the manufacturers have led to the introduction of energy efficient models. Moreover, stringent regulations toward the adoption of energy efficient heating appliances across the residential and commercial establishments will further stimulate the product demand. Increasing disposable incomes, rising consumer spending coupled with improvements in living standards will drive the global water heater industry demand.

Ongoing development of commercial building infrastructure facilitated surging economic growth primarily across developing nations will propel the global water heater market outlook. Prevailing smart cities roll out coupled with growing investments toward construction of zero emission buildings will encourage the product adoption.

Product innovation and technological advancements will boost the demand for storage heaters

The storage water heater market is set to register over 4% CAGR through 2026. Easy maintenance & repair, simple designs and low cost are the key aspects facilitating the product adoption. A widespread availability in multiple capacity range along with ready to install designs will positively enhance the global water heater industry. Increasing demand for high capacity units including 250-400 and above 400 liters product across commercial applications will complement the business outlook. In addition, product innovations including Wi-fi connectivity, corrosion resistance, communication and monitoring features coupled with the integrated advanced leakage detection solutions will positively enhance the industry outlook.

Browse key industry insights spread across 1300 pages with 2,856 market data tables & 66 figures & charts from the report, “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 [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” in detail along with the table of contents:

College and university accounted for over 20% of the global market in 2019

Ongoing construction and expansion of college and universities supported by respective government investments will fuel the global water heater market trends. In addition, robust development across the tourism business along with rising hot water requirement from hotels & resorts will facilitate mass deployments. Strict regulatory policies pertaining to the installation of advanced heating systems across federal buildings will augment the business landscape. Moreover, ongoing expansion of office buildings along with increasing hot water consumption primarily across multistory apartments will positively enhance the business outlook.

Rapid urbanization and shifting trend toward emission reduction is set to boost the Asia Pacific global water heater market statistics

For Asia Pacific, China and India will drive the global water heating demand, covering over 60% market share of the region. Stringent regulations aimed at carbon emissions reduction along with prevailing technological development to achieve limited cost of energy will propel the global water heater market share. Extensive manufacturing ability along with low-cost labor will attract many investors.

Eminent players functioning across the global water heater industry include Viessmann, A.O Smith, Rheem Manufacturing, Bosch, Bradford White, Racold, Whirlpool Corporation, Rinnai, Hubbell, Vaillant Group, State Industries, Ariston Thermo and Haier Electronics. Ongoing technological innovations along with growing M&A’s and technical partnerships are few key initiatives undertaken by leading companies to sustain a competitive edge over the others.

Authors: Ankit Gupta, Abhishek Chopra

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