Water Heater Market size to exceed $33bn by 2026

Global Water Heater Market size is expected to surpass USD 33 Billion by 2026, as reported in the latest study by Global Market Insights, Inc.
 

Increasing urban migration on account of growing disposable income along with significant improvements in living standards will influence the global water heater industry size. Shifting consumer trends toward luxurious and compact heating equipment designs coupled with introduction of innovative product advancements including communication and monitoring features will boost the business landscape. Rising R&D activities and product customizations by the manufacturers have led to the introduction of various energy efficient models. Furthermore, strict government regulations toward the adoption of smart heating appliances across both commercial and residential establishments will further augment the product penetration.

 

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Surging economic growth owing to ongoing infrastructure development of the commercial buildings specifically across the evolving economies will drive the global water heater market outlook. Increasing smart city construction projects along with rising investments for construction of zero emission buildings will further encourage the product adoption. For instance, the Asia Infrastructure Investment Bank, in 2018, announced an investment of USD 100 million for NIIF India to enhance the national infrastructural development.
 

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

Storage water heater market revenue is anticipated to register over 4% CAGR through 2026. Key features including easy maintenance & repair, simple & compact designs and low operating costs will augment the product adoption. Widespread availability of the ready to install designs along with multiple capacity ranges is set to influence the industry landscape. Increasing demand for high capacity units including above 400 liters and 250-400 liters products across the commercial applications will accelerate the business outlook. Additionally, product innovations comprising corrosion resistance, communication and monitoring features, Wi-fi connectivity along with advance leakage detection solutions will positively augment the product demand.
 

Browse key industry insights spread across 1300 pages with 2,855 market data tables & 63 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:
https://www.gminsights.com/industry-analysis/water-heater-market
 

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

Ongoing construction of key commercial establishments comprising hospitals, hotels, colleges & universities and shopping complexes by government supported funds will fuel the global water heater market trends. Robust development in the tourism business primarily in the south east Asian countries along with rising hot water demand from resorts and hotels will enable mass product deployments. Stringent norms and mandates associated with the installation of advance heating systems across the federal buildings will strengthen the business landscape. Additionally, ongoing expansion of office buildings combined with rising hot water consumption specifically across multistory apartments is anticipated to enhance the industry outlook.
 

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

Australia, China and India are the major economies that propel the Asia Pacific water heater demand, covering more than 60% share of the region. Strict government regulations toward the reduction of carbon emissions coupled with prevailing technological advancements owing to growing product innovations will propel the business growth. Widespread penetration of electric water heaters along with growing investments by government and private organizations in infrastructure development will further enhance the business outlook. Prospering manufacturing sectors along with easy availability of low-cost labor is set to support many key investors, thereby driving the industry growth in the region.
 

Eminent players functioning across the global water heater market include A.O Smith, Viessmann, Bosch, Rheem Manufacturing, Racold, Bradford White, Vaillant Group, Whirlpool Corporation, Hubbell, Rinnai, Ariston Thermo, State Industries, and Haier Electronics among others. Ongoing technological innovations coupled with growing inorganic growth ventures and technical partnerships are few substantial initiatives undertaken by the leading companies to sustain a competitive edge over the others.
 

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