Global Water Heater Market size to exceed $29bn by 2026

Water Heater Market is expected to surpass USD 29 Billion by 2026, as reported in the latest study by Global Market Insights, Inc.
 

Increasing disposable income along with substantial improvements in the standard of living will drive the water heater industry growth. 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.


 

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Ongoing development of commercial building infrastructure facilitated surging economic growth primarily across developing nations will propel the market demand. Prevailing smart cities roll out coupled with growing investments toward construction of zero emission buildings will encourage the product adoption. In 2018, Asia Infrastructure Investment Bank announced to provide an investment of USD 100 million for NIIF India to support the national infrastructural development.
 

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

The storage water heater market segment is set to grow at 5% up to 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 business landscape. 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 1030 pages with 2,206 market data tables & 36 figures & charts from the report, “Global Water Heater Market Size 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, Office, Government/Military]), 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/water-heater-market
 

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 growth. In addition, robust development across the tourism business along with rising hot water demand from resorts and hotels will facilitate mass deployments. Strict regulatory policies pertaining to the installation of advanced heating systems across federal buildings will augment the business landscape. Furthermore, rising hot water consumption primarily across multistory apartments coupled with ongoing expansion of office buildings will positively enhance the industry growth.
 

Asia Pacific is set to boost the global water heater market demand

For Asia Pacific, China and India will drive the global water heating demand, covering over 60% share of the region. Strict regulations toward reduction of carbon emissions coupled with prevailing technological development to achieve limited cost of energy will propel the business growth. Extensive manufacturing ability along with low-cost labor will attract a large number of investors.
 

Eminent players functioning across 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.
 

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